Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Credit Cards for People with No Credit to Build Credit History

By Elissa Joyce Subscribe to RSS | December 5th 2011 | Views:

There are so many similarities between getting credit cards for people with no credit or bad credit. In both cases, you have to start from the scratch and build an all new clean and healthy credit rating to enjoy maximum credit limits at lowest interest rates.

It will be easier to understand that your credit history is the primary reason for acceptance or rejection of your application for any financial need. A bad credit or no credit history means that there is a very high risk attached to you. Since you do not have credibility on your back, most credit companies become hesitant to lend you money. On the contrary, if you have a healthy and a good credit record, you can get a mortgage, automobile or cash loan for meeting your needs. So, you must have an excellent credit record to enjoy several benefits of the credit world.

Therefore, here are a few important tips for improving or creating a good credit rating:

• There are a lot of people who start their credit life by getting a secured credit card. Secured credit cards are equally credit cards for people with no credit or people having a terrible credit record. In these types of credit cards, there is a certain amount of money decided by the credit company that you have to put in your bank account as a security deposit. Thus, it lowers the amount of risk that the credit company is taking after considering your bad or no credit record. Call it compensation or a fee, but it seems like a fair deal for people already suffering from the credit or trying to make the new credit rating.

However, you must keep this in mind that you can only enjoy a limited credit limit on your secured credit card. The amount of money you put in your account as a security deposit usually determines your allotted credit limit.

• If you are too hesitant to keep a security deposit in your account, you can opt for an unsecured credit card. Unsecured credit card will not ask you to deposit any kind of security deposit in your account. However, the compensation is made in terms of higher interest rates. So, if you are considering getting an unsecured credit card to build a great credit rating, get ready to pay higher interest rates for your expenses. Nevertheless, it is extremely difficult to get hold of a popular credit card company that may offer you an unsecured credit card with bad or no credit history.

You can also use a balance transfer credit card to transfer the existing balance of your bad credit card into the new card and save significant amount of money by paying a lower interest rate.

• Student credit cards are perfect for people just starting to use credit cards. However, they are available only to the students getting education at any level of their career. These credit cards do not require a credit history. Thus, they are the perfect for people having no previous record. You can also use it to save extra money because student credit cards mostly have a lower interest rate than a traditional credit card. However, you cannot use them as a balance transfer credit card.

• You may not consider a prepaid card a credit card, but they come in handy for building a positive credit. You can use these cards at almost all the places, but you need to transfer the balance first into this card before making a purchase. Thus, that is why it is called a prepaid card.

You can see that there are quite a few options for people trying to build a good credit record. However, you must consider every aspect of a card before settling for an offer.

Elissa Joyce - About Author: has several credit cards for people with no credit or bad credit. They are one of the most reliable best balance transfer credit cards websites on the internet. For More Information

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:

Related Finance Articles Subscribe to RSS

Hard Money Loan No Teletrack- Grab loan with no credit checking
Published by Gorgie Nork on January 9th 2012 | Finance
Hard Money Loan No Teletrack can be availed with the aid of simple online process. This loan is usef...
The importance of paying your credit card from Sears in time
Published by Alex Decosta on December 20th 2011 | Finance
One of the leading credit card companies, Sears has had a massive list of defectors based on its une...
Get an absolute idea before opting for business credit loans
Published by on January 15th 2012 | Finance
The growing world and the rapid increase in the technology have completely changed the life of human...
How can i get dependable credit card debt advice and exactly how could it benefit me?
Published by on March 27th 2012 | Finance
Credit card debt advice is a program provided by debt companies to help those people who are battlin...
Unsecured loan information : Advantages for the all types of credit scorer
Published by Mark Fulton on April 12th 2012 | Finance
Unsecured loan Information are normally a personal loan and are ideal for individual who need money ...
If you accept Visa and MasterCard you can get Bad credit small business loans
Published by Joseph Richard on April 4th 2012 | Finance
Despite it being a popular means of finance, there are several business operators who are unsure of ...
Christian credit counseling and credit counseling services
Published by James Blee on December 14th 2011 | Finance
This recession has been very tough for people who have especially taken loans against their credit c...
How to choose the balance transfer credit card offer?
Published by Alenpaul on January 19th 2012 | Finance
As many find themselves in debt with certain credit cards, and trying to renew their card ability th...
No credit Check Loans: Easy Cash, Impaired Credit No Matter
Published by Amarjeet Singh on July 11th 2012 | Finance
No credit check loans are a kind of finance programs which the people of Canada look for. No credit ...
With online research you can loan about car loan with bad credit
Published by Pamela Andersen on May 16th 2012 | Finance
The online auto financing is easy way of saving time and money as well as not compromising on the ra...
Prepaid credit cards help you in rebuilding your imperfect credit
Published by John Cena on January 11th 2012 | Finance
Prepaid credit cards are same as other plastic cards and prove to be helpful people to refurnish the...
Understanding Christian and credit card debt settlement organizations
Published by Julia Roger on December 14th 2011 | Finance
With increasing debts among the majority of the population, people have started to seek professional...
What's the difference between the purchase, balance transfer, and cash withdrawal rates on credit cards?
Published by Jesse Wallace on July 11th 2012 | Finance
Understanding the various rates offered by your credit card could help you get the most from your pu...
Free credit score report: why to get one
Published by Brigham Brock on May 29th 2012 | Finance
It is essential to begin creating a credit status as early as possible. You can start to create one ...
Refinancing with bad credit now possible
Published by Kam Brar on December 16th 2011 | Finance
Are you suffering from bad credit? Are you still looking for different ways to get home mortgage, mo...
Primary reasons to get a credit card processor online
Published by Neal on February 9th 2012 | Finance
There are countless advantages of having a merchant account or payment processor beside you. In this...
Procuring credit card in Australia had never been so easy
Published by John Matthew on December 27th 2011 | Finance
One of the best things that could have happened to the man in the present times was the easy availab...
No credit search loans - Get Funds Without Verification Process 
Published by Alice Johnsonn on January 12th 2012 | Finance
No credit search loans don’t account your credit history and helps you to avail cash support in qu...
No Credit Check Loans- Fast Cash Without No credit Checks
Published by Jason Welsh on March 29th 2012 | Finance
If you are looking for a hassle free and easy process to get immediate cash help, then you need look...
Cash loans bad credit- Fast Cash Notwithstanding Bad Credit
Published by Rider Abraham on March 21st 2012 | Finance
Cash Loans Bad Credit is an instant solution and a great short term financial support for persons wi...