If you’ve never had a loan, made timely payments on big-ticket items or had a credit card, you likely have no credit history. On the surface, this would seem to create a paradox – How can one qualify for credit if they no credit history?
Fortunately, avenues are available to build credit from the ground up. You want to make sure you choose the right credit source for your lifestyle and spending habits and one which will help you build your credit score quickly while not putting you in a financial hole.
Capital One offers several cards that are well suited for people like yourself, who have no credit history but are looking to get off on the right foot. The best part is that most of the cards in this Capital One portfolio have a $0 annual fee.
Some of the options are secured credit cards, such as the CardName. A secured card means you make a refundable deposit into an account connected to your card. In this case, $49, $99, or $200. That balance becomes your credit limit on your new card and is later returned to if you manage the account responsibly.
Additional deposits will let you raise your spending limit. And with each on-time payment, you are building your credit score.