Your credit history is a tangible representation of your reputation. This can practically dictate your career path and the loans that can be extended to you. There are only a few financial institutions willing to extend credit to someone that they could not check on. Although there is a card for no credit history, getting approved will be a lot complicated than usual.

Since you are just about to establish your credit history, lenders can’t look at your FICO score to determine your credit worthiness. Instead, they would consider other factors in approving card for no credit history. Usually, they will look at your employment and residence history. Your ability to hold a steady job increases the chances of getting approved. This reflects your financial stability. The same goes with your length of stay at your current residence.

Having utilities under your name is also helpful in getting your credit history started. Signing up for as many utilities as possible may not build your credit score, but it can be considered in approving card for no credit history. Opening a checking account can also contribute in getting a loan or credit approved for a first timer. Although bank account is not reported to the credit bureaus, its history is vital in getting a credit card for the first time. You may even get your first credit card through your bank.

There are also major credit card companies that offer accounts for people that are new to credit, usually with a low credit line and high APR. This is the best option to take if your intention is to establish a credit history. The terms may not be ideal for you, but good payment history and spending habit can boost your credit score.

You can also look into credit cards offered by retail stores. They are usually willing to take a chance on applicants with no credit history. Department store cards are typically not a good idea because the discounts offered may tempt you to rack up charges that will be assessed of a high APR. Just remember to manage your account well. After all you are building your credit history.

When all else fails, secured card for no credit history is your last option. It is easier to obtain secured credit card, all you need is a security deposit as collateral. As most accounts offered to someone who is new to credit, this kind of account has a higher APR and a yearly membership fee as well. Your credit line is determined by the amount of money you will be depositing.

Building your credit profile takes time. Obtaining a credit card for no credit history is more difficult. So once you are approved of your first credit card, be sure to keep the account current and below the limit. And do not forget to ask the lender if they will be reporting your account history to the credit bureaus. Maintaining the credit card account history in good standing is futile if it will not help you build your credit.



By: Jodi A Bennett

About the Author:

marigolds6 asked:


Our current landlord lives several states away (according to county property records) and will not provide us with contact information. The property management agency was recently fired and a new agent was hired. Unfortunately the new agent spends a great deal of time out of the country and does not answer phone calls. We want to move out at the end of our lease into a managed complex. Unfortunately, the managed complexes in our area will not take us without a current landlord reference. Our first choice already has our credit history, payment history, references from previous landlords, background checks, etc., but cannot reach anyone connected to our current landlord. We are going to lose $400 in application fees and holding deposits. We already know that other complexes have the same requirements.
What can we possibly do other than giving up on moving into a managed complex?
Followup:
More conversation with the rental company. This is not a rental history issue.

The issue here is that we cannot be issued a rental occupancy permit for the complex (or any rental property) without verification of that our current rental occupancy permit will be terminating. The landlord is obligated to do this under the conditions of their rental permits (same county), but apparently they have decided to sell the unit anyway (possibly the reason the management agency was fired and replaced with a real estate agent).

Once our lease terminates, we will be clear, but then that leaves us in limbo for a couple of weeks (and we will still lose our deposit on the new place).

slickporter asked:


I want to purchase a home with the minimum down payment asking price required by the company selling the house. My credit score however isn’t that great. Even though I can make the mortage payments now, my credit history is kinda low due to my past. Step by step, what should I do?

The best credit cards for people with bad credit can be compared at www.securedcreditcardlist.com.  Responsible credit card use can lead to a lifetime of low-interest rate loan opportunities.  Notwithstanding a limited credit history, a damaged credit record or minimal income, credit card issuers often give consumers the valuable opportunity to receive credit and to start re-building a credit history through the use of a secured credit card or a pre-paid credit card.  This is an opportunity that should not be taken lightly, particularly in light of the widening credit crisis which has made it difficult for many working Americans with good credit records to receive new credit cards, auto loans and mortgages.  

Secured credit cards issued by Bank of America, Capital One and New Millenium are specifically designed for applicants with imperfect credit histories.  Some of the features offered by these credit card issuers include:

•           Credit Lines available from $300 to $10,000

•           Set your own credit limit

•           Build or reestablish your credit

•           Buy what you’ve been dreaming of and pay no interest until May 2009 on purchases

•           Save with a low non-intro variable APR, currently 14.9%

•           Exclusive savings on featured deals

•           Know you are protected with $0 fraud liability if your card is ever lost or stolen

During continuing economic instability, instability in the stock market, illiquidity in the credit markets and the softening real estate market, one thing remains constant – consumers with damaged credit records should be given an opportunity to re-build their credit.  Responsibility, however, is essential.  If you can’t afford to buy something, you should consider saving until you can.  Credit cards are most beneficial when you can afford to pay your balance in full every month.  In these tough economic times, where credit is getting more difficult to come by, it is important to establish a strong credit profile by establishing credit early and maintaining a consistent payment history.  Credit cards issued by Bank of America, Capital One and New Millenium are tailored for applicants with less than perfect credit. 

Visit www.securedcreditcardlist.com to apply online in a few short minutes.

http://www.articlesbase.com/credit-articles/apply-online-secured-credit-cards-for-consumers-with-imperfect-credit-661368.html



By: College Credit Builder

About the Author:

colossalcredit asked:

The facts about credit and the Credit Bureaus. Colossal Credit Repair offers a fast & inexpensive credit repair program.

All consumers are entitled to a free credit report every 12 months. Some states, including Colorado, Georgia, Maine, Maryland, Massachusetts, New Jersey, and Vermont have state laws that make residents eligible for a free credit report under state law. Additionally, all consumers who have been denied credit have a right to request a copy of their credit report for further review. Credit reports can also be requested with a credit score rating at any time for a fee from the 2 major credit reporting agencies, Equifax and TranUnion. Recently, the third agency, Experian, has stopped providing consumers with access to their reports.

When To Get A Free Report

Consumers are entitled to receive one free credit report for each agency every year. It might be wise to order one, work to improve your credit and then order the subsequent reports a few months later to see what has changed. You can also order all reports at the same time to compare, since neither report will show the exact same information.

How To Get A Free Report

There are many places, including directly from the credit reporting agencies, where you can order your credit report but the central location where you can request your free report is through the website Annual Credit Report. There you can request your report via email, regular mail, or by phone.

Why Get A Free Report?

It is widely suggested that you take advantage of the free credit report each year, if only for monitoring purposes. Reviewing your credit report often will help alert you to incidents of credit fraud and potentially false information that can dramatically reduce your credit rating. Any errors should be reported immediately to the credit reporting agency from where the report was published. If you are denied credit for any reason, you should request a copy of your report to review and see what you can do to improve the score before completing other applications for credit.

Keep in mind that your credit report will not contain a credit score. That type of report can be obtained for a fee by contacting the respective credit reporting agencies. Your credit score, created by Fair Issac complies your credit history information into a mathematical equation which lenders use to assess your creditworthiness.

Fixing Your Credit Report

When you do get and review your credit report and find that it may not be as good as it could or should be, know that you can make the improvements to your credit yourself. You can start by making sure your payments are on time each month and you control your spending on credit. Beware of the companies that claim they can repair your credit for you. Many times these companies are scams or in the very least, they charge you for services you can do on your own for free.

Visit Annual Credit Report website today and request your free credit report today to make sure you know where you stand financially. If you plan to make big purchase in the next few months, such as a house, car, or apply for a personal loan, it is in your best interest to work on improving your credit report before applying in order to get the best rates and have the most options available to you.



By: Tisha Kulak

About the Author:

mrcharlie69 asked:


I am very curious to the fact of knowing do you have to have good personal credit in order to obtain business credit?

km10j8baker asked:


I owe Chase credit card a lot of money. I went through one Credit counseling agency who never made my pymts on time and Chase threatened to drop me from the program. I then tried to pay the card on my own and could not. Then I joined another company who charged me over $500 per month to take care of the one credit card. Anyway Chase turned me over to one collection agency and now another. The man from the second collection agency has called me at work, on my cell, screaming at me saying I have refused to pay. I told him it would be taken care of but not at this time. He then resorted to call my sister in law who he lied to and told her we put her down as a reference. I didn’t put anyone down as a reference. I still do not know how he even got her phone number. Is the legal? I have recently joined with another Credit counselingagency to take care of the debt. I told the man this but he still said I was refusing to pay and they WOULD garnish my wages. HELP!!!!!

Daymon N asked:


I have some old key Derogatory reports in my credit report. Is there any way to pay these off to increase my credit score? Someone told me if you pay them off, it will still show negative on your credit report. What is the best course of action? I have under $5,000 in negatives on my credit report, and now I have a good job paying good money.