How To Get A Credit Card With No History
Trying to get a credit card when you have no credit history can often feel like a Catch 22. Start working on building your credit rating with these helpful tips.
Why is having a credit history important?
People with no credit history usually include students, those who are new to the country and those who have never taken out a loan or credit card. Having a clean slate may sound like a good thing, but when it comes to borrowing it’s better to have some history – whether good or bad – than none. Without any record of credit, lenders have no way to assess your ability to repay on time. You may find you are rejected for competitive credit cards and loans, even if you could easily afford to pay them back.
How do I get started?
Before applying for a credit card, there are a few things you can do to create and improve your credit history:
- Get on the electoral roll. Lenders like to see that you have a stable living situation and this means not moving addresses too often.
- If you have household bills in your name be sure to pay them on time. Some utility and phone bills are reported to the credit reference agency, so it’s worth checking with your service providers for further information.
- Arrange an overdraft facility with your bank – stick to the limit they set and pay it back quickly. This will be recorded on your credit report and shows that you can borrow responsibly.
Check your eligibility for a marbles card
Having a credit card could also help you improve your credit rating and with marbles’ FastCheck you can check if you’re likely to be accepted before you apply – it’s free and it has absolutely no negative effect on your credit rating.
Sensible utilisation of a credit card can help you start to build a stronger credit rating and improve your chances of being accepted for more competitive credit in the future. Just ensure that you manage your account carefully by staying well within your limit and making at least the minimum payment on time.
The APR applicable to your account will depend on our assessment of your application. Credit only available to over 18s resident in the UK and subject to status.