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I have no credit history

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“I have no credit history”

(How to get a credit card if you have no credit history with any bank)

It is not easy to get a credit card if you have never previously borrowed and repaid any loan from any bank. You see, banks depend on your credit history to assess how fit you are as a borrower. The good news is that you CAN still get a credit card. After all, “no credit history” is still better than “poor credit history.” How do you get a credit card if you have not established a credit record with any bank? Here are some tips.

  1. Prepare documents that serve as “proof of income.” Since you have no way of proving to the bank that you are a good borrower, you can at least prove to them that you are a good earner. They need to feel confident that you are reliable, regular cash or income that will enable you to repay the money they will lend you. So before you apply for a credit card, ask your employer to issue you (a) an employment certificate stating how long you have been with the company, and (b) a photocopy of your latest payslip.
  2. Prove that you can manage your bills. If you can present proof that you are capable of making regular payments, you have a better chance of getting approved for a credit card. If you are currently renting, for example, ask your landlord for receipts that show history of rent. Do you pay for certain utility bills? Compile those receipts, too, to show banks that you are capable of making regular, recurring payments.

You may also present documents showing regular repayment of government loans. The government is often more lax in extending small loans even to newer employees. If you have ever applied for an SSS salary loan before, for example, you can present receipts proving repayment of that loan to the bank. If you have a Pag-ibig (HDMF) loan and you pay a fixed amount monthly, you can also show that to the bank.



Featured Credit Cards:

Citibank Platinum VISA


FEATURES:

  • Pay annual fee of Php5000 for the primary card and Php2500 for the supplementary card
  • Enjoy cash advance service fee of Php500 or 3%, whichever is higher
  • Transfer your balance for FREE…
  • Finance charge of only 2.75%

MABUHAY MILES PLATINUM CREDIT CARD


FEATURES:

  • Get free Miles with the lowest point conversion ever to hit the market with only Php38!
  • Gain access to your credit card account anywhere in the world!
  • Enjoy as much as 30% of your credit limit in My Ally Instant Cash
  • Also enjoy a revolving Interest Rate of only 3.25%!

BDO HOME MASTERCARD


FEATURES:

  • Earn rebates for your card that is up to Php2000!
  • Get a special 1% rebate via cash coupons for all MERALCO residential accounts
  • Relish on an interest rate of just 3%
  • Go for a practical lifestyle as BDO MasterCard Home through EasyPAY Installment programs!
  • Acquire up to 50% Cash Advance Limit!
  • Enjoy a variety of discounts, promos and perks with BDO MasterCard Home!

Citibank Shell VISA


FEATURES:

  • Get the HIGHEST fuel rebate in the market with Citi Shell Visa
  • Enjoy 24/7 emergency service for Gold Card holders in making any alternate plans in any cases of emergency.
  • gency cash once in need..
  • Pay an annual fee of only Php3000 for the primary card.

Featured Articles:

KEEPING AWAY FROM CREDIT CARD PROBLEMS

Once used properly and efficiently, credit cards are handy and suitable devices for just about anyone who is of age. It can even assist you with upcoming activities like buying a house, getting another degree and sometimes going for a leisure trip somewhere abroad with family and friends. Before you allow your teenager or yourself to get a credit card, know some of its advantages and understand some of its procedures.

A credit card can allow you to bUy products or services which you need right now but can’t afford to pay all of it at once. Sometimes it’s often the single way to pay for hotel accommodations, car rental fees or airline tickets.

Credit cards also allow it holders to purchase items over the phone or sometimes in the internet. You can shop and pay your monthly bills in the convenience of your very home! Some credit card companies offer virtual banking that lets you shop and transact business online.

It is also safer to carry a credit card than to carry cash around wherever you go. For the most part, credit cards are very useful in instant emergencies like accidents, car breakdowns or calamities.

You could actually even give anything you purchase protection, avail of travel insurances, free miles and even cash back bonuses if you charge your transactions with your credit card.

One fact is for sure; having a credit card is convenient at times but also remember that a credit card tempts you to spend money you don’t have. Always have the sense to follow up on your credit card to avoid overspending which can give you a big headache in the future. Use your credit cards in ways that you benefit from them, not them benefiting from you!

Understand what you’re getting into before you start building up credit card balances. Once used wisely, they are an absolute help in budgeting. But if not, they will turn up to be your greatest nightmare.