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No Credit Credit Cards

Consumers with limited or damaged credit histories have limited options for obtaining unsecured credit cards with competitive rates and features. For those with no credit, credit cards in the subprime niche come with high fees, high interest rates and few of the rewards benefits many consumers seek.

In the midst of a gargantuan credit crunch, many financial lives are governed by Equifax, Call Credit and Experian. For high-risk debtors with sullied credit reports, gaining approval for a credit card with attractive terms has always been challenging. But these days, even those with high credit rankings and top-notch earnings are frequently rejected by lenders. Only 50% of consumers currently qualify for advertised deals with reasonable interest rates. In response to economic instability, lenders are targeting risk by narrowing lending criteria. Borrowers with empty credit reports are perceived as high risk clients, while those without equity, assets and more than two existing accounts have suddenly found themselves outside the boundaries that separate profitable debtors from risky ones. In this environment, obtaining favorable credit cards for people with no credit has become a challenge.

Credit cards come with bells and whistles that few consumers can function without. Safe online spending has become a priority for a consumer base that no longer relies on brick and mortar stores. The security offered by accounts is not confined to the ability to gain instant credit. In a world dominated by fraud, the protection offered by certain credit cards has become a crucial part of securing assets. Through purchase protection, some cardholders are refunded for items that are stolen within three months of purchase. Loyalty schemes attached to such accounts are a bane for cash-poor consumers seeking new budgeting strategies. Of higher priority is the need to build upon a poor credit score or create a new one through responsible use of credit.

Typically, clients with muddy credit reports have access to the bottom feeders of the credit world. These are cards with lofty interest rates, poor terms and little actual credit value. The traditional high interest store account is the frequent solution of high-risk consumers, offering limited spending range and rates of up to 29%. There are more practical solutions that involve the use of credit to rebuild your score and gain financial stability.

Sub-prime credit cards trap many unwary clients through upfront fees high enough to absorb the majority of their credit limits. Legally, interest rates may not exceed 25%, but less reputable lenders escape this limitation by charging hefty upfront fees. Sub-prime products can drown undisciplined clients in an ever-increasing debt cycle, but for those who take control of their repayments, a clean slate can be created. Those who keep their spending negligible and repay the maximum on time every month soon find themselves with an established history as a low risk debtor. Sub-prime products are not ideal for those who need a large amount of credit instantly. They are best reserved for responsible consumers who are willing to slowly sculpt their credit reports back into shape so that they can face their financial futures afresh.

Secured credit cards are a practical option for those with equity. Security deposits are placed against the credit limits during the first year of use. Clients who repay in a timely manner during this period are often rewarded with unsecured credit cards. Even small amounts of security can help lay a foundation for an improved credit report. As little as $300 can be placed into unsecured credit cards, allowing you to give your financial record a facelift that will positively reinforce further lending potential in the future. The deposit offered allows creditors to obtain loans to the value of between 50% and 100% of their deposits. Secured credit cards need to be handled with absolute restraint, since defaulting leads to the loss of the initial deposit. Products that offer high interest rates on deposits come with the additional benefit of accruing extra capital on savings over time. To turn your secured card into a proactive strategy to rebuild your credit score, the account needs to be reported to major credit bureaus.

We present her a selection of secured options from major issuers suitable for consumers looking for credit cards for no credit:

Bad credit comes in tiers according to your precise credit score. Those with severely deteriorated credit histories can request bankruptcy advice about using credit cards tactically to rebuild their monetary futures.


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