How to Get a Credit Card at 18 Years Old? Legally, you can get a credit card at the age of 18. But getting a credit card for young adults for the first time is not as easy as it used to be.
Because the Feds passed a law requiring credit card issuers to ensure adults under 21 have the income to pay off credit card balances. Otherwise, the young applicant must obtain a co-signer.
Here are some Points How to Get a Credit Card at 18 Years Old.
How to Get a Credit Card at 18 Years Old
1. Get a Job
Credit card income requirements actually go beyond young adults. Everybody applying for a credit card, young and old, must have sufficient income to qualify for a credit card, even if they have impeccable credit.
The rules do not have a specific income that you need to qualify for. But credit card issuers have their own (non-disclosed) guidelines that differ from credit cards.
If you have turned it down and it is because you do not have enough income to qualify. You will get a letter explaining the mail.
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2. Get a Co-signer
When you cannot qualify for a credit card on your own, one option is to get someone older than 21 to co-sign your credit card application.
The co-signer must fulfill the qualification for approval by both of you. After approval, you and the co-signer are jointly responsible for the credit card balance, even if one of you uses the card.
How you handle a joint credit card will also affect your cosigner’s credit history and vise versa.
If either cardholder is irresponsible with a credit card, your credit history will be affected. This is why people are not warned.
3. Try a Secured Credit Card
If you have the income to obtain a credit card. But the lack of your credit history prevents you from getting approved, then consider getting a secured credit card.
For this type of card, you need a cash deposit against a credit deposit. Even if you have made a deposit, you still bear the responsibility of paying the balance you have deposited.
Deposits are only used when you default on credit card balances and never clear the clarity in yourself.
Depending on the card issuer. Your card can regularly convert into a credit card if your card well managed.
4. Ask Others to Make You an Authorized User on Their Credit Card
Being an authorized user is similar to having a joint credit card with the co-signer. The difference is that as an authorized user, you are not legally responsible for the remainder.
The payment history appears on your credit report and can later help you get your credit card if the card issuer uses a credit scoring model that considers authorized users (VantageScore ignores authorized user accounts ).
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5. Go For Prepaid Card
A prepaid card is not a credit card in the sense that you have extended a credit line. So it will not help you to build a credit score and you cannot make a purchase unless you have a cash balance on the prepaid card.
But, if all you need is a piece of plastic that behaves like a credit card. For example, booking a hotel, renting a car or shopping for gas at the pump, a prepaid card is a good option.
There are no credit or income requirements. You have to make a deposit to open the card and once you finish your cash balance, you will have to load more money.
Although you are old enough to get a credit card at the age of 18, you may not prepared if you do not feel bad about the missing deadline, you will often be out of money before your next payday. Runs out, or you constantly overdraft your checking account.
But, if you are responsible for the money, know how to stop your spending, and can fulfill your obligations, you are on the right track.
Frequently Asked Questions
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