Non-status credit cards explained
Many of us are unsure what ‘non-status’ means when it relates to credit. It simply means that you have probably never had credit before, therefore there’s no proven track record of how well you paid it back. This isn’t such a problem for a young person because of course nobody expects an 18 year old to have had credit for 5 years. However, it is a problem if you’re say, 30 years old, because the lenders checking you out will want to know why you haven’t.
There are a number of genuine reasons for this; perhaps you’re a woman who’s recently been divorced and have never had any line of credit in your own name. Perhaps you’ve lived overseas or have just never needed credit before. The problem is that the prospective lenders tend to be cynical and may think that you’re using a false name or are committing fraud of some kind. That being the case, you’re a high risk as far as they are concerned. The best thing to do is to shop around to find the best rates and deals available to high-risk borrowers. Use sites such as moneysupermarket.co.uk to check out what’s available.