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How To Get A Credit Card At 18 Years Old – ways you can get yours

Age is an important requirement for the approval of many credit cards. The world system generally recognizes 18 as the legal age for one to take on adult responsibilities. Credit cards are not left out in this arrangement. Legally, you can get a credit card at 18 years old. Some issuers set a higher limit. That’s because the Federal Government passed a law requiring credit card issuers to ensure young adults under 21 have the income to pay a credit card balance. Otherwise, the young applicant has to get a co-signer. Find out ways you can get a credit card at 18 years old.

Credit Card At 18 Years Old

  1. Get a Job | How to Get a Credit Card At 18 Years Old

Credit card income requirements is a necessity for all ages. Everyone who applies for a credit card, young and old, must have sufficient income to qualify for the credit card, even if they have perfect credit. The rules don’t state a specific income you’d need to qualify. But credit card issuers have their own (non-disclosed) guidelines that vary by credit card. If you’re turned down and it’s because you don’t have sufficient income to qualify. You’ll get a letter in the mail explaining.

  1. Get a Co-signer | How to Get a Credit Card At 18 Years Old

When you can’t qualify for a credit card on your own, an alternative is to get someone who’s over 21 to co-sign your credit card application. The co-signer has to meet the qualifications for the two of you to be approved. After approval, you and the co-signer are jointly responsible for the credit card balance, even if only one of you uses the card. How you handle the joint credit card will also affect your cosigner’s credit history and vise versa. If either cardholder is irresponsible with the credit card. Both of your credit histories will be affected. That’s the risk associated with co-signing.

  1. Ask Someone to Make You an Authorized User

Being an authorized user is similar to having a joint credit card with a co-signer. The difference is that, as an authorized user, you’re not legally responsible for the balance. The payment history. However, does show up on your credit report and can later help you get your own credit card if the card issuer uses a credit scoring model that considers authorized users (the VantageScore ignores authorized user accounts).

  1. Go For a Secured Credit Card

If you have the income to get a credit card, but your lack of credit history is keeping you from getting approved, consider going for a secured credit card. This type of card requires you to make a cash deposit as collateral against the credit limit. Even though you’ve made a deposit, you’re still responsible for making payments toward the balance you accumulate. The deposit is only used if you default on the credit card balance and never clear up the delinquency on your own. Depending on the card issuer. Your card can be converted to a regular credit card if managed well for 12 to 18 months.

  1. Go Prepaid

A prepaid card isn’t a credit card in the sense that you’re not extended a credit line. So, it won’t help you build a credit score and you can’t make purchases unless you have a cash balance on the prepaid card. But, if you just need a means of making electronic payments, for instance, to book a hotel, rent a car, or make gas purchases at the pump, a prepaid card is a good option. There are no credit or income requirements. You must make a deposit to open the card and you’ll have to reload more money once you’ve exhausted your cash balance.

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