Those with no credit have a difficult time getting an approval for their credit card applications. The reason for this is because most credit card issuers need a credit score that approves the application of the new credit card. However, users cannot have a credit card score unless they have an active account on their credit card statement and report for half a year. Credit card issuers then realize that their customers and potential customers can have trouble getting cards for the first time simply because these credit cards are made specifically for those who have no credit.
If this is the case, then Lenders for credit cards for no credit can do the following tips:
1. Make sure they have a job
They must have enough income to repay their credit card balance, especially if they are not 21 years old. The income placed on the credit card application must be the lender’s own. It is not possible to use the income of any parent, spouse or any household member so that one can qualify for credit card. The exemption to this is the lender has reasonable access to the money.
The limits on income depend on the credit card but lenders must have enough money to pa the balance every month. The higher the income, the more possibilities of getting approved on that credit card application, even without having a credit card score.
2. Lenders for credit cards for no credit must pre-qualify for a credit card
There are few credit card issuers that require pre-qualification in order to see if there is a credit card that can be available for the individual’s credit profile. These pre-qualifications include soft credit checks. This will not hurt the credit score of the individual because this does not show up on the credit report when these are checked.
If they follow through with the credit card application, what will follow next is an inquiry that can also show up on the credit report. This has the potential to lower the credit score of these credit card applicants.
One must remember that pre-qualifying for credit cards does not result to approvals. Income cannot be the reason for an application to be denied.
3. Apply for a Student Credit Card
If the applicant qualifies for student credit cards, then they should opt for these instead. These cards are made specifically for them because they do not have income, and if they do, it’s not enough for them to actually afford paying a credit card balance in full. In order to qualify for a student card, one must provide proof that they are enrolled in a college or university, and these have to be included in the qualified list.
It may seem difficult at first but by doing these tips and showing the lenders that you are responsible and can pay the debt on time, then you will be issued a credit card in no time. One has to remember though that once approved for a credit card, they should indeed show that they are responsible and exert double the effort in paying debts and bills on time.
Convincing Lenders for credit cards for no credit is not as difficult as one might think. Check out our articles on how you can get a credit card for people with no credit at www.creditcardforno.credit.