The Credit Card Act of 2009 made credit cards very tough to obtain for students. Requirements for credit card approval have been tightened, and now young people face serious obstacles when applying for a credit card.
Nevertheless, if you feel ready to start building credit history and apply for your first credit card, we have some important tips to find a credit card that fits your needs.
Typically, credit card issuers have very strict requirements for persons under 21. You must be full-time employee to obtain credit card when you are younger than 21. If you don’t have a job, credit card is unreachable for you.
However, you still can get one if you have a part-time job. Having a part-time job allows you to be approved for a credit card with the help of co-signer: ask your parents or any other adult who really trusts you to co-sign a credit card application.
When you reach the age of 21, requirements for credit card issuance drop significantly. Full-time job for sure won’t be required anymore, and you can apply for credit card even if you work part-time.
The bad news are that even if you are older than 21 and have a full-time job, the absence of credit history is a serious obstacle to be approved for a credit card. The good news are that it’s not a reason to panic: just use one of the following tips to obtain your first credit card.
Some of the described ways to get your first credit card might seem too hard, expensive or even confusing, but a good credit history established at the young age will make your life easier once you graduate and get the job. Just imagine: good credit score paves the way to easier access to any kind of insurance, some kind of jobs and apartment rent in certain areas. What is more, providers of utility services often pay attention to your credit score. In view of this, take your credit history as serious as your GPA and start building credit as early as you can.