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No Credit Check Credit Cards?

by Jim ONeil on September 7, 2010

in credit cards

credit cards picHere’s what every finance conscious person should know. No credit check credit cards do not exist. All credit card companies need to know your financial status before your application for a credit card gets approved. Every respectable credit card provider performs a credit check on their potential customers. No credit check credit cards are a marketing farce so you better beware.

financial advice pictureIf you are looking for a credit card but you wouldn’t want your finances examined by the credit card providers because you a) have incurred bad credit, b) want to protect your financial standing from cumbersome checks or c) do not want to risk being rejected by the credit card provider, then read on below to find some of the alternatives that you can avail of:

Bad Credit Credit Cards:

If you still want to avail of a credit card despite your poor credit record, then you can opt for bad credit credit cards. These types of credit cards are specifically targeted and marketed for people with shaky credit history. With bad credit credit cards, you have higher chances of getting accepted. However, before applying for this type of credit card, it still pays to check your credit rating first. You can use your knowledge of your credit rating as leverage since this type of credit card can help you build your credit rating as you go.

Capital One offers the Classic Visa Credit Card. Just to set your expectations, you are not guaranteed acceptance if you apply for this card. However, applicants with poor rating history are welcome. You can also opt to strengthen your credit history with this card. Another choice ideal for people who are new to credit cards is the Vanquis Visa Credit Card. It asks for no annual fees and considers people with prior history of bad credit and defaults.

Prepaid Debit Card:

These are great alternatives to credit cards. It offers the same amount of convenience but without the hassle of a credit check. Additionally, with prepaid cards, you have greater control of your finances. Since these are prepaid, the risk of incurring debt is rather low.

The Kalixa Prepaid MasterCard and eAccount offers quick and easy online registration. It does not ask for monthly charges. It is one of the most popular cards being used in the UK. Virgin also offers a monthly Prepaid MasterCard. It is a cost effective prepaid card that does not require a bank account.

It would also be helpful if you can evaluate your credit status before applying for a credit card. Conduct your own credit report status check. By examining your report, you will have a full view of your finances and can gauge your chances of being accepted by a reputable credit card company.

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