How To Apply For Credit Cards With No Credit
When you need to start establishing credit, you should find out how to apply for credit cards with no credit. Some smaller retail stores and gas stations will give you a credit card if you have stable employment, which will help you start to establish credit. One of the easiest ways to get credit cards with no credit is by having a relative co-sign for the card. Most lenders will release the co-signer after you have paid the card on time for six to twelve months. You can also use a savings account as collateral for a credit card with your local bank to help you build your credit rating.
- Apply for credit cards with no credit at small retail stores or gas stations. You may get approved for a small credit limit. If you are approved, make sure to pay the monthly balance off in full every month. Eventually, you will get a larger credit limit as you continue to pay on time.
- Ask a relative to co-sign to get credit cards with no credit. You should be able to get approved for a Visa or Mastercard if the co-signer has a strong credit rating. Find out how long the credit lender requires a co-signer to remain on the card. If you do not pay on time, your credit rating, as well as the co-signer’s, will be negatively affected so be sure to pay the bill when it is due.
- Contact your local bank to apply for credit cards with no credit. If you do not have a co-signer available, tell the banker you want to apply for credit cards with no credit. In most cases, the bank will give you a credit card that is secured by a savings account. For example, if you have $1,000 in your savings account, the bank may give you a credit card with a $500 to $750 credit limit. You will not be able to withdraw money from your savings account that exceeds the limit on your credit card.
- Apply for a credit limit increase once you have made your payments on time. Most lenders will increase your credit limit after six months, if you demonstrate the willingness and ability to maintain your account in a prompt manner. They will also release any co-signers from the card, since you are now an acceptable risk.