You have to be at least eighteen years old to get your first credit card. However you may find that there aren’t many credit card companies that will give you your first credit card. This does not mean that you cannot get one. It is better that you apply with companies friendly new card holders.
Federal Law requires that anyone under twenty one must have a verifiable source of income to be. If not, then you will need a co-signer to apply for a joint credit card. Another problem with getting your first credit card is that you have no credit history. This is one of the primary considerations that credit card companies consider when approving a credit card.
Preparing for your first credit card
Before you get your first credit card you have to be sure that you are a responsible person. You need to ensure that you can handle the credit card. This is demonstrated by charging responsibly and paying the balance on time. There is no point in getting your first credit card if you are not responsible enough. This is because it could spoil your credit rating which would be disastrous. If you are not ready as yet, you can prepare yourself. For example, by learning everything you can about credit cards and about credit rating.
There are a few steps that you can take to help you get your first credit card.
You can get a part time or full time job which would let you have a steady verifiable source of income. This would put you in a good position to get your first card. Credit card companies need to be sure that you can repay a credit card balance. They do these checks before they will issue you with your first credit card.
A guarantor to your card
If you don’t have an income then your next choice would be to get someone to co-sign for a joint credit card. You will have to be very responsible though. This is because any mistake that you make will reflect on your co-signers credit.
When applying for credit cards, look for those that accept applicants with little or no credit history. These credit cards are geared towards your credit history. Therefore you will stand a better chance of getting approved.
If you are a student you could apply for a student credit card. Most credit card companies have a student credit card. However, you have to be careful since some of these cards carry a high interest rate. Furthermore, they have high annual fees which make them a bad choice as a first credit card.
Are you in a position to get your first credit card?
If you have a checking or savings account and have been responsible with it, you could apply for a credit card at your bank. Having an existing relationship with a bank can greatly improve your chances of being approved for your first credit card.
Retail department stores have an easier approval level for credit cards. You could apply for one of these. Though a retail store credit card is not as versatile as other credit cards. They also tend to have a higher rate of interest. However, they can help you establish your credit history.
Get a secured credit card if you are having difficulties. This is where you have to make a deposit against the credit limit of your card.
Do not be discouraged if you are denied for the first few cards that you apply for. The credit card companies will let you know as to why you were denied. As a result, this will help you plan as to which type of a credit card you should apply for in order to get approved.