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Assent Platinum 0% Intro Rate Mastercard® Secured Credit Card
Assent Platinum 0% Intro Rate Mastercard® Secured Credit Card
- 29.24% variable based on the Prime Rate Regular Purchase APR
- 2924% variable based on the Prime Rate Cash Advance APR
At a Glance
The Assent Platinum 0% Intro Rate Mastercard Secured Card offers a slew of great features not typically found with secured cards. Cardholders enjoy six months of zero interest on purchases with an exceptionally low APR after that. Add to that the features and protections of a full-fledged Mastercard and regular reporting to the major credit bureaus, and you have a versatile tool for building credit.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Full-Feature Platinum Mastercard* Secured Credit Card
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- Good for Car Rental, Hotels: Anywhere Credit Cards Are Accepted!
- 24/7 Online Access to Your Account
- Credit Line Secured by Your Fully-Refundable Deposit of $200 – $2,000 Submitted with Application
- Nationwide program; available in all 50 US states *See Card Terms
- Regular Purchase APR: 29.24% variable based on the Prime Rate
- Cash Advance APR: 2924% 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 in U.S. dollars
- Late Payment Penalty Fee: Up to $41
- Return Payment Penalty Fee: Up to $30
- Minimum Deposit Required: $200
- You have poor credit, limited credit, or no credit history at all
- You want a card that reports to the three major credit bureaus regularly
- You want 24/7 online access to your card account
- You have at least $200 for a refundable deposit
- You want both 0% intro APR on purchases and a great low rate after that
Buy On Trust Lending
Buy On Trust Lending
- See website for Details* Regular Purchase APR
- See website for Details* Balance Transfer APR
At a Glance
The Buy On Trust merchandise credit account is a lease-to-buy program where account holders can buy today and pay later. The company offers major brand names like Apple, LG, Bose, and more – with credit limits of up to $5,000 and flexible repayment schedules.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- With an initial payment of just $50, you can afford to shop from all the top brand names
- Buy On Trust TODAY, Pay LATER
- All The Big Name Brand Laptops, TV's & More
- Up to $5,000 approval
- Regular Purchase APR: See website for Details*
- Balance Transfer APR: See website for Details*
- Penalty APR: See website for Details*
- Annual Fee: See website for Details*
- Late Payment Penalty Fee: See website for Details*
- Return Payment Penalty Fee: See website for Details*
- You have limited credit or no credit history at all
- You want a credit line to purchase brand-name laptops, TVs, and other electronics
- You have an open checking account in good standing
- You live in any U.S. state except MN, NJ, WI, or WY
Walmart MoneyCard Visa
Walmart MoneyCard Visa
At a Glance
The Walmart MoneyCard is a prepaid Visa debit card from Walmart that offers cash back rewards on select purchases, access to a full selection of checking and savings features, and more – for as low as $0 per month.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Waive your monthly fee when you direct deposit $500+ in previous monthly period. Otherwise, $5.94 a month.*
- Earn 3% cash back at Walmart.com, 2% cash back at Walmart fuel stations, & 1% cash back at Walmart stores, up to $75 each year.*
- Get $20 this season when you make two new direct deposits of $500+ by 6/30/22.*
- Earn 2% interest rate on up to $1,000 balance in your savings account. Plus, get chances to win cash prizes each month!*
- Get peace of mind with three coverage levels, up to $200, for purchase transactions with opt-in & eligible direct deposit.*
- *Please see site for full terms and conditions.
- Annual Fee: None. $5.94 monthly fee
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Minimum Deposit Required: See Terms
- You frequently shop at Walmart
- You frequently purchase gasoline at eligible Walmart stores
- You get your groceries delivered from Walmart
- You want a small savings account that earns up to 2% APY
- You plan to add accounts for family members
Albert Mastercard®
Albert Mastercard®
At a Glance
Albert Mastercard® is a no-annual-fee debit card from the investment and savings platform, Albert. The card, a Mastercard debit card, earns up to 20% cash back on select merchant offers and provides access to a suite of premium investment features for a modest, “pay-what’s-fair” monthly fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn $150 when you receive a qualifying direct deposit and use your Albert debit card
- Get your paycheck up to 2 days early with direct deposit with Albert Cash
- Earn cash back rewards when you buy groceries, gas, food and more with your Albert debit card
- No hidden fees ($0 minimum balance requirements, no maintenance fees and no instant fees)
- Genius subscribers can withdraw cash fee-free at 55,000+ ATMs
- Albert Cash and Albert Savings accounts are FDIC-Insured
- Annual Fee: See Terms
- Foreign Transaction Fee: See Terms
- Late Payment Penalty Fee: See Terms
- Over Limit Penalty Fee: See Terms
- Minimum Deposit Required: See Terms
- You already use Albert for investing or are interested in joining via the mobile app
- You're new to investing (or just want simple automation)
- You want to choose your monthly fee (if applicable)
Walmart MoneyCard®
Walmart MoneyCard®
At a Glance
The Walmart MoneyCard® is a debit card from Walmart that offers cash back rewards on select purchases, access to a full selection of checking and savings features, and more.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Waive your monthly fee when you direct deposit $500+ in previous monthly period. Otherwise, $5.94 a month.*
- Earn 3% cash back at Walmart.com, 2% cash back at Walmart fuel stations, & 1% cash back at Walmart stores, up to $75 each year.*
- Earn 2% interest rate on up to $1,000 balance in your savings account. Plus, get chances to win cash prizes each month!*
- Get peace of mind with three coverage levels, up to $200, for purchase transactions with opt-in & eligible direct deposit.*
- *Please see site for full terms and conditions.
- Annual Fee: None. $5.94 monthly fee
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Minimum Deposit Required: See Terms
- You frequently shop at Walmart
- You frequently purchase gasoline at eligible Walmart stores
- You get your groceries delivered from Walmart
- You want a small savings account that earns up to 2% APY
- You plan to add accounts for family members
Business Advantage Unlimited Cash Rewards Secured Credit Card
Business Advantage Unlimited Cash Rewards Secured Credit Card
- 28.49% variable based on the Prime Rate Regular Purchase APR
- 28.49% variable based on the Prime Rate Balance Transfer APR
- 29.49% variable based on the Prime Rate Cash Advance APR
At a Glance
The Business Advantage Unlimited Cash Rewards Secured Credit Card provides businesses with a credit lifeline for no annual fee. The card, which requires a $1,000 minimum security deposit, earns unlimited 1.5% cash back, with even more rewards through Bank of America Preferred Rewards for Business.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Earn unlimited 1.5% cash back rewards while establishing your business credit
- Flexible redemption options
- Seamless transition from secured credit to unsecured with financial responsibility
- Regular Purchase APR: 28.49% variable based on the Prime Rate
- Balance Transfer APR: 28.49% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 4% of the amount of each transaction, whichever is greater
- Cash Advance APR: 29.49% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each transaction, whichever is greater
- Foreign Transaction Fee: 3% of the U.S. dollar amount of each transactio
- Late Payment Penalty Fee: Up to $49
- Minimum Deposit Required: $1,000
- You own a business but don’t want to impact your personal credit score
- You want a versatile cash back rewards card
- You have an existing BoA relationship and Preferred Rewards account
- You don’t want to pay an annual fee
Credit One Bank Secured Card
Credit One Bank Secured Card
- 28.99% variable based on the Prime Rate Regular Purchase APR
- 28.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The Credit One Bank Secured Card is a no annual fee secured credit card from Credit One Bank. The card offers up to 1% cash back on eligible purchases, a $200 minimum security deposit that earns interest, and more.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Earn interest on your minimum $200 security deposit
- Earn 1% cash back rewards on gas and groceries as well as your monthly mobile phone, internet, cable, and satellite TV services
- Automatically earn More Cash Back Rewards for using your Credit One Bank card at participating merchants, terms apply
- With $0 Fraud Liability, you won’t be responsible for unauthorized charges
- View your free online access to your Experian credit score, terms apply
- Regular Purchase APR: 28.99% variable based on the Prime Rate
- Cash Advance APR: 28.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $5 or 8% of the amount of each Cash Advance, whichever is greater
- Foreign Transaction Fee: Either $1 or 3% of each purchase in U.S. dollars, whichever is greater
- Late Payment Penalty Fee: Up to $39 (terms apply)
- Return Payment Penalty Fee: Up to $39 (terms apply)
- Minimum Deposit Required: $200
- You're seeking to establish – or rebuild – your credit
- You want a security deposit that earns interest
- You want basic cash rewards
- You do't want to pay an annual fee
First Phase Visa®
First Phase Visa®
- 34.99% variable based on the Prime Rate Regular Purchase APR
- 34.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The First Phase Visa® is a credit builder credit card issued by The Bank of Missouri. Packed with the basics, the credit card offers manageable credit limits, dynamic credit card protection tools and, overall, a solid option for people with limited access to credit.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Build credit with a card that reports to all major credit bureaus
- On-call representatives with reliable customer service
- Peace of mind with Visa® Zero Liability Policy
- No cash advance fees in the first year
- Secure a manageable credit limit from $300 to $1,000
- Regular Purchase APR: 34.99% variable based on the Prime Rate
- Cash Advance APR: 34.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: None for the first year (introductory). After that, either $10 or 3% of the amount of each cash advance, whichever is greater
- Annual Fee: $75 for the first 12 months. After that, $48
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- You're looking for a starter credit card to build credit
- You struggle to gain access to credit due to a subprime credit score or no credit score
- You seek a manageable credit limit to support better budgeting habits
- You want to feel secure in all credit card purchases with dynamic security tools in place
- You don’t mind investing in your credit journey
Extra Debit Card
Extra Debit Card
At a Glance
The Extra Debit Card* is a credit builder debit card that offers rewards and more. The card is ideal for anyone newer to credit that doesn’t want the negative impact from a hard credit inquiry but still wants to earn rewards.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Every purchase can help build your credit1. At the end of every month, purchases made with the Extra Debit Card are tallied up and reported to credit bureaus • 0% interest • Connects with your bank account2 • Earn rewards points everywhere. Earn up to 1% in points for everyday purchases like rideshares, coffees and your phone bills • Current pricing is $20/month or $149/year for Credit Building. $25/month or $199/year for Credit Building + Rewards
- Annual Fee: See Terms
- Foreign Transaction Fee: See Terms
- Late Payment Penalty Fee: See Terms
- Minimum Deposit Required: See Terms
- You don’t want a credit check when looking for a new card
- You want a debit card that reports to Experian and Equifax every month
GO2bank Visa® Debit Card
GO2bank Visa® Debit Card
At a Glance
GO2bank is the destination for simple, seamless mobile banking designed to help people save time and money. The GO2bank high-yield account and Visa® Debit Card provide the ideal platform for building savings and offering a headache-free banking experience – all with no hidden fees.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Overdraft protection up to $200 with opt-in and eligible direct deposit • Get your pay up to 2 days early with direct deposit • Free nationwide ATM network Refer a friend, and you both get $50 • *See additional terms and conditions at GO2bank.com
- Over Limit Penalty Fee: No monthly fees with eligible direct deposit, otherwise $5 per month
- You want a high-yield account 10X the national average
- You plan to have your paychecks directly deposited into your account
- You want the freedom to deposit checks at hundreds of retail locations nationwide
- You don’t want to pay any additional 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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