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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.



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Featured Articles:

MANAGE YOUR MONEY: USE YOUR CREDIT CARD WISELY

Like majority of things in life, credit cards give us power that we could use to maximize our way of living. We should learn to use it wisely to avoid any hassles in the future.

But what are really the advantages of having a credit card? We, at comparecreditcards.com, did a survey about the merits of having a credit card and you will be surprised at what came out…

It is a lot easier to buy things with a credit card. It gives you purchasing power that can let you buy things without you having to carry huge amounts of cash around.

You get added security if in case something you bought got lost, stolen or damaged. With both your credit Card Company and your credit card statement guaranteeing you made the purchase, you could actually get insurance on whatever you bought.

Having a good credit history not only helps you apply for a new credit card, but also helps you build a solid financial foundation when applying for other things like loans or sometimes even jobs.

Although we should avoid any expenses that is way out of our budget, it is sometimes unavoidable due to emergencies like fire, floods and the like. But the worst thing is it leads to large purchases in huge amounts of money. With a credit card, you can use money with cash advances and worry about paying it later once you’re back on track.

In addition to those, a credit card also presents further benefits like discounts, free air miles and insurances. But you have to remember that credit card companies start making money once you can’t afford paying off your charges!

The benefits of having a credit card are real and are very helpful on the condition that you take into account your spending limits.

Life is made easier with a credit card, but if used unwisely, they become financial break downs for you. If you do decide to get yourself a credit card, keep in mind these following rules:

  • Track all of your purchases.
  • Never spent beyond your budget.
  • Settle your balance at the due date.

Always bear in mind the responsibility of having a credit card. Spend within your budget and use it wisely.