How To Apply For Your First Credit Card?

Eighteen is a liberating age. From 18, you can vote, you can go to a college, and you can apply for a credit card since you are legally an adult now.  However, being old enough to qualify for a credit card does not mean you're really ready for one. Thus, this article is here to prepare you up. 

What do you need to prepare?

You need to prepare for a credit card before you apply for one. If you don’t know what you’re doing, you can get into real debt and experience real credit card problems. Once your credit is damaged, it can be difficult getting it back on track. There are two key points you have to understand. The first thing is to understand borrowing and paying back. Credit cards are not magic money tools that you can spend on whatever you want. Every dollar you borrowed from a credit card, you have to pay it back. The second thing is you have to be able to meet deadlines. A monthly billing statement will likely be the only reminder your credit card issuer gives you to let you know your statement is coming due. Fortunately, your credit card due to payment will be due on the same day every month, so it’ll be a little easier to keep up with.

What kind of card you can apply for?

Getting approved for the first credit card can be tough, especially if you're under age 21 and more so if you don't have a job. If you don’t have income, and you are under 21, then you’ll have to find someone who’s willing to open a joint credit card with you or make you an authorized user on one of their credit cards. If you're enrolled in college, you have a very good chance of getting approved for a student credit card from a major credit card issuer. If you've been responsible for a checking or savings account, try applying for your first credit card at your bank. An existing banking relationship can improve your chances of getting a credit card application approved, especially if you’ve handled your account responsibly.

How to apply for your first credit card?

You’ll be able to apply for most credit cards online, through the phone, by post, or in person if the provider has a local branch. It’s often quicker and easier to apply online, however, if you want someone to talk you through the process then in-branch or phone applications may be the better option. You’ll need to have the following information:

• Your full name.

• Your address.

• Your date of birth.

• Your employment status.

• Your income.

• Your nationality.

• Your age: most providers will want you to be at least 18 to qualify.

• Your income: some credit cards will require you to earn at least a certain amount, or at least be in full-time employment.

• Your finances: any County Court Judgements or bankruptcies can put lenders off giving you credit

• Your credit report: arguably the most important factor, lenders will always look at your credit report to determine your creditworthiness.