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First Bank Secured Mastercard®
First Bank Secured Mastercard®
- 27.99% variable based on the Prime Rate Regular Purchase APR
- 27.99% variable based on the Prime Rate Balance Transfer APR
- 28.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The First Bank Secured Mastercard® offers a route towards unsecured credit in as little as seven months, with full graduation in as few as 11 months from account opening. The card from First Bank also features a fixed APR and $35 annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Improve your credit rating
- Get unlimited access to your credit score
- Enjoy free 24/7 fraud protectio
- Regular Purchase APR: 27.99% variable based on the Prime Rate
- Balance Transfer APR: 27.99% 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: 28.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $15 or 5% of the amount of each advance, whichever is greater
- Annual Fee: $35
- Foreign Transaction Fee: 3% of each transaction in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $35
- Minimum Deposit Required: $300
- You have no credit history or damaged credit
- You plan to use your card responsibly
- You already bank with First Bank or reside in Missouri, Illinois, Kansas, or California
Amazon Secured Store Credit Card
Amazon Secured Store Credit Card
- 10.00% Regular Purchase APR
At a Glance
The Amazon Secured Store Credit Card is a secured retail credit card from Synchrony and Amazon. The card, which requires a $100 minimum deposit, features 2% cash back on purchase, a great fixed APR on purchases, and no annual fee. Successful accountholders might be able to upgrade to the unsecured Amazon Store Card in as little as one year.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Earn 2% cash back at Amazon.com and Amazon physical stores
- Chance to get your security deposit returned after as little as 12 months
- Regular Purchase APR: 10.00%
- Late Payment Penalty Fee: Up to $5
- Minimum Deposit Required: $100
- You shop with Amazon frequently
- You have an active Amazon Prime membership
- You want to build credit while earning 2% back on purchases
- You do't want to pay an annual fee
Affirm Debit+™ Card
Affirm Debit+™ Card
- See Terms Regular Purchase APR
At a Glance
The Affirm Debit+™ Card is a fee-free Buy Now, Pay Later debit card that links to an existing bank account. The card, from Affirm and Evolve Bank & Trust, allows users to split purchases of $100 or more with no credit score impact – and no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Pay up front, or pay over time—interest-free
- Split big purchases at 0% APR
- Regular Purchase APR: See Terms
- You're looking for a Buy Now, Pay Later service and not a credit card
- You meet the eligibility requirements for the card
- You do't want to pay an annual fee or any extraneous fees
Self Visa® Credit Card
Self Visa® Credit Card
- 29.24% (Variable) Regular Purchase APR
At a Glance
The Self Visa® Credit Card is a secured credit card that pairs with an existing Self Credit Builder Account. The card has no formal approval process. Instead, hopeful consumers simply need to open a Self account and save over $100 to fund the secured Visa account.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
-
Apply Now: Intro No Annual Fee with the secured Self Visa® Credit Card^ • If you have an active Credit Builder Account, $100 or more in savings progress and satisfying income requirements you may be eligible to receive the secured Self Visa® Credit Card*, without a hard credit check. Criteria subject to change. • Build credit and savings at the same time. • Start with a Credit Builder Account* that reports monthly payments to all 3 major credit bureaus. • At the end of your plan, unlock the savings you built - minus interest and fees. • The secured Self Visa® Credit Card is accepted at millions of locations in the U.S. *Credit Builder Accounts & Certificates of Deposit made/held by Lead Bank, Sunrise Banks, N.A., First Century Bank, N.A., each Member FDIC. Subject to credit approval. The secured Self Visa® Credit Card is issued by Lead Bank or First Century Bank, N.A., each Member FDIC. See Self.inc for details. Subject to ID Verification. Individual borrowers must be a U.S. citizen or permanent resident and at least 18 years old. Valid bank account and Social Security Number are required. All loans are subject to consumer report review and approval. The Secured Self Visa® Credit Card requires an active Self Credit Builder Account and qualification based on other eligibility criteria including income & expense requirements. Criteria subject to change.
^$0 annual fee for the first year only, $25 annual fee thereafter. Variable APR of 28.24%. Offer valid for new customers only.
- Regular Purchase APR: 29.24% (Variable)
- Annual Fee: $25
- Late Payment Penalty Fee: Up to $15
- Return Payment Penalty Fee: Up to $15
- You're serious about raising your credit score
- You already have a Self Credit Builder Account
- You don’t mind the card's $25 annual fee
- You plan to pay your card balance in full every month
Capital One Quicksilver Secured Cash Rewards Credit Card
Capital One Quicksilver Secured Cash Rewards Credit Card
- 29.99% variable based on the Prime Rate Regular Purchase APR
- 29.99% variable based on the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The Capital One Quicksilver Secured Cash Rewards Credit Card is a secured credit card that offers 1.5% cash back on all purchases, no annual fee, and no foreign transaction fees. Cardholders may automatically graduate to an unsecured version of the card with responsible use in as little as six months.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual or hidden fees, and you can earn unlimited 1.5% cash back on every purchase, every day. See if you're approved in seconds
- Put down a refundable $200 security deposit to get a $200 initial credit line
- Building your credit? Using a card like this responsibly could help
- Enjoy peace of mind with $0 Fraud Liability so that you wo't be responsible for unauthorized charges
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Enjoy up to 6 months of complimentary Uber One membership statement credits through 11/14/2024
- Regular Purchase APR: 29.99% variable based on the Prime Rate
- Balance Transfer APR: 29.99% variable based on the Prime Rate
- Balance Transfer Transaction Fee: 3% of the amount of each transferred balance that posts to your account at a promotional APR that we may offer you. None for balances transferred at the Transfer APR
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: 3% of the amount of the cash advance, but not less than $3
- Late Payment Penalty Fee: Up to $40
- Minimum Deposit Required: $200
- You have bad credit or no credit history at all
- You want to earn cash back rewards while building credit
- You don’t want to pay an annual fee
- You have at least $200 for a security deposit
Boston Celtics Credit Card
Boston Celtics Credit Card
- 19.74% to 29.74% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 7X points on Celtics tickets, rideshare services and streaming services
- Earn 4X points on dining
- Earn 2X points on groceries and drug stores
- Earn 1X points on all other purchases
- 10% off purchases at the online Celtics shop
- No annual fee
- Regular Purchase APR: 19.74% to 29.74% variable based on creditworthiness and the Prime Rate
- Penalty APR: 29.99%
- N/A
U.S. Bank Cash+® Visa® Secured Card
U.S. Bank Cash+® Visa® Secured Card
- 29.99% variable based on the Prime Rate Regular Purchase APR
- 29.99% variable based on the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The U.S. Bank Cash+® Visa® Secured Card is a secured credit card that offers up to 5% cash back on purchases, reasonable minimum deposit requirements, and more – all for no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Earn 5% back on the first $2,000 in combined eligible purchases each quarter in two categories you choose
- Earn 2% back on the first $2,000 in combined eligible purchases each quarter in one everyday category
- Earn 1% Back on all other purchases
- Earn 5% back on prepaid air, hotel and car reservations booked directly in the Rewards Travel Center
- Regular Purchase APR: 29.99% variable based on the Prime Rate
- Balance Transfer APR: 29.99% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either 5% of the amount of each advance or $10 minimum, whichever is greater
- Foreign Transaction Fee: 3% of each foreign transaction in US 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 want the chance to graduate to a lucrative no annual fee, unsecured rewards card
- You want to earn up to 5% cash back
- You do't want to pay an annual fee
U.S. Bank Altitude Go Visa Secured Card
U.S. Bank Altitude Go Visa Secured Card
- 29.99% variable based on the Prime Rate Regular Purchase APR
- 29.99% variable based on the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The U.S. Bank Altitude Go Visa Secured Card offers 4X points on dining and takeout, 2X on groceries, gas, and streaming, and a $15 streaming statement credit – all for no annual fee. Cardholders also have the opportunity to automatically graduate to the unsecured Go Visa Signature with good financial habits and credit score growth.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 4X points on dining and takeout
- Earn 2X points on groceries, gas, and streaming services
- Earn 1X points on all other purchases
- No annual fee
- No foreign transaction fees
- Regular Purchase APR: 29.99% variable based on the Prime Rate
- Balance Transfer APR: 29.99% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either 5% of the amount of each advance or $10 minimum, whichever is greater
- 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 want the chance to graduate to a lucrative no annual fee, unsecured rewards card
- You want to earn 4X points on dining
- You don’t want to pay an annual fee or foreign transaction fees
Cleo Credit Builder Card
Cleo Credit Builder Card
At a Glance
The Cleo Credit Builder Card, issued by WebBank, is designed to get your credit where it needs to be. Easy and convenient signup for the secured charge card takes just three minutes through the Cleo App. No hassles or hoops to jump through to get started. Stay focused on boosting your credit score without the worry of credit checks and no interest on purchases.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Put cash into your security deposit, which acts as, and increases, your credit line
- Account status is reported to 3 credit bureaus (Experian, Equifax, TransUnion)
- Cleo Credit Builder Card helps you build up your score over time
- No interest rates or fees
- Must have a Cleo Builder Subscription plan to apply for the Cleo Credit Builder Card
- Minimum Deposit Required: $1
- You want to build or establish credit without the fees of traditional credit cards
- You don’t mind paying a subscription to shape a better-looking credit score
- You would like a realistic line of credit to fit your lifestyle needs via a secured deposit
- You seek the convenience of an AI budgeting assistant in combination with credit building
M1 Visa® Debit Card
M1 Visa® Debit Card
At a Glance
The M1 Spend Visa® Debit Card provides M1 Finance customers with a streamlined approach to spending their available funds – and earning more with an eligible premium account. The Card earns up to 1% cash back and 1% APY on balances with a Spend Plus Account.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Seamlessly integrates with M1's Invest and Borrow services
- Use the M1 Spend debit card anywhere Visa® is accepted
- Upgrade to M1 Plus for even more benefits and tools
- Foreign Transaction Fee: Up to 1% of the transaction amount in U.S. dollars
- You already invest with M1 Finance
- You plan to subscribe to $125/year Spend Plus Account
- You want to earn 1% APY and 1% cash back at the same time
- You'd rather not pay expensive foreign transaction fees
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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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