Are you wondering about instant approval credit cards with no credit? If you don’t have a credit history or even obtaining a credit card can seem unlikely, but it may actually be easier to obtain than a it is for people with bad credit. However all hope is not lost – yes you can be approved and get a credit card with no credit.
There are credit cards for people with no credit!
That’s the good news, the bad news is these may not necessarily be instant approval credit cards as credit cards with no credit may or may not require additional information this will be dependent on both the credit card lender, the type of credit card you are applying for and your individual circumstances.
Getting your first credit card is a big deal in your financial independence. Although credit cards are usually reasonably easy to obtain they have a reputation for getting people into trouble with money. As young applicants will be aware the best instant approval credit cards tend to only be available to consumers with a good credit rating and how is a good credit rating possible with no credit?. A credit rating is the culmination of details in a credit report which is made up of a consumers credit history or simply put the way in which debts have been treated in the past. Credit card companies, and other lenders, have found that past behaviour is a good indication of future behaviour.
Store credit cards are often a good first credit card option for those with no credit. As the applications are completed and approved in the store they have fewer credit checks than they would have if they applied over the internet or by post. This convenience tends to mean that these cards have higher interest rates and worse conditions than many other credit cards. It also means that they are less stringent than some credit card lenders making them easier to obtain credit cards with no credit.
Co-signatory cards are another option for young people that can be popular with parents and guardians as it introduces the young consumer to debt and responsibility without allowing it to get out of control. These credit cards have a co-signatory with a higher credit rating who will guarantee that any card balance will be repaid. The co-signatory will in most cases be the parents.
Pay day loans are another thing to consider if the instant approval credit cards with no credit are not an option.
