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How do you apply for a card without credit history?

[Saturday, November 13th, 2010]

Credit history is very important in applying for credit cards. The credit history is a heavily considered factor to help banks determine whether an individual`s application for a card should be approved or rejected. Without a credit card history, things that can be done include looking for substitutes like bank accounts and other proofs of financial stability on the part of the borrower.

After considering the presence of credit history alternatives, here are the things the credit card applicants must set out to do:

First, prepare all the required documents by the card issuers.

Second, make sure that the documents include proofs of financial capacity. This is where employment records, bank account statements, etc. – must be very well reflective of an individual`s responsible financial handling and management.

In practice, if you don`t have a credit history and you plan to apply for credit cards in the future, make sure that you don`t change jobs very easily that you are not able to save money and improve income. Also, should you already have bank accounts to be used as a substitute to a credit history in the future, be careful of withdrawing all too often that you`re no longer able to maintain the balance requirement because this might have repercussions in your future credit card applications. Concerns about overdraft charges and bouncing checks are definitely to be avoided.

Third, should you insist on building credit history by other means other than credit cards that you still plan to apply for in the future, you can opt for store cards first.

The store cards shall serve the purpose of building credit history before you finally get a consumer credit card. Applications for store cards may be more easily approved than those of the general credit cards so you might want to start building good credit history using one.

Fourth, see to it that you don`t send to many credit card applications all the same time. This is particularly dangerous to those who do not have credit history. The credit bureau still keeps records of the number of applications you make that are not approved or still waiting for approval.

A greater number of rejected credit card applications in relation to those that were approved by the lenders should be avoided. Many applications without any approval would mean that lenders did not see much reason to entitle you to a credit card.

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