The Best Credit Card for No Credit Score Requirement

Applying for a credit card without a credit score can seem like an uphill battle, but there are some strategies and options you can consider. This article explores the best credit card choices for individuals without a credit score, as well as the steps to build credit history.

No Credit Score Requirement: Why It’s a Challenge

While it may seem strange to search for credit cards with no credit score requirement, the reality is that banks usually require some form of identification, such as a US Tax ID. In cases where credit cards are issued to individuals with no social security number, they often come with specific requirements. For instance, Bank of America has historically offered secured credit cards to people with no credit history, but the availability and terms may change.

OpenSky Visa: A Non-Credit Check Option

The OpenSky Visa is a unique credit card that does not perform a credit check. Instead, it requires other relevant information, such as employment details. While it is a secured card, it still offers a way for those without a credit score to build their financial history. With a minimum security deposit of 200, you can start building your credit.

Secured Credit Cards: Your Best Bet

Secured credit cards are designed specifically for individuals with no or poor credit history. Most banks offer these cards, and they are guaranteed to be a good option as they often do not perform hard inquiries into your credit reports. One reason is that secured cards require a security deposit. This deposit is typically equal to your credit limit. For example, if your credit limit is set at 3000, you would need to pay a deposit of 3000. This deposit acts as a safety net for the bank in case you default on your payments.

Next-Gen Credit Card Companies

For a simpler and more modern approach, next-gen credit card companies offer great options for young adults. One such company is Tomo. My son, who is 19, uses the Tomo credit card and he loves it. Here are some reasons why this card stands out:

No interest or APR for spending abroad No fees for using the card outside of the United States Simple and quick application process, taking less than 5 minutes No need for a credit check during the application process Smart payment features that automatically prevent late payments Teaches responsible credit-building habits

Compared to traditional banks that may require a credit check, Tomo offers a more streamlined and accessible alternative. This is particularly beneficial for young adults who are just starting to establish their financial independence.

Conclusion

While applying for a credit card without a credit score can be challenging, there are still options available. Secured credit cards and next-gen credit card companies like Tomo are great choices. Remember, building credit takes time, and these cards can be a solid first step in that journey. Start with a secure card and gradually increase your credit limit as you establish your credit history.