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We know without a doubt that life without credit cards can seem pretty difficult. Many people have a credit card, if not for regular use at least to maintain a reasonably good credit history. I am sure by now you know that the longer you have accredit card the better your chances at having a good credit history. Keeping this in mind many youngsters are aspiring to start early and work on their credit history. It is important to bear in mind that you are not alone and that many others would be also wishing to do the same. But as a beginner with no credit records banks will be unwilling to extend to you credit facilities. Add to that new rules, people under 21 years of age, have more of a difficult time getting a credit card on their own.
Whether you are below 21 years of age or you are over it, you will need to show adequate proof and documentation for your first credit card. You would also wish to acquire a low interest card and if your purpose is to maintain a credit history then you could also opt for one that has a low credit limit. But in terms of getting a credit score then you would be wiser to opt for a higher credit limit with time as you get used to the card and payments. Sometimes marketing emails come promising many things. It is not wise to leap to it based on these emails as what is available and what you are eligible for may often be two different things altogether.
Do your research thoroughly and make sure you know what you are eligible for before applying. Too many applications and rejections will not look good on your credit report. Additionally it is also important to make sure that you apply for credit cards that are secured if options look bad. This will allow you to develop a working relationship at first and then eventually move on to an unsecured credit card from the bank. For applicants under the age of 21 in most cases there is need for a co-signor to be allowed to have a credit card on their own. This has been due to increasing debts among many college going youngsters.
There is also another option for those under 21 years of age. You can also get a credit card if you can show proof that you have sufficient means of payment such as a job or a record of payment that is consistent and stable. In such cases an exception may be made so that people can apply for and be eligible for receiving a credit card. In most cases where there is no credit history you can consider approaching a bank where you have had years of relationship and a steady checking account with regular transactions occurring. The bank will be more open to providing you options in terms of what credit cards you can get and what deals will work best for you.
Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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