I turned 18 last summer and I was wondering how can I apply for a credit card? What do I do? I haven't recived any of those 'Pre-Approved!' letters in the mail. I just want one cuz I'm tired of ordering stuff online with a MO.

What kind of card would you guys recommend? Thanks

 

im 20 now,but a few years ago i decided to try to get a credit card,its hard to get approved if your not in college,like i wasnt,so i applied to a buncha cards,got shot down for all but one of them,i would try to apply for a capital one card,they gave me a card with a 300 dollar limit on it,not much but hey its a start to build credit! hope this is of assistance

 

I got my first card from MBNA (www.mbna.com) and it came with a 500 limit. All I had was a bank account and student loans, and I was rejected for about 4 or 5 cards I applied for before. If you don't already, open a bank account and then you can usually get a Visa Check Card. But I still use a credit card for most purchases because there's a little more protection with it (refuting charges).

 

go to your favorite gas station, QT, BP, Shell. whatever, apply for one of their cards. IF you are turned down, you can then go to capital one and they should approve you but with a fairly low limit, 300-400 bucks or so. IF you are accepted you can go to capital one and get a higher credit limit.


keith

 

I got a Visa through my bank with a $500 limit on it but I will warn ya they are very easy to max out and intrest will add up fast if you aren't responsible enough to have one. I would ask your bank most of them have connections to get you one if they trust you.


Jeremy

 

I'm still without one, and I plan on going as long as I can without one. I hated listening to my parents complain about credit card bills stacking up, or maxing out cards, too much headache. I hate debt, and i'm trying to stay out of it. I did pay off a loan that had my name on it somewhere, so i assume that may help my credit out for one if I ever decide to apply for one.

 

My first credit card my mom had to cosign the paper work for me to get it. You have to be carefull having one because it will haunt you when you dont pay the bill. I never missed a payment ever on any of my cards. When you pay you can get a lower interest rate right now im paying 6.5% interest.

 

If you get a credit card just make sure you are able to pay it off every month. The worst thing you can do is go over the limit or not make your payment on time. Get one with about 300-500 dollar limit.

 

Building credit one thing building unsecured debt is another. You do not need a credit card to take out a car loan or to buy a house. If you can save for a decent down payment so that you have a stake in the purchase banks are more than willing to work with you. I agree that a card can be convenient for ordering truck parts and such. Watch out on the low limit cards, if you are maxing out (going over the credit limit) you are hurting your credit rating. Read the fine print. Most credit card companies are located in South Dakota and Deleware because these states do not have usury rates, late on a payment? Jack that rate up to 24% plus late fees, it can add up quick. Lots of other things to watch for, just be an educated user of credit and life will be a little better.

 

I agree! While credit cards are slightly safer to use than debit cards, it's also EASY to get into the habit of thinking "well, I don't have the money *now*... but I'll have it *soon*..."! It might not even happen right away... you might survive a few years paying it off every month. But NEVER, and I repeat NEVER!!!! store it in your wallet!!! (unless you're going on a trip and it might be necessary for actual emergencies) That's just asking for an impulse buy right there. What will help you is thinking of it as a loan, which is essentially what a credit card is. Before you buy anything that you don't have the money for AT THAT MOMENT, ask yourself if it's worth taking out a loan for. If it isn't, put it back. Just wait until you have the money. It's worth not paying interest on to wait two weeks to buy something.
Oh yeah, and it's probably a good thing you're not getting pre-approval notifications in the mail. I get probably 4 every week and I'm only 21! (It's not because I have tons of cards or anything, it's that I take out student loans every term and I guess I'm just lucky to be on every dang mailing list for them since I was 16) They still send them to my parents' house, which is lucky I guess, but if they start sending them to the address I'm listed at school, I'm in trouble. I live in an apartment and I might be moving soon, and pretty much anybody can take those forms and get an account in your name!
Also, about those late fees... once I paid my credit card bill online the day it was due. (Yeah, I got myself a balance... paying it off this month though.) The credit company apparently didn't "get" the payment for three or four days after I paid it, even though I got the confirmation page saying my transaction went through (couldn't print it out... no printer). They charged me $35 but luckily didn't raise my rate! I did have to call them though and ask what happened... so maybe they just decided not to raise the rate because I complained? I was sure I'd get hit with that 24%... I don't think they put it on my credit report though. I haven't checked it since then though...

 

Do you live at home, are you on good terms with your parents or someone with an old credit card? (preferably a good card, not crapital 1) Have them make you an autherized user on one of their cards. They still get the bill so you pay them, but you get a card and the history on that card added to you credit report. After a couple months you'll start getting mail boxes full of those annoying preapprovals. Just becareful, and educate yourself, credit can be like walking a tight rope, one little mistake can cost you a fortune. Do little reading at creditboards.com tons of info there. I wish I knew 10 years ago what I know now about credit, would have saved me thousands.

 

I started with a Gas Credit card at 18, then at 19 I got my Visa. Over the years I built up my credit limit. But as your limit goes higher your ability to pay off the card each month diminishes. Thost 2 cards are still all I have and I'm pushin 40 now.....my 2 cents

 

Something like that happened to me once. I put a payment in online a week before was due like usual, but something must have messed up cause they never got it even though i got a confirmation, I've had trouble in the past with their server but since I got the confirmation, why worry. Ended up checking the day it was due and to my surprise they didn't record my payment.. Ugh... Got charged a $40 late fee and it was only like 20 bucks on the card. I called up many many times cause I wasn't working at the time and didn't want to waste 40 bucks over something like this but they wouldn't budge on the late fee even though I've alway paid my bill in full every month for the past 2 years...... so them my mom's hears about this, calls up, and gets the fee taken off in 2 minutes, she knows how to talk... You can haggle with these credit companies sometimes, you can threaten to close and they'll offer you a great deal or reverse fees on your card. But, you probably have to have a good record with them to do so.

 

93 green... are you in college? If so, USAA out of San Antonio has what they call the college start credit card, and they set the limit depending on what grade you are in. There is no hassel whatsoever in getting it.. just call them up, then a week or so later you get it in the mail. If i'm not mistaken the limits are like 500 bucks for freshman, on up to 1500 bucks for seniors. Pretty neat deal to at least help out in building up your credit before entering the real world...

 

a good thing to do is prob get an account with a credit union, it's what i did when i started at school, and I got a credit card with them a bit later. reason i chose it was based on my dad's advice one they don't really have high rates (i have 15APR) and they don't jack them up if you carry a balance either, plus they do go and up your credit limit at whim tempting you to carry a higher balance. IT's worked great for me because i did make some mistakes, but it didn't cost me thousands of dollars and trying to pay off a whole bunch of debt.