A question often asked by many is "What is the easiest credit to get with no credit?" On this page, we examine a few of the top options.
If you have recently turned 18, or you are new to the US, chances are you have no credit history to speak of. You are caught in a chicken and egg situation. You need a credit card in order to build up credit, but you have no credit rating to warrant being easily approved for a credit card.
Luckily, there are ways around the situation. First off, if the main reason that you need a credit card is for the convenience of making purchases without relying solely on cash and debit cards, you could consider having someone close (eg. like a parent) with an existing credit card account include you as an authorized user. That means you can receive a supplementary card on their credit card account.
However, for most people, that is not ideal. Like many, you probably want a credit card in your name. The easiest credit card to get with no credit to your name is a secured credit card. These are credit cards where you will be required to provide a security deposit, say $300 to $500. The card's limit is usually set to be the same as your security deposit. In case you are unable to make good on your payments, the deposit is forfeited. This reduces the risk for the issuing financial institution, and the fact that the account holder has no credit becomes less relevant.
If you already have a banking relationship with a local bank or credit union, you can get quite easily ask about and apply for a secured credit card through them. Other large issuers of secured credit cards include Orchard Bank and Capital One. You may even have seen their websites around.
For people who have recently graduated from college or are in college, another type of easy credit card to get approved for is student credit cards. These are issued by credit card companies who want to establish a relationship with young people before they sign up with other companies. Because they have targeted you as a potentially good customer, it is likely that you can get approved for these cards. To get these cards, you can lookout for offers in the mail, via email or on student websites.
There is a possibility that you may also qualify for pre-approved card offers. You can check out other articles like Easy credit cards to get approved for to learn more.
To summarize, the easiest credit card to get with no credit is a secured credit card. If you are a student, you may also receive offers to get a student credit card, which have an easier criteria of approval than applying for a regular card. Don't assume that you have little choices. Check out additional articles on this site, and credit card sites with offers to shop and compare before you apply.
If you think you are unable to qualify for any credit card, or the deposit for a secured card is beyond your means, check out the advantages of a Prepaid Visa Card. We found one company that is currently offering a $15 deposit bonus (subject to change over time).