The first thing that evaluators check whenever you apply for a credit card is your credit history. It is important for them to determine whether you have what it takes to commit to a financial obligation or not. A good credit history will increase your chances of approval, but a bad credit history will do otherwise. But what if you don’t have a credit history at all? What are your chances of approval?
First time credit card applicants
Not having a credit history, although it is unfair, is just as bad as having a poor credit history. You will receive an “application denied” confirmation just because the credit card company doesn’t have anything to base your financial capability on. You will then ask yourself: “How can I start my own credit history if you won’t even give me a chance to do so?” Because of this dilemma, the people from the financial world developed a credit card innovation called “no credit history credit card.”
Types of no credit history credit cards
No credit history credit card is a credit card that is especially made for people with no credit histories. One good example of no credit history credit card is a student credit card. A student credit card, as the name suggests, is a credit card issued only to students. The best thing about student credit cards is that you don’t need to have a job to qualify. You just have to pay your bills religiously to prove that you are responsible enough to have your own credit card. Getting a student credit card is an effective way to establish a good credit history because you can still support it with your school allowance.
Your no credit history credit card options are not limited to student credit cards. You may also apply for credit union cards, gas credit cards, or secured credit cards. To avoid financial conflicts in the future, start your credit history right. Prove your financial capability by accomplishing all your financial obligations on time. That way, you no longer need to beg those evaluators to approve your credit card applications.