credit cards

It's a catch 22, huh?

How do you get a credit rating if nobody will give you the chance?

There are ways, and sooner or later one of those sharks out there will grab you, don't worry!

Sharks is right! There are some that will issue a card with outrageous interest and late penalties and require you to deposit funds to cover charges. They are a ripoff, but it might be a foot in the door.

First, check your credit online with experian or equifax. Just add a dot com after the name and you will get to their site. You should find out if there are any problems lurking in the background before making application to any of them. Bank One and First USA bank are fairly aggressive in recruting new members, for what it's worth. Avoid the impressive names with high standards. Any time you apply and are declined, your credit rating drops - honest.

Well, catch 22 again, you'll need a card to pay them with. Do you have a debit card from your bank? If not, get one. Misti is right, the first card is the hardest. Use it, make timely payments, and you will be deluged.

Oh, don't hesitate to pay an annual fee, at first. Later on, you can pick and choose, but for now, accept anything.

I just got my first credit card this week. I was faced with the same catch 22 and I dont know why they up and offered (through junk mail) me a card.

I was about to get a secured card (make a deposit of 200 - 1000 bucks and that's your credit limit).

Anywho, others told me to build credit with department store cards, as they will give them to anyone.

When I was 18 and in college, I got approved for two credit cards...one with a 1000 limit, the other with a 500 limit, no annual fee, ect. I think it's easier for a college student to get approved, for some reason. Maybe you could find a company offering college students credit cards, and say you're in school.
-You could ask your personal bank...most offer credit cards.
-You could get a store card.
-You could type "credit cards" in google or whatever, and shop the different companies.

I'd stay away from a card where you have to leave a deposit. Not really worth it, IMO. Having a credit card or two as your only credit history isn't going to really establish your credit. Best way to do that is by getting someone to cosign for you, and getting a personal loan, or car loan.

A lot of offers have been going out lately. The holidays are coming, the economy looks like it might continue to recover, and the banks are hoping that people are looking to do some spending. That's part of what I'm attributing the deluge of offers at my house to.



This is a very good way -- just don't keep a balance on it because the terms will be awful.



Part of it is that they're likely to have a higher income in the future, and many or most won't get rid of the card when they get it. It's like getting an eight-year-old to smoke Camels instead of Marlboros.

Other part is that just having a college loan makes your credit better. Since I took one out a few months ago, one credit card limit was raised two grand, they voluntarily lowered the rate on another, and I've got a ton of offers that have been a lot better than the 22%/$80 annual fee crap that usually comes to the door.

Making big payments on a balance will also do wonders to get you more credit offers -- though one card should do you just fine for a while.

Re: credit cards


College students don't seem to have trouble getting a credit card.

Re: credit cards


Capitol One is the most likely to overlook bad or lack of credit. But from personal experience, you can buy more with your money if you just wait to save up and pay cash! You don't pay interest when you pay cash...

roverroad: But building credit can help down the road with the big purchases like a house.

Best thing to do is pay off the balance every month. Don't get more cards than you can aford to pay off every month because then you get bad credit and you won't get that house with bad credit.

Exactly.