No Annual Fee, earn cash back, and build your credit with responsible use. Using your secured credit card helps build a credit history with the three major credit bureaus. Bank information must be provided when submitting your deposit. Automatic reviews starting at 8 months to see if we can transition you to an unsecured line of credit and return your deposit.
Just a dollar-for-dollar match. Get an alert if we find your Social Security number on any of thousands of Dark Web sites. Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. This is just one scoring method and a credit card issuer may use another method when considering your application.
These are provided as guidelines only and approval is not guaranteed. Requires security deposit Bonus categories require opt-in. Click Here To Learn More. No annual fee No foreign transaction fees Earn 1 point per dollar spent No cash advance fees. No security deposit required No annual fee Limited rewards program.
Rewards only available at select merchants No balance transfer option available. Terms and conditions apply. No credit score? No problem. Welcome Bonus None. Credit Score Fair Credit - Check to see if you pre-qualify for the card without affecting your credit Aimed at those with fair credit Reports to all three major credit bureaus.
Regular APR 9. Credit Score Bad Credit 0 - Get a fresh start! A discharged bankruptcy still in your credit bureau file will not cause you to be declined. Provides an option to those with low or damaged credit history Offers zero liability protection and identity monitoring.
A Mastercard designed for you Build on your credit history with the Milestone Mastercard Quick and easy pre-qualification that does not impact your credit score Get access to credit when you need it Get a Mastercard accepted online, in store and in app.
Get credit for all of your hard work. Milestone Card reports to all three credit bureaus. Avant Credit Card. Credit Card. Credit Score. Methodology Forbes Advisor analyzed dozens of credit cards marketed toward subprime borrowers. Frequently Asked Questions. Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances.
We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results. Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. Was this article helpful?
Share your feedback. Send feedback to the editorial team. Rate this Article. Thank You for your feedback! Something went wrong. Please try again later. The good news is that newer credit-scoring models and payment-reporting services have the potential to benefit consumers who have good credit habits even if their traditional credit profiles are lacking.
Credit bureaus have traditionally focused on payment history, length of credit history, amounts owed, credit mix and new credit. Experian Boost and UltraFICO supplement that information by adding deposit accounts to the mix — checking, savings and money markets — and considering factors including:. Experian Boost also factors in payments for utilities, eligible streaming services and cellphone service.
Services such as PayYourRent and RentTrack that report your rent payments to credit bureaus could also help you leverage a history of being a good tenant into a better credit score. Each case is situational, but those just beginning their credit-building history will need three to six months before a score can be calculated. It takes a bit of time after opening your first credit account to get a three-digit score, but this window is an opportunity to make a good start by spending responsibly and paying your bills on time.
Making on-time, in-full payments has a positive effect on the most important of several factors that determine your credit score. A solid payment history can help establish a solid credit score faster than expected, sometimes in less than half a year.
I received an email from someone who visited our site with questions about credit scores and rewards cards. Taylor is a recent college graduate planning to apply for her first credit card, and she wanted to know:. My advice to Taylor was to make FICO her first choice, for reasons that involve market share more than reliability. FICO says that its credit scores are used in 90 percent of lending decisions, so chances are high that your FICO Score will play a prominent role when you apply for a credit card.
Taylor is correct about a travel card potentially being harder to qualify for, especially for someone with limited credit history. I also told her about my own experience with cash back rewards, which has been quite positive.
My current card earns 3 percent cash back on gas, 2 percent on groceries and utilities, and 1 percent on other general purchases. And if she qualifies for a card that also earns simple cash back rewards, that would be icing on the cake. Consider a few guidelines that can help you prepare:. Credit card issuers and other types of lenders can perform two kinds of credit checks when someone submits an application: a hard inquiry and a soft inquiry. A hard inquiry will temporarily lower your credit score while a soft inquiry has no effect.
You can get a better idea of which cards you might qualify for without taking a short-term hit on your credit score. Depending on the type of card and the issuer, you might also need to provide your yearly income, monthly rent or mortgage payments and other information that offers insight into your current financial situation. Applying for multiple cards in a short period of time could signal to lenders that you want more credit than you can responsibly handle.
Also, remember that credit applications involving a hard inquiry will lower your credit score temporarily. The ding to your credit score for one inquiry is less than five points in most cases.
Still, multiple inquiries could make a difference, so be selective about which cards you apply for. Have more questions for our credit cards editors? Feel free to send us an email , find us on Facebook , or Tweet us Bankrate.
Your credit report, or credit history, is different from your credit score. However, both are essential to your financial standing. A credit report is a detailed account that includes a person's credit accounts and debts, past and present. A credit score provides a way for lenders to measure your creditworthiness at a given point in time.
It's based on five criteria, with each one accounting for a certain percentage of the score:. A credit report, or history, is created by Experian, Equifax and TransUnion, the three credit reporting bureaus. FICO and VantageScore and other scoring systems generate credit scores based on information submitted to them by banks, collections agencies and other creditors.
Financial institutions use credit reports, credit scores or both to make decisions about lending. With credit cards, issuers typically use your credit score but not your credit report to decide approvals, APR and credit limits. Having no credit and having bad credit are two different things. Someone with no credit is typically someone who is just starting out, either as a young adult or someone new to the country. Having bad credit, however, means that you've possibly made poor financial decisions and are considered risky to lenders.
Faced with choosing between the two, lenders are typically more favorable toward those with no credit. For example, a landlord may look less favorably upon someone who has recently filed for bankruptcy than a recent college graduate with no credit who just landed their first job. In most cases, no credit is somewhat of a clean slate, taking less time to build up a strong credit profile than someone who has to wait until a bankruptcy is discharged or other bad credit issue is resolved.
If you're not ready to apply for a credit card, you do have other credit-building options. They include:. Checking your score is considered a "soft inquiry" or "soft pull.
A soft inquiry checking your own score, when an employer or landlord does a credit check with your permission, etc. On the other hand, a hard inquiry applying for credit can lower your score by several points for a short time. The term "instant approval" doesn't mean precisely what it implies. It's one step in the application process, not a shortcut to the finish line.
However, some types of credit cards are more accessible than others. Cards for people with no credit history or bad credit, as well as secured credit cards, have more relaxed requirements than rewards cards and travel cards. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.
The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. The offers that appear on this site are from companies from which Bankrate. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site.
Tips on applying for your first credit card Frequently asked questions. Apply now On WebBank's secure site. Terms Apply. Rewards rate. Intro bonus. Annual fee.
Regular APR. Recommended credit. No Credit History Credit score. Pros You have the opportunity to increase your cash back rate from 1 percent on eligible purchases to up to 1. This card has no fees: no annual fee, no foreign transaction fees and no late fees or returned payment fees. Cons You cannot make balance transfers or cash advances with this card. There is no intro APR offer on purchases with this card. Card details No fees whatsoever.
No late fee, foreign transaction fee, annual fee, or any-other-kind-of-fee, fee. Up to 1. Apply now On Discover's secure site. There are promotional intro APR offers on both purchases and balance transfers. Cons You must keep track of and enroll in bonus cash back categories each quarter. Earn rewards while building your credit history that can help you after graduation.
No annual fee. Regular purchase APR. Annual fee. Show more. No credit check necessary to apply. OpenSky believes in giving an opportunity to everyone. No annual or hidden fees. See if you're approved in seconds. Building your credit? Using the Capital One Platinum Secured card responsibly could help. Rewards rate.
No fees whatsoever. No late fee, foreign transaction fee, annual fee, or any-other-kind-of-fee, fee. Up to 1.
Just a dollar-for-dollar match. Choose your own credit line based on how much money you want to put down as a security deposit.
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