Are there any no history credit cards?

Yes! Today, there are credit card programs tailored to fit anyone’s needs, including someone with no established credit or someone with only a limited credit history. There are also cards available to people without any credit history.

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Among these would be student credit cards, secured credit cards, and a few unsecured credit cards.

These unsecured cards will generally feature higher than normal interest rates, 25% - 30%, and very low credit limits, usually only a few hundred dollars to start. Use the card, pay on time, and the credit line will increase. Then, once you’ve established some good credit, you can apply for a card with better rates and terms.

How do I establish credit?

It used to be a bit easier to enter into the world of credit. Once a person had a job and a steady paycheck, he could apply for credit at a small local store. Paying that account on a timely basis would mean he could then use the creditor as a reference to apply for a bank loan, credit line, or an unsecured credit card.

Today, consumers must have some sort of electronic footprint that is a formal, established credit history that can be retrieved on line by one of the major credit reporting agencies. There are three recognized national consumer bureaus, Equifax, TransUnion, and Experian.

Banks, mortgage companies, credit unions, retail stores and other credit issuers report to one or more of these national bureaus each month. Delinquent payments on any type of credit account are reported after they fall 30 days past due. Reports are also made as payments drop to, 60, 90, 120 days past due, and so on. If you don’t have any credit, you won’t have a credit history!

How can I start a credit history if I can’t get credit?

This is an old question, but still valid today! A secured credit card gives you a credit limit equal to the amount of money you are able to place on deposit in the card issuer’s bank.

You use the card to charge goods and services, just as you would an unsecured card, until you reach your limit. To increase your credit limit, increase your bank deposit. Your security deposit protects the bank in full, should you stop making payments or default on the account.

What is a prepaid credit card?

Prepaid credit cards are essentially debit/gift cards that feature a Visa, MasterCard, American Express or Discover logo. These cards can be loaded with any amount of cash the cardholder chooses. They can be used all over the world, wherever regular credit cards are accepted.

Prepaid cards are a convenient way to package and carry your own funds. Consumers avoid going into debt and of course, there are no interest charges! Some card issuers charge one-time or periodic fees such as account set-up or monthly maintenance fees, but many banks are offering prepaid cards with no fees at all!

Are there other ways to get a regular credit card?

Yes! If you can’t be approved on your own, the most popular and quickest alternative is to provide the bank with a co-signer, someone willing to sign a credit card agreement on your behalf. This is usually someone who already has a strong credit rating.

Most often, consumers look to family members or close friends for this kind of help. Remember, if someone signs for your account, they are equally and fully responsible to pay back monies that are borrowed, if you do not.

Yes, you can build your credit history this way, but if you don’t keep up with the account, it will negatively affect your consigner’s credit record also.

Where can I get more information about credit cards?

The U.S. government offers on-line information and assistance for a wide variety of credit issues including credit cards. One handy website is sponsored by the Federal Reserve.

This site provides information on:

Credit card options
Interest rates and fees
What to do if your card is lost or stolen
How to resolve billing errors

The site also gives consumers tips on how to manage credit and how to handle complaints.

Another government site, sponsored by the Federal Trade Commission, provides comprehensive information about credit card disclosures and lists other federal government agencies that deal with banking and credit issues.

A new government agency, the Consumer Financial Protection Bureau was created to help consumers manage their credit obligations such as mortgages and credit cards.

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