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Q: I have no credit, but I’m looking to apply for a credit card. Is there a certain company that will accept me even if I have no credit? A: If you are just starting out, and have not established credit, you may think that you are not eligible for any type of credit card. This is not true. There are some credit card companies that welcome consumers with little or no credit, or who have less than perfect credit. Capital One is one of the companies. It offers four regular credit cards that it has especially designed for people with little or no credit, and one prepaid credit card. Other card companies do offer prepaid cards, and some do offer credit cards for “first-timers”. However, many of them have only one card for you to choose from. If you’re not sure what the difference is between a regular credit card and a prepaid credit card, a prepaid credit card is one that you have already “backed” with a certain amount of money. Sometimes called a “secured” credit card, once the amount of money put back for the card has been reached, there can be no more charges, unless you put more money on the card. Regular credit cards on the other hand do not require a cash deposit beforehand. They may have a credit limit, but that’s good, because if you’re just starting out, you don’t want to overdo it anyway. If you are looking for an unsecured credit card, we suggest that you check out Milestone. It has no hidden fees, is available for those with limited credit histories or even poor credit scores. And you can use their pre-qualification tool to see if you may qualify before you apply. Just beware that, while pre-qualification is no guaranty of approval, it is a very good indicator.
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