Getting Your First Credit Card
There are a lot of anxious eighteen-year-old kids who are ready to get their first credit card. Some just want to have the freedom, while others really need the money. No matter what your reason, there still might be some obstacles. Some credit card companies might not be willing to give you a card, or if they are, the limit will be very small. So how do you go about getting a credit card that means something? Most will find a gradual approach best to get good credit limits and also get used to the responsibility.
Finding Good Deals
You can find good deals for credit cards, though some will have strings attached. If you are a student looking for a credit card, you may be able to find deal from the major credit card companies that will have a deal for students, or just those with no credit history. The importance of this first step of getting a card will give you the freedom to buy books and supplies for school, have responsibility for your own finances, and it will help you establish credit for the future.
Also it is a good idea not to apply to every credit card company out there just to get rejected. A rejected credit application will factor into your credit score and once you are denied, it will be harder for the next lender to want to offer you a line of credit from them. You will need to build a substantial credit history to maintain a good relationship with the company, so make sure that you continue to use the card that you have, even if you move onto a new card.
Having a credit card is a big responsibility and many parents will agree that kids should not get them right away. This is sometime a mistake because there are ways that a parent can help their kids with a credit card in order to watch their spending and help them learn financial responsibility. While the kid is learning this, they should have a credit card of their own in order to start building credit that will be important later on in life.
A young adult that is looking to get their first card should consult their parents before they do so. Chances are your parents will have some great advice about what companies to choose and how to go about getting that new card. A line of credit is only what you make it, so learn from your parents and make sure that you get the right start in your adult life by establishing good credit that will secure your future financial status.
