Anonymous
Anonymous asked in Business & FinanceCredit · 2 months ago

I am 18 and looking to get a credit card to build my credit?

What ere the best credit cards for me?

Also, what are about 5 basic things that I should know about credit cards, that if I didn't know, then my life would be ruined?

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  • 2 months ago

    First, you need a job.  Then establish a relationship with a credit union. Put (even if you need to borrow it from your parents) $1,000 in a CD as the security for a $900 card. (do not spend over $300 a month unless NECESSARY !!) [Never pay an annual fee for a cc.] Then you have a usable card to use without hurting your credit score. When the bill comes review it and PAY IN FULL (if possible) within terms.

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  • 2 months ago

    Trying to build your credit before you’ve built your employment or your ability to stick to a budget is a great way to build bad credit.  Don’t apply for a credit card until you’ve mastered those other two things first.  

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  • 2 months ago

    None. If you try to get a credit card when you are 18, then you will probably not be able to get it, will not build credit, and will have more difficulty getting one in the future because you tried when you are 18.

    The first basic thing you should know that if you don't know, your life will be ruined, is not to try to get one when you are 18.

    You should wait until you are at least 21.

    The first card you try to get should be either a Capital One card or a secured card. These are not the best cards. The reason that you should start with one of them is because most others automatically deny anyone who has never had a credit card before.

    The second basic thing that you should know that if you didn't know your life will be ruined is that once you are denied for any card, if you keep applying for cards and never stop, then you will probably keep being denied. After being denied any card, you should stop immediately and not apply for any cards for over a year. It takes a year of not applying to build back the credit that you lose each time you apply (whether or not you get the card).

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  • Anonymous
    2 months ago

    Discover secured card is the best secured card by far.

    Unsure what 5 things you need to know. Just pay on time always.

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  • 2 months ago

    Just don't go too far into debt, make a good judgment if you do go into debt knowing if you can reasonably pay it off in due time.

    Because if you do go into debt and can't pay it off, your going to have a tough time making big purchases. 

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