| Having no credit doesn't have to keep | | | | your bank, you have other options. Store |
| consumers from getting a credit card. There | | | | credit cards and gas credit cards are much |
| are several options for consumers with no | | | | easier to obtain than some other credit |
| credit to get a credit card. | | | | cards. Again, you will not start out with a |
| | | | very high credit limit, but if you make your |
| It's becoming increasingly difficult to | | | | payments on time, card issuers will increase |
| function in today's society without having | | | | your credit limit. |
| credit. However, when you don't have credit | | | | |
| it can also be complicated to obtain a credit | | | | A secured credit card is another option for |
| card. Credit card companies need to check | | | | consumers that do not have credit |
| your credit history to determine whether they | | | | established. When you have a secured credit |
| should extend credit to you. When you do not | | | | card ( you make a deposit into a savings |
| have a credit history, the credit card | | | | account. The amount of your deposit will |
| companies have no way of knowing if you are a | | | | dictate your credit limit. Since you have |
| credit risk. Even when you don't have a | | | | made a deposit against the credit card, the |
| credit history, there are some ways you can | | | | creditor does not have any reason to deem you |
| obtain a credit card. | | | | as a risk. In the event that you do not pay |
| | | | your credit card bill, the creditor uses the |
| The bank or credit union where you have your | | | | amount of your deposit to pay the credit card |
| savings or checking account is a good place | | | | balance. |
| to go to apply for a credit card when you do | | | | |
| not have established credit. If you have | | | | Many credit card issuers offer the option to |
| income and have not bounced any checks, you | | | | upgrade a secured credit card to an unsecured |
| have an excellent chance at getting a credit | | | | one after a certain period of time. If you go |
| card from your bank. Since you do not have | | | | the route of a secured credit card, one that |
| credit history, you will most likely start | | | | can be upgraded is a better choice than one |
| out with a low credit limit. Once you begin | | | | that cannot. You should also find out how the |
| to make purchases with your credit card and | | | | credit card is reported to credit bureaus. |
| make timely monthly payments, you can | | | | Some secured credit card issuers report the |
| negotiate a credit limit increase if your | | | | credit card as being a secured credit card |
| card issuer does not give you one | | | | which can raise a red flag in the eyes of |
| automatically. | | | | future credit. When you choose a secured |
| | | | credit card make sure it is one that reports |
| If you are not able to get a credit card from | | | | as if it were an unsecured credit card. |