Bad Credit Or No Credit Cards
You might be wondering what types of bad credit or no-credit cards are available. There are two basic types of cards – secured and unsecured. Secured credit cards require you to make a deposit into your savings account. The credit limit on a secured card is based on a percentage of the amount you deposit, which serves as collateral. Prepaid credit cards, on the other hand, draw from the funds you deposit, but do not report to the credit bureaus. Unsecured credit cards require no security deposit but have lower credit limits.
People with no or bad credits don’t necessarily have bad credit, but the lack of history means that lenders are more likely to be skeptical. This is because people with no or poor credit have never applied for a loan or credit card. Therefore, lenders don’t know how much risk they pose. As a result, they may be turned down for a card. No credit cards are more difficult to obtain than those with good credit, but they do exist.
The key to obtaining a no credit card with a low income is to be patient. Most creditors will look at your application with skepticism and reject it. If you’re careful, however, you can improve your chances of approval. You should avoid making impulsive purchases and other bad habits when applying for a no credit or bad credit card. When you’re ready, begin to apply for the card you’ve been eyeing.
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