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There is a frustrating paradox in the world of credit. In order to get a loan, a mortgage or a credit card, you need to have a qualifying credit score. But if you have no credit history, how can you qualify for credit that would help you build your score?
Fortunately, several companies have cards in the market that are suited for people with no credit history. These cards can provide an avenue to build your credit from the ground up. The best options are ones that charge no annual fee, as you don’t want to be starting your credit journey in debt.
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A secured card means you make a refundable deposit into an account connected to your card. That balance becomes your credit limit on your new card. Additional deposits can let you raise your spending limit. With each on-time payment, you are building your credit score. Some secured cards give you the opportunity to later “graduate” to an unsecured card.
But which card is best suited for you? Many factors go into choosing the right card. You’ll want to take into consideration your objectives, your lifestyle and your spending habits.
Choosing the right card can be a challenge. Fortunately, our editors have sorted through your options to help you make the choice that’s best for you. Let’s learn more about some of our top credit cards for no credit history.
