How to Apply for A Credit Card with No Credit History

The credit score is a crucial criterion that issuers check when you apply for a credit card. After all, this 3-digit number summarises your creditworthiness. Whether or not you can repay the borrowed amount is assessed using this score.

Most issuers require you to have a score of 750 to qualify for a card. However, some may approve your card application if the score is above 700. That said, a low score may delay or even reject your application. But there’s no need to stress, as there are ways to obtain a low cibil score credit card or no credit history.

Top Tips to Apply for A Card with No Credit History

Here are some alternate ways to get a credit card without having a CIBIL score.

Get a Secured Credit Card

A secured card is a viable option if you have a low score or are new to credit. Wondering how this works? It’s simple. This is also called an FD-backed card that lets you opt for a credit card by booking a fixed deposit with the issuer.

The amount you book as a deposit determines your credit limit. While some issuers offer up to 75% – 90% of the FD amount, others may sanction a limit of up to 100%. So, check these requirements before you select a secured card.

This option is ideal if you’re a homemaker, a student, or a retired individual with no previous credit history. Make sure to repay your bills on time to build a positive credit history.

Opt for an Add-on Card

You can apply for an add-on card if a family member holds a primary credit card. This add-on credit card comes with the same features and benefits as the primary card of your family member.

So, if you have a low score or zero credit history, getting this card is easy, as you’re not the primary applicant. Leverage this option to build a successful credit history.

Apply for a Card Against Your Savings Account

If you lack a good CIBIL score, there is yet another method to obtain a card. You can deposit a specific amount into your savings account to apply for a credit card. The bank provides a card and sets the lending limit based on the amount deposited. 

In a way, this card works similar to a secured card. However, not all issuers offer this option, so you need to research multiple options before proceeding with this method.

Get a Prepaid Credit Card

This card works similar to a regular credit card, but you need to load money in advance. While you get to enjoy a plethora of benefits, like unsecured or regular cards, ensure to pay your bills on time to help you build a positive credit history over time.

Opt for a Card Based on Your Salary Statement

You may apply for a card with a bank where your salary is deposited each month if you have worked for a private or public company for at least six months. All you have to do is provide an employment letter from your company’s human resources and pay department. 

The card application process is simple, and you can get your card by applying at the bank where you receive your salary.

Know All About Your Credit Score

Now that you know the options to get a credit card without a credit history, make sure to check your score to avoid unnecessary rejections. While there are 4 popular credit rating agencies, most financial institutions prefer TransUnion CIBIL. Hence, the CIBIL score is often interchanged with a credit score.

Your CIBIL score ranges from 300 to 900. Your chances of getting quick approval for the best cards in India are higher if you’re closer to 900. Thus, you must keep your score at least 750 to be eligible for credit card approvals.

That’s not all. Banks consider several other parameters when approving credit cards. A few of these criteria include:

• Your age
• Your income
• Your employment type

If you’re planning to opt for a card, the One Credit Card is a standout option for a secured card. It helps you establish your credit record and offers a 5X reward program on purchases, making it a wise financial choice.

By choosing this card, you can open doors to better financial opportunities in the future. Apart from offering exclusive offers on shopping and dining, this card lets you spend confidently. Moreover, there are no annual charges or joining fees levied, enabling you to make the most of its benefits.
Through the One Credit Card app, you can demonstrate your reliability and build credit history. Apply now and unlock a world of benefits at your fingertips.