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I would like to get my first credit card.
Credit Plan:
One of the biggest mistakes made by people who have no credit, is to apply for every possible credit card. When you do this you receive a credit inquiry for each and every application. Creditors will view this as a sign you are in serious need of money. When making the decision to acquire credit, choose offers in the less than perfect category. At eighteen years old do not apply for an unsecured credit card designed for people with good credit. Without a cosigner you will not get approved and in addition you have just added an inquiry to your credit report.
There are two ways a person without credit can get an unsecured credit card.
1) One way would be to have a parent cosign. This may be a very poor choice to make and can strain family relationships. Credit needs to be handled responsibly; it is all too easy to be quickly overwhelmed, especially when you have never had credit before. If you can’t make your payments on time your credit score suffers and so does your cosigners. Many family arguments revolve around money and for that reason you should consider to build your own credit history without the help of a cosigner.
2) The college student card has been the way many students have been able to receive a major unsecured credit card. Generally there are two requirements. Often times you need to submit proof you are attending a college. The other requirement more important is what most people don’t know about. Issuers of college cards are often sensitive to the amount of credit inquiries you have. If you have one or two that shouldn’t be a problem. You might want to consider to apply for a card especially designed for people with no credit or bad credit. The other option is that you can wait six months to apply again without applying for anything else.
Be careful with student cards. The issuers of these cards expect that you will use their card for everything from school books to pizza delivery. They hope to establish a relationship with you that will last a lifetime. During these four years of higher education students can find themselves in a position of high credit debt. This happens because by paying your bill on time you will most likely receive credit increases. Many full-time students don't work or only have part-time jobs. During their college careers students can find themselves thousands of dollars in debt . College cards are a great opportunity to establish credit, but be careful.
Where do you find credit if you have no credit, and don't qualify for a student card?
Find a reputable card issuer that specializes in less than perfect credit, or no credit credit cards. Beware of offers that extend you credit, but do not report to credit agencies. Some catalog cards will charge high membership fees and extend you credit to buy within their catalog, but do not report to the credit agencies. First PREMIER® Bank Gold MasterCard®/Visa® and Orchard Bank are major credit cards that specialize and are well known in the industry. They routinely report to all three credit bureaus and have good customer service. These cards will have fees, but you will begin to establish positive credit history that will save you far more money later. A good example of this is if you decide to buy a car and sign a five year loan agreement. If you have one year of positive history with a secured card you could possibly save yourself ½ percent interest on the loan lowering your monthly payments and paying less in overall interest for the life of the loan.
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