credit cards for students with no job
A Bad Credit History Does Not Certainly Prevent You From Obtaining Credit
The economic situation that has now been with us for the past couple of years has affected people all over the Country. Some more than others. This has meant that people have started to suffer financial hardship, either through job losses, wage cuts or just that the rising cost of living has put even more pressure on already stretched incomes.
All this mounting pressure has meant that many people are now finding it hard to keep up with the repayments on any credit cards or loans that they have. Bills start to get missed and repayments get neglected or postponed and then the rot sets in. This means that inevitably credit records get damage and future borrowing is put at risk.
If this sounds like the situation that you are currently in, then do not despair, all is not lost. There are lenders around that are more sympathetic to the needs of those that have had problems in the past. Loan products are available for people that have experienced credit problems in the past.
You borrowing ability will always be dependent upon your credit history, although other factors are taken into consideration. With regard to this, it does also depend on the level of bad credit that you may have picked up.
You may have experienced some problems in the past with missed payments but you have caught up with everything so you are unlikely to experience as much of a problem as someone who has collected a CCJ along the way. If you own your own home, then you will be in a better position to borrow. Secured loan lenders are less adverse to lending to people with small amounts of bad credit so that would be the first option to explore. With regard to unsecured loans, these are pretty tough to obtain with any sort bad credit history.
If secured loans are not an option for you, then try looking at a loan with a guarantor, as you may have a much better chance of getting a loan. With a guarantor loan, you can borrow money provided that you can provide someone that will act as a guarantor, i.e. someone willing to pay back the loan if your default on it. The guarantor must be a homeowner with a clean credit history, but it means that you would be allowed to borrow money regardless of your credit history. Guarantor loans are available to people of any residential status, meaning that tenants, students and people living with friends or relatives are open to obtain a guarantor loan.
So there you have it. So even if you have been turned down for loans in the past, now you know that you can get a loan if you look in the right places.
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A lot of people are saying credit card is evil and avoid it if you’re a student but…?
isn’t credit card needed to build credit score, which is needed in many aspects of life? For instance wouldn’t a student with good credit score have a better chance of securing a job than his no credit history counterparts if all other things being equal? Also, don’t people rely on credit score for big purchases like cars and houses? So, shouldn’t a person start building credit as soon as possible for future benefits? I don’t know I read so many post about people telling student shouldn’t get credit cards because he/she could be in debt and file a bankrupsy. I need some input from people about this issue cause I’m thinking about getting a credit card soon, and I think I’m sharp enough to avoid getting into the “credit card trap” people are talking about
Credit card is not evil or anything like that, the real evil is our spending habits. Living in this society today, the 3 most important digits are the credit score, and most of the time the credit report is even more powerful than any degree. I would take an 800 score over $300,000 in cash, and I would take a clean power credit report over any degree. If anyone think I’m “bs” , you need to think again . Now ask yourself this question : who would give you a credit line of $100,000 ? Not your best friend, your lover , not even your family or your parents. But , with an 800 score, there are many reputable banks begging you to accept their credit cards offers. They don’t even care to verify your income or employee.
1 last note . If you’re making $100,000/year and have a poor credit score, you won’t even be approve for a $500 credit card even though they have verified your employee/income.