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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
Barclays View™ Mastercard®
Barclays View™ Mastercard®
- 16.99% to 29.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 16.99% to 29.99% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 28.24% to 29.99% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
The Barclays View Mastercard is a basic rewards credit card that serves as a refresh to the old Barclaycard Financing Visa. The card offers enhanced rewards on dining, grocery, and streaming service purchases and 1X points on all other purchases – all for no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 3X points on restaurant purchases (including takeout and delivery)
- Earn 2X points on internet, select streaming, phone and TV services
- Earn 2X points on grocery store purchases (excluding Target® & Walmart®)
- Earn 1X points on all other purchases
- Periodic offers for up to 18 months special financing
- Regular Purchase APR: 16.99% to 29.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 16.99% to 29.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 3%-5% of the amount of each transfer, whichever is greater
- Cash Advance APR: 28.24% to 29.99% 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
- Foreign Transaction Fee: 0% to 3% of each transaction in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- You want a credit card with everyday value and basic reward categories
- You subscribe to several streaming services
- You need access to special financing periods on select purchases
- You don’t want to pay an annual fee
Deserve® PRO Mastercard
Deserve® PRO Mastercard
- 18.99% to 25.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- No foreign transaction fees
- Earn 3% cash back on travel purchases and 2% back on dining
- Regular Purchase APR: 18.99% to 25.99% variable based on creditworthiness and the Prime Rate
- Late Payment Penalty Fee: Up to $25
- Return Payment Penalty Fee: Up to $37
- N/A
Disney Visa Debit Card
Disney Visa Debit Card
At a Glance
The Chase Disney® Visa® Debit Card is a debit card tied to a Chase checking account. The card offers savings of up to 10% at Disney, plus special photo opportunities and your choice of six custom card designs.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Save 10% on select purchases at Disney store and shopDisney.com
- Pose for special photos at our private Cardmember locations at Walt Disney World® Resort and the Disneyland® Resort
- 10% off select merchandise purchases of $50 or more at select Disney locations
- 10% off select dining locations most days at Walt Disney World® Resort and the Disneyland® Resort.
- 10% off the non-discounted price of select recreation experiences at Walt Disney World® Resort.
- Foreign Transaction Fee: 3% of the transaction in U.S. dollars
- You already bank with Chase
- You love Disney and want special discounts at Disney Resorts and shopping locations
- You don’t want a credit card
- You want to add additional perks to their existing Chase debit card
Delta SkyMiles® Debit Card
Delta SkyMiles® Debit Card
At a Glance
The Delta SkyMiles® Debit Card from SunTrust Bank is a co-branded airline rewards debit card that offers a 5,000 SkyMiles sign-up bonus, basic miles on everyday purchases, and more – for a variable annual fee (which SunTrust, now Truist, waives for the first year).
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee for the first year
- Earn 1 miles for every $2 spent on eligible purchases
- Miles never expire
- Annual Fee: $0 for the first year, up to $95 after that
- Minimum Deposit Required: $100
- You bank with Truist
- You're an existing Delta SkyMiles member
- You're not looking for a credit card
- You meet the requirements for Truist Advantage Preferred
Bank of America® Unlimited Cash Rewards Secured Credit Card
Bank of America® Unlimited Cash Rewards Secured Credit Card
- 28.24% variable based on the Prime Rate Regular Purchase APR
- 28.24% variable based on the Prime Rate Balance Transfer APR
- 30.24% variable based on the Prime Rate Cash Advance APR
At a Glance
The Bank of America® Unlimited Cash Rewards Secured Credit Card offers cash back rewards and credit building tools in one nice, neat package. The card earns unlimited 1.5% cash back on all purchases, with no cap on rewards – all for no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Monthly reporting to the 3 major credit bureaus
- Unlimited 1.5% cash back on all purchases
- Chance at a deposit return with responsible usage
- Regular Purchase APR: 28.24% variable based on the Prime Rate
- Balance Transfer APR: 28.24% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 5% of the amount of each transaction, whichever is greater
- Cash Advance APR: 30.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each transaction, whichever is greater
- Penalty APR: Up to 29.99%
- Foreign Transaction Fee: 3% of the U.S. dollar amount of each transaction in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $29
- Minimum Deposit Required: $300
- You have bad credit or no credit history at all
- You want to earn 1.5% back while repairing their credit score
- You have $300 available for a security deposit
- You don’t want to pay an annual fee
Tomo Card
Tomo Card
- 0% Regular Purchase APR
At a Glance
The Tomo Credit Card is a credit builder card that features no fees of any kind, basic cash back rewards, and no credit check to apply. The card is tied to a user’s bank accounts, allowing for dynamic credit limits and no credit check.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No credit history required
- No annual fees or security deposit
- No APRs
- Earn 1% cash back on all purchases
- Customizable credit limit
- Regular Purchase APR: 0%
- You have no credit history
- You want a credit card with an automatic payment tied to your bank account
- You don’t want to pay fees of any type
- You want to build credit and earn basic rewards at the same time
BOOST Platinum Card
BOOST Platinum Card
- 0% Regular Purchase APR
At a Glance
The BOOST Platinum Card is a basic store card offer from Horizon Financial Services. The BOOST Card is perfect for consumers seeking to make purchases without a credit card. This card features a no interest on purchases, a credit limit of $750*, and no credit check.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Bad Credit, No Credit? No Problem
- $750 Unsecured Credit Line*
- Fast and Easy Application
- No Employment or Credit Check
- *usable only at theHorizonOutlet.com
- Regular Purchase APR: 0%
- You have poor credit or no credit history at all
- You want a store card without a credit or employment check
- You want additional perks, like credit monitoring or roadside and legal assistance
Principal Platinum Card
Principal Platinum Card
At a Glance
The Focus Gold Merchandise Card (formerly the Principal Platinum) is a no-frills store card offer from Horizon Financial Services. Focus Card is ideal for anyone looking to build or rebuild their credit score. This card features a 0% APR on purchases, a credit limit of $500, roadside assistance, Credit Hawk credit monitoring, discounts on prescription meds, and no credit check.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Instant Approval / $750 Credit Line
- No Employment or Credit Check
- Reports to Major Bureau
- Bad Credit, No Credit - OK
- Always 0.0% APR
- You have bad credit or no credit history at all
- You want a credit card that does not require a credit check or employment check
- You're okay with a $14.95 monthly fee for an online merchandise and catalog card
- You want extra perks, like credit monitoring or roadside and legal assistance
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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