If you have no credit or have a relative new credit history, chances are that you will be turned down for most credit card applications. You have to apply for credit cards that are specifically targeted at those with no credit history. This article highlight the limited choices that are available to those with no credit history or very limited credit history.
However, aside from credit scores, some issuers also place heavier emphasis on your income. So you may be able to get a regular credit card even if your credit history is limited. If you get turned downed for regular credit cards, then essentially, your choices boil down to getting either a secured credit card, or if you are a college, then a student credit card.
What is a Secured Credit Card?
A secured credit card, unlike an unsecured credit card, requires you to put a deposit with the credit card issuer. You normally have to put in a minimum of $300 and a maximum of $5,000 to $10,000. The amount of money you deposit will become your credit line and act as a collateral. Many secured credit card reports to all three major credit bureaus and even report them as an unsecured credit. This way, you can build a credit history and within a year to 18 months, you will probably receive unsecured credit card offers which you can apply for. (or you can come back to this site!). Secured credit cards normally charge an annual fee which ranges between $20 and $50.
If you are a student
The best time to get a credit card is when you are a student because almost all student credit cards have no annual fee. This is perhaps the only time when you have a wide variety of no annual fee credit cards to choose from even if you have no credit. Use your card responsibly and you will have a much easier time after graduation when you are looking for an apartment or an auto loan. Check our college student credit cards section for a suitable card for yourself.
Student Credit Card Recommendations
Below are a couple of student credit cards we recommend.
The Citi? mtvUTM Platinum Select? Visa? Card for College Students. The card has no annual fee. You can earn five points for every dollar you spend at (1) bookstores, (2) record stores, (3) restaurants (including fast food), (4) motion picture theaters and (5) video entertainment rental stores and earn one point for every dollar spent on other purchases. You also earn 25 points each time you pay your minimum bills on-time and if you do not exceed your credit limit. You can also earn point twice a year for getting good GPA scores (4,000 points for a perfect score). You can also redeem points to reduce your student loan.
Citi student cards require no income or co-signers.
Another great student card is the Discover® Student Card 
, which allows you engrave your initials on the card in a variety of cool colors. In fact, I would say that Discover's Student Cards are the best cash back student credit cards available in the market today. With this card, you can earn:
5% rebates on Airlines, Hotels, Car Rentals and Cruises between Jan and Mar
5% rebates on Home Improvement Stores, Department Stores and Clothing Stores between April and June
5% rebates on Gas Stations, Hotels, Theme Parks, Zoos and Bookstores between July and September
5% rebates on Grocery Stores, Restaurants, Movie Theaters, Movie Rentals between October and November
5% and 20% rebates (I look at them more like discounts) at over 100 online retailers like GAP.com, OldNavy.com, Dell.com, BestBuy.com!
You can also Double the value of rebates that you have earned if you redeem them for select gift cards (over 100 partners). For example, if you have accumulated $40 in rebates, you could get a $80 celebrity cruise, carnival cruise or Universal Orlando Resorts gift card or a $100 Hyatt Hotel and Resorts Gift CardNo other credit card allows you to earn 5% rebates for so many items. Students will find this such a useful card.Best Secured Credit Card for People with No CreditIf you are not a student and you do not get approved for the above cards, then getting a secured credit card is the best move. Below is what we recommend.
The Public Savings Bank Secured Black Card 
is one of the best card to get if you have no credit or poor credit. Because it is a secured credit card, there is no credit checks or income checks performed and you are almost certain to get the card. This is one of the rare secured credit card with no annual fee (though you have to pay a one-time $79 application fee). Unlike most secured credit cards, this one allows you to deposit up to $10,000 in your account and it is all FDIC insured.
Regardless of the type of card, you get, make sure you use the card responsibly, pay your bills on time. You will build up a credit history over the course of a year or so and then be offered better cards.
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