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2.14.2012

Credit For People With No Credit

If you have no credit history to speak of and are just starting out with trying to build credit or you have declared bankruptcy and are looking to rebuild your credit again, there are options for people that have no credit history on their record. There are credit card companies and banks that do offer special credit cards to start building or rebuilding your history. These are a little different compared to traditional cards that are offered to people that have already established themselves or have a long history already in place with good scores. The cards still have an interest rate and you may still be able to get get special low introductory rates, but there are some key differences with them compared to other cards available, which are: The interest rate may be higher, since it is your first card. The rate will vary from company to company, so you do want to check around to find the best interest rate available. You may have a monthly maintenance fee to pay, as well as a yearly fee to pay too. This varies as well, since some companies may only have one or the other fees on the card, while others will have both. Sometimes depending on the cost of the fee, you may have to pay this off first, before you will be able to use the card, because the fee will be the same amount as the card limit. You want to check closely for this so you know what you will be able to spend and when. There are cards available that are pre-paid, but still increase your credit history. The limit is chosen by you and typically up to a certain amount. So, you can have a card that you add $500 to and that is your limit. When it runs out, you add more money to it again. Typically there is no interest charged to these types of cards, however there may be monthly maintenance fees associated with it or fees when money is added to it as well. However, these can be a good choice, since you can never go over the limit and there is no interest that is charged to them either. Another option available for people with no credit or rebuilding their credit are cards that can only be used at certain locations. These are not the same as a retail store card, but instead there is an online catalog of items that you can purchase from. These items will vary greatly on choices and there is interest charged to the card and a regular payment each month. These types of cards are okay, they just have limited use associated with them. However, many times they are easier to be approved for. The last option is to apply for a store credit card or line of credit. Some stores have their own credit department that processes applications and these can be god starter cards to go with. You can only use the card at that store and the interest rate may be a little higher than on other cards, but they are usually pretty easy to have the application accepted and the limit goes up as you make payments on the card. No matter which card you choose to go with when you have no credit, there are options and choices available. You just want to make sure to check all the fine print and details closely, so you know what you are getting, what the payments will be, the interest rate and any fees as well. Establishing credit is an important step in financial history, however it still needs to be handled carefully and correctly too.

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