Recent regulations have made it harder for credit card companies to prey on people with no credit history (like college students and immigrants)?a good thing. But what if you do want a credit card and to establish a credit history?
Forbes suggests applying for a prepaid card, which offers several benefits: no credit history requirements, possible cash-back incentives, and no late fees or worries about exceeding your credit limits (because you're limited to the prepaid amount). However, you'll want to check that the specific prepaid card builds credit by reporting to the credit bureaus; some like the Capital One Reloadable Prepaid MasterCard do not, while the Bancorp Bank Purple Diamond Prepaid Visa RushCard does (though it charges an activation fee). Check the chart at Credit Land for the ones that say build credit. You'll note that most of these cards have high APRs, so make sure you pay off the balance in full each month.
There are other ways to build good credit without credit cards and credit scores aren't everything, but, like it or not, your credit history does influence your financial future, so it pays to understand and build your credit as best you can. Photo by Phil Campbell.
Perfect Ways to Obtain a Credit Card with No Credit | Forbes
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