An Easy Way to Build Credit… When You Have No Credit

Secured Credit Card

There’s no question that credit can be a necessity in the case of an emergency or if you’re trying to make a larger purchase that requires financing. However, many people find it difficult to obtain new credit for a myriad of reasons: Students and recent graduates may be unable to obtain credit because they haven’t established a credit history or their employment history is unstable. Foreign-born individuals who move to the United States could face a similar dilemma because they have left their credit history abroad. Finally, there are people who haven’t ever applied for credit because of a fear of going into debt.

Just as with rebuilding credit, establishing credit is crucial to prepare for an emergency or new life event. There’s no telling when life can throw you a curveball. Auto repair, medical emergencies, home repair and relocation are common reasons why people require credit. That’s not all though. Unless you’re paying cash, you’ll need a credit history to finance the purchase of a home or car. You may even need a credit history to rent an apartment or purchase a cell phone with a plan.

If you don’t have credit, luckily, there are ways you can make yourself more favorable in the eyes of creditors and lenders. A secured credit card offers you the chance to build credit when you can’t find credit elsewhere. To that end, we would like to share a few points about the UNITY Visa secured credit card to assist in building your credit.

With secured cards like the UNITY Visa Card, the credit limit is established by the amount of money you put down as a security deposit. While some secured credit cards might have a minimum deposit requirement of $500 or more, the UNITY Visa Card only has a minimum of $250, enabling more people to afford the card.

If that’s all that you can afford, it’s still a good head start toward building credit. That’s because the UNITY Visa secured credit card reports to all three major credit bureaus. Prepaid cards do not. And unlike prepaid cards, secured credit cards, like the UNITY Visa Card, do not gouge you with fees that could cause you to go into further debt.

If you are an individual who cannot obtain credit because of an unestablished credit history, a secured credit card is a great way to build your credit history. For more information about the UNITY Visa Card, please visit today.

OneUnited Bank

Our community’s dream is now a reality! OneUnited Bank is fulfilling the hundred year old civil rights dream by garnering the savings power of our communities and channeling it back into urban communities for economic development. With your support by simply opening an FDIC insured account with great rates, we will continue to accomplish this dream everyday!

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