Having no credit score can make it difficult to get approved for a credit card, as most lenders use your credit score to gauge your creditworthiness. However, there are options available for those with no credit history, such as products which are specifically designed with these people in mind. This might include credit cards for someone with no credit score, such as a thimbl. credit card.
Secured credit cards with no credit checks
One option for a credit card with no credit check is a secured credit card. Secured credit cards aren’t very common in the UK. They require a deposit as collateral in case you default on your payments and this deposit amount usually becomes your credit limit. As secured credit cards require a deposit, they are more likely to be an option as a credit card for no credit history and approve people with no credit score. Additionally, if you make your payments on time and keep your balance low, you may be able to get approved for a traditional, unsecured credit card in the future.
I’m a student. How can I get a credit card?
If you are a student, another option might be to apply for a student credit card. Some credit card providers offer credit cards no credit checks for students. However, you will need to provide proof of student status. These credit cards are designed for students who have little or no credit history, and they may have lower fees and interest rates than traditional credit cards.
Alternative credit card options
Catalogue credit is also an option for people with no credit score. Some catalogues offer credit to customers, but they do not check credit history. You can shop from the catalog and pay for the items over time, building your credit score as you make payments.
Prepaid credit cards are also an option for people with no credit score. These are credit cards that are loaded with funds in advance, and you can only spend what you have loaded onto the card. Since you are not borrowing money, there is no credit check required.
No credit score, no problem
It’s important to remember that having no credit score does not mean you can’t get a credit card. However, the options available for people with no credit score typically have higher fees and interest rates than traditional credit cards. Additionally, not having a credit score can make it difficult to qualify for a traditional credit card, so it’s important to be patient and to take the time to build your credit score before applying for a credit card with more favourable terms.
Additionally, it’s important to check the terms and conditions of the credit card before applying, as some credit card issuer may have hidden fees or other charges. It’s also important to make payments on time and to keep your balance low, as these actions can help you build your credit score and improve your chances of qualifying for a traditional credit card in the future.
Looking to the future…
In conclusion, credit cards for people with no credit score are available. Secured credit card, student credit card, catalogue credit and prepaid credit cards are some of the options available for people with no credit score. However, these credit cards typically come with higher fees and interest rates than traditional credit cards.
Building your credit score is a good way to qualify for a traditional credit card with more favourable terms. Once you have improved your score and build a solid credit history, you may be able to access credit cards which have interest-free deals or exclusive rewards such as cashback or air miles. Remember – it’s always important to read the terms and conditions carefully before applying and make payments on time to build your credit score.