Perhaps you’ve never had a credit card before. Perhaps you have but have decided to live a life without credit for a while instead. Either way, you now find yourself in a position where you need to have a credit card but you have no credit. Obtaining credit with no credit can be tricky, but it can be done. Here are some things you can do.
Go to the Bank
Start by opening a checking account in your own name. Opening a checking account does not require credit, nor does it affect your credit score. At the same time, however, having an account in your name that is in good standing with the bank is something future creditors will take into consideration when looking at a first time applicant.
Find a Steady Job
Hopping from one fast food joint or retail establish to another every couple of months does not constitute having a steady or reliable job. Find a job in a niche you enjoy and keep it as long as possible. Creditors like seeing that you have the ability to hold a job and they can and will verify your employment. The longer you’ve been employed in one place, the better your odds of landing a new credit account.
Prepare to Show Proof of Eligibility
Federal laws regarding credit card eligibility have changed. You used to be able to get a credit card at the age of 18, but governing authorities found that credit card companies were taking advantage of college students who did not understand the implications of having a credit account. As of February of 2009, all applicants under the age of 21 need to either prove steady income or have a cosigner in order to receive a credit card.
Apply for One Card at a Time
Your credit report is marked every single time you apply for a credit account. Apply for one card at a time and wait for approval (or denial) before applying for another. Multiple inquires into your credit will make you look desperate and will raise a red flag to those looking at your application.
Perhaps you need to start smaller, proving your credit worthiness. Approach your local gas station or retail store for a merchant-specific credit card. Make small purchases and pay your bill on time in order to build up your credit score. Before long, larger banks will be willing to extend credit to you as well.
Still having trouble? Consider visiting sites like CreditLoan.com for more information on how you can apply for credit. You may simply have to obtain a secured credit card or one with an annual fee to get you started.