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Credit Cards for People with no Credit History
It can be upsetting as well as disappointing when being refused credit. Surprisingly, it may not be because you have a bad credit history. It may be that you have no credit history at all and therefore no credit score on which to base credit applications.
People who don’t typically have a credit report score, are young people who have only recently become old enough to apply for a credit card. In the United Sates, the age is 18 but the ‘Credit Card Accountability Responsibility and Disclosure Act of 2009,’ place further restrictions for people aged between 18 and 21 such a requiring co-signers and clearer disclosure of terms.
Other people who lack a credit score, are typically older and have paid off their mortgages and long-term debt. As such, after some time their credit history disappears, and they find themselves in the same situation as their younger counterparts.
This is why some credit card companies offer ‘Credit Builder Cards,’ which as the name suggests help people build their credit score.
