Q&A: need help first credit card!?
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Q&A: need help first credit card!?

Question by megan: need help first credit card!?
I have had a job for two years and now i want to build my credit. i have been told to apply for a credit card but which one to apply for is hard. i dont know anything about credit cards other than you charge now and pay later. what is a good first credit card? i take i have no credit history and im 20 going on 21.

Best answer:

Answer by Jamal
Go with a store creditcard, like wall mart, home depot ect..

You might get denied otherwise, then use that to build good credit and then get a better credit card.

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Comment (3)

  • There is a myth out there that people think you have to carry balances and pay interest to get good ratings.
    The only way to get good credit is to charge something you need (not want).
    When the bill comes in the mail you pay in full.
    This way you never pay a penny interest.
    And you get top ratings.

    Don’t believe your friends that tell you to max out the card and make the minimum payment.
    Nothing could be further from the truth.

    That said, get a credit card from your local bank where you have your checking account.
    New laws have passed that no one under 21 can get a card unless you can prove ability to pay back.
    Looks like you’ve had a job for a while and could prove this.

  • nw_curt - June 6, 2014

    Visa and MasterCard are good first cards. You can find places online where you can get one no matter what your situation is. However, the interest is bound to be fairly high. After building some credit, you will be better off to search for cards with less interest.

  • With the new credit card legislation, it’s going to be difficult for you to get an unsecured card without a parent or guardian as a co-signer until you reach the age 21. Part of the law says that this may be waived if you have adequate income to pay your credit obligations, but most credit card companies look at your age and automatically kick out the app if you’re under 21.

    Your best option might be to get a secured credit card. This is a card that is guaranteed by funds you deposit in a savings account and used just like a regular credit card. Your credit limit is equal to the amount you deposit in savings. You still pay on it, just like a regular card, and in time, the bank may opt to convert you to an unsecured card.

    Secured cards are excellent ways to build credit without falling into the credit card “trap” of charging up things beyond your means and ability to pay.

    If your bank doesn’t offer a secured card, Wells Fargo and Bank of America both offer them for an annual fee.