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Icelandair Mastercard®
Icelandair Mastercard®
- 20.99% variable based on the Prime Rate Regular Purchase APR
- 20.99% variable based on the Prime Rate Balance Transfer APR
- 28.24% variable based on the Prime Rate Cash Advance APR
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- No foreign transaction fees
- Earn 1 point per dollar spent on Icelandair purchases
- Earn 0.5 points per dollar spent on all other pucrhases
- Regular Purchase APR: 20.99% variable based on the Prime Rate
- Balance Transfer APR: 20.99% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 5% of the amount of each transfer, whichever is greater
- Cash Advance APR: 28.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $15 or 5% of the amount of each cash advance, whichever is greater
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $35
- N/A
American Savings Bank Secured Visa Card
American Savings Bank Secured Visa Card
- 29.24% variable based on the Prime Rate Regular Purchase APR
- 29.24% variable based on the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The American Savings Bank Secured Visa Card is a basic-yet-effect secured credit card for those new to credit or seeking to rebuild a damaged credit score. The card is from American Savings Bank, a Hawaii-based bank.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Repair credit with on-time payments and responsible use
- Potential for a credit line increase with no additional deposit after 7 months
- Chance to get your security deposit returned after as little as 11 months
- Regular Purchase APR: 29.24% variable based on the Prime Rate
- Balance Transfer APR: 29.24% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: Up to 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $41
- Return Payment Penalty Fee: Up to $41
- Minimum Deposit Required: $300
- You have bad credit or no credit history
- You live in Hawaii
- You already bank with American Savings Bank
- You plan to pay their balance in full
GO2bank Secured Visa Credit Card
GO2bank Secured Visa Credit Card
- 22.99% Regular Purchase APR
- 26.99% Cash Advance APR
At a Glance
The GO2bank Secured Visa Credit Card is a basic secured credit card that offers decent value for its no annual fee. The card features a low deposit requirement, fixed APR, and the Visa payment network’s purchasing power.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- No credit check to apply
- Fixed-rate APR on purchases
- Regular Purchase APR: 22.99%
- Cash Advance APR: 26.99%
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: Up to $20
- Minimum Deposit Required: $100
- You have limited credit history but want to establish good credit habits
- You don’t have the money for a significant security deposit
- You prefer mobile banking over branches
- You do't want to pay an annual fee
Grand Reserve™ World Mastercard®
Grand Reserve™ World Mastercard®
- 14.99% to 22.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 50,000 Grand Reserve Rewards points after you spend $3,000 in 90 days from account opening
- Receive a welcome gift of a pair of wine glasses (a $110 value) on card activation
- Earn up to 7x points per dollar on wine purchases, with our Top Wine Merchant Bonus
- Earn 5x points per dollar at more than 450 wineries, wine clubs, and other Grand Reserve Partners
- Redeem your points for wine, sommelier-approved wine accessories, and unique vineyard experiences
- Receive special offers and concierge services for wine country visits with your included complimentary Priority Wine Pass
- $0 annual fee for the first year, then $149
- No foreign exchange fee
- Regular Purchase APR: 14.99% to 22.99% variable based on creditworthiness and the Prime Rate
- Annual Fee: None for the first year. After that, $149
- Late Payment Penalty Fee: Up to $25
- Return Payment Penalty Fee: Up to $37
- N/A
Unique Platinum Card
Unique Platinum Card
At a Glance
The Unique Platinum Card is a merchandise card for people that struggle to find a traditional credit card. The card is unsecured, meaning successful applicants receive access to $1,000 in credit lines to Unique’s online portal.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- $1000 Credit Limit
- No Credit Checks
- Instant Approval
- 0% Financing
- Late Payment Penalty Fee: $10
- Return Payment Penalty Fee: $30
- You have a hard time finding a regular credit card for their credit profile
- You're new to credit
- You don’t have the available cash for a security deposit for a secured credit card
- You want a significant credit line to purchase brand-name merchandise and electronics
Freedom Gold Card
Freedom Gold Card
- 0%* Regular Purchase APR
At a Glance
The Freedom Gold Card is a catalog and retail card from Horizon Card Financial Services. This card features a 0% APR, a credit limit of $750*, roadside assistance, discounts on prescription meds, and no credit or employment checks.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- $750 Unsecured Credit Line**
- Instant Approval*
- No Credit Check
- No Employment Check
- Fast Online Application
- Bad Credit - OK
- *See site for details
- **usable only at theHorizonOutlet.com
- Regular Purchase APR: 0%*
- You have poor or no credit history
- You want a payment card for convenience that will not require a credit check or employment check
- You're looking for additional benefits that come with a card offer, such as roadside and legal assistance
PayPal Prepaid Mastercard®
PayPal Prepaid Mastercard®
At a Glance
The PayPal Prepaid Mastercard is a unique debit card in that it blends seamlessly with existing PayPal accounts and offers the chance at a high-yield savings account. The card features easy loading and reloading, a helpful mobile app, and some fees to consider.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Add money to your card via direct deposit or at any of the 130,000+ NetSpend Reload Network locations nationwide
- Refer-A-Friend program allows you and the person you refer to both earn a $20 credit
- Stay on top of your account and your money with the PayPal Prepaid mobile app
- Receive special offers and Payback Rewards when you shop at qualifying stores
- Foreign Transaction Fee: 2.5% of the transaction amount in U.S. dollars
- You frequently use PayPal
- You want to invite your friends and receive instant credits
- You plan on opening a high-yield savings account
- You do't mind paying a low monthly fee
Jasper Mastercard®
Jasper Mastercard®
- 16.24% to 25.74% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 25.74% to 30.74% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
The Jasper Mastercard is an entry-level credit card for professionals and recent migrants that offers 1% cash back on all purchases. The card provides healthy credit limits of up to $5,000, no foreign transaction fees, and no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 1% cash back automatically anywhere you shop
- A credit history is not required to apply
- Get up to a $5,000 credit limit
- Unique autopay settings, push notifications, and utilization alerts help manage your account
- Regular Purchase APR: 16.24% to 25.74% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 25.74% to 30.74% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Late Payment Penalty Fee: Up to $27
- Return Payment Penalty Fee: Up to $27
- You're new to credit
- You can provide income information
- You want a higher credit line than a traditional no credit card can offer
- You don’t want to pay an annual fee, security deposit, or foreign transaction fees
Hotels.com® Rewards Visa® Credit Card
Hotels.com® Rewards Visa® Credit Card
- 18.74% to 26.74% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 18.74% to 26.74% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 28.49% variable based on the Prime Rate Cash Advance APR
At a Glance
The Hotels.com Rewards Visa Credit Card is a straightforward hotel credit card from Wells Fargo. The card provides basic rewards earning potential and useful travel protections in a package that charges no annual fee or foreign transaction fees.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Collect 1 stamp for every night you stay at an eligible property booked on Hotels.com. Collect 10 stamps, get 1 reward night
- Get 2 reward nights when you spend $1,000 on purchases in the first 3 months
- No foreign transaction fees
- No annual fee
- Regular Purchase APR: 18.74% to 26.74% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 18.74% to 26.74% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 5% of the amount of each balance transfer, whichever is greater
- Cash Advance APR: 28.49% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- You prefer to book travel and hotel stays through Hotels.com
- You plan to book travel outside the United States
- You want Hotels.com Silver status
- You want the peace of mind that comes with travel interruption or cancellation protections
- You don’t want to pay an annual fee or foreign transaction fees
First Progress Platinum Prestige Mastercard® Secured Credit Card
First Progress Platinum Prestige Mastercard® Secured Credit Card
- 15.24% variable based on the Prime Rate Regular Purchase APR
- 24.24% variable based on the Prime Rate Cash Advance APR
At a Glance
The Platinum Prestige Mastercard Secured Credit Card offers an excellent rate, robust Mastercard security, and the ability to rebuild or establish credit – all in one package.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 1% Cash Back Rewards on payments
- Choose your own credit line - $200 to $2000 – based on your security deposit
- Build your credit score.¹ Reports to all 3 credit bureaus
- No minimum credit score required for approval!
- ¹ Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
- Regular Purchase APR: 15.24% variable based on the Prime Rate
- Cash Advance APR: 24.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Annual Fee: $49
- Foreign Transaction Fee: 3% of the transaction amount
- Late Payment Penalty Fee: Up to $41
- Return Payment Penalty Fee: Up to $30
- Minimum Deposit Required: $200
- You're looking to rebuild a damaged credit score
- You plan to carry a balance
- You prefer the versatility of a credit card vs. a debit card or prepaid cards
- You want the freedom to use your card virtually anywhere worldwide
You've viewed 5 of 329 credit cards
What Does It Mean to Have “No Credit History?”
When it comes to financial matters, having a credit history plays a crucial role in determining your creditworthiness and financial stability. Typically, “no credit history” refers to a situation where an individual has no previous credit accounts or borrowing history. This means that there are no records of loans, credit cards, or any other form of credit in their name.
But just because you don’t have a credit history does not mean you’ve never had credit. You can have experience with credit in the past, yet you still have no credit history, according to FICO or VantageScore.
No Credit vs. No Credit History
No credit means you have no recent credit history. Those without a credit history within the last seven to ten years will find themselves lumped into the same “no credit” category as those who are entirely new to credit. So, even if you have borrowed money in the past, you may have no score.
FICO, VantageScore, and Credit History
Different credit scoring models have different definitions of no credit history.
FICO requires the following to establish a credit history:
- One tradeline reported within the previous six months. A tradeline is also known as a credit account.
- A tradeline at least six months old.
- Proof that the account holder is alive.
On the other hand, VantageScore does not have strict requirements for establishing a credit history. The VantageScore model only needs one month of credit activity to generate a credit score, which makes the scoring system popular with those who want to judge an applicant’s recent credit activity.
Regardless, you might not have a credit score if you don’t satisfy the requirements above.
The absence of a credit history can make it difficult for individuals to access loans, rent an apartment, or even secure a job. Lenders, landlords, and employers often rely on credit history to assess an individual’s financial responsibility and trustworthiness.
Why Does Credit Matter?
Credit plays a significant role in our daily financial and personal lives. Individuals with excellent credit scores enjoy numerous benefits, including increased access to credit, higher credit limits, and lower interest rates. These advantages stem from the fact that they have demonstrated their financial responsibility and trustworthiness to lenders.
The importance of having a credit history cannot be overstated. Firstly, it allows lenders to assess your creditworthiness when you apply for a loan. A strong credit history showcases your ability to manage credit responsibly, positioning you as a lower-risk borrower. This can lead to more favorable loan terms, such as lower interest rates.
Moreover, credit history often factors into landlords’ decision-making process when considering rental applications. A solid credit history instills confidence in landlords regarding your ability to pay rent on time. Similarly, employers may review credit history to evaluate an individual’s financial stability and responsibility, particularly for roles that involve financial trust.
Impact of No Credit or Bad Credit
A poor or bad credit score can cause various troubles in your life:
Trouble Renting
Finding an apartment can be a struggle for those with bad credit. Landlords and rental agencies consider an applicant’s credit report and a bad score can indicate a potential risk of missing rent payments. This can lead to rejections when applying for accommodation.
Loss of Job Opportunities
Employers can access your credit report and see past marks on your file. These credit marks can put you at risk for employment, as employers might deem you untrustworthy if you are susceptible to financial manipulation.
Poor Credit Options
People with bad credit struggle to find good credit products at reasonable rates. This lack of options extends to other services and products, like insurance. Most apparent with auto insurance, as insurers believe those with lower credit scores are more likely to submit a claim.
Given the difficulties experienced by those with poor credit, imagine how difficult it is to have no credit.
How to Build a Credit History
Building a credit score requires time and patience. However, there are specific steps you can take right away to improve your score in as little as a few months.
① Check your credit score | The first thing you should do is check your credit score to see where you stand. You might already know your credit score is bad, but how far down on the scale, does it go? Knowing how fast you can improve your credit from “bad” to “fair” is crucial to making a financial plan of attack. |
② Get a credit card for subprime credit | Part of boosting your credit score is increasing your use of credit. For those with bad credit, this may seem counter-intuitive. Fortunately, there are many unsecured credit cards for poor credit and secured cards that can help you repair your credit score. |
③ Pay on time each month | As seen in the scoring models, payment history is the biggest factor in your credit score. Because payment history is so important, paying your credit card bill on time each month is essential to boosting sub-prime credit. Missed payments stay on a credit report for seven years. |
④ Keep your credit use low | Credit utilization is as important as paying on time. Credit utilization shows lenders how you use your credit. Those who keep their credit use below 30% can expect their score to improve, while those who use less than 10% can expect a much faster score rise. |
Other Ways to Build Credit
Building Credit with Secured Credit Cards
One effective method of establishing credit is obtaining a secured credit card. Secured cards require a cash deposit as collateral, which serves as your credit limit. By using the card and making timely payments, you can demonstrate your ability to manage credit responsibly, which can help you build a positive credit history over time.
Becoming an Authorized User
Another way to establish credit is by becoming an authorized user on someone else’s credit card. This allows you to piggyback on their credit history, as the account activity will also be reported on your credit report. However, choosing a responsible and trustworthy individual is crucial, as any negative actions could also impact your credit.
Build Credit with Alternative Data
If you have been paying rent, utilities, or phone bills on time, you can use alternative credit data to build credit. Some credit reporting agencies consider these payments as part of your credit history.
An example of an alternative credit data tool is Experian Go. The Experian Go program is designed with the credit invisible in mind. Experian Go lets users build their credit history on their terms, using Experian’s industry-leading knowledge base and credit experts.
Enrolling services like this ensures that your positive payment history is reported to credit bureaus, helping you establish credit.
Tips for Building a Strong Credit History
To build a strong credit history, practicing responsible credit management is important. Here are some best practices to keep in mind:
- Pay your bills on time: Timely payments are crucial for establishing and maintaining a positive credit history. Consider setting up reminders or automatic payments to ensure you never miss a due date.
- Keep credit utilization low: Aim to keep your credit card balances below 30% of your credit limit. High credit utilization can negatively impact your credit score.
- Avoid opening too many accounts: While having a mix of credit accounts is important, opening too many accounts within a short period can raise concerns for lenders.
- Regularly check your credit report: Monitor your credit report for any errors or inaccuracies. If you notice any discrepancies, report them to the credit bureaus immediately.
Remember, building a strong credit history takes time and consistent effort. By following these tips, you can improve your creditworthiness and increase your chances of obtaining favorable credit terms in the future.
Conclusion
Establishing credit with no credit history may require some effort and patience, but it is a crucial step towards achieving financial stability. Following the strategies above, you can start building a strong credit history that will open doors to better loan terms, rental opportunities, and employment prospects. Remember to practice responsible credit management, regularly monitor your progress, and seek out available resources to support your journey toward establishing credit.
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Sub-Prime & Secured Credit Cards
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