Credit Cards For People With No Credit: Be Updated

When you see the term bad credit on credit card holders, you will think of things such as no money to pay debts, loan rejects, high interest loans etc. All are possible for people with bad credit. But for those that do have not have credit at all, where do they stand?
credit cards for people with no credit
What are the effects of that status as an individual or as a credit card applicant? What really are credit cards for people with no credit? Read on to find out.
Things You Must Know On Credit Cards For People With No Credit:
• The people who are usually on that status
The people whom you will generally see on that category are those that do not have credits yet. These are usually the young adults such as students or those that are immigrants. Although those that have bad credits are worse than having no credit, being on that state can still affect your card application.
• The Card Act of 2009
The Card Act of 2009 affect cardholders especially those that are below 21 years of age and are not under his or her parent’s card accounts. Hence most of those that do not have credit are under this law. It says that those that are under 21 years old need to present proof of income or obtain a co-signer first. It is better that you know, in case you are planning to apply for a card to avoid several rejections because of ignorance of the law.
• Your application can affect you credit standing
When you apply and got rejected, it can be recorded and reported. And many rejections may get you a bad record. You need to be careful on applying if you do not want that result.
• There are solutions
There are quite a few that you can do to finally have your card application approved. You may try getting a prepaid card to help you build your credit first. Bear in mind to get those that are reporting to the top credit reporting agencies to benefit from this action. After you have confirmed a good result, then that is the perfect time to apply for a credit card.