As eager as you may be to get your first credit card, many credit card companies aren’t so eager to give you one. Rather than putting in several credit card applications to see who’s going to approve you, target just a few companies that are known for giving credit cards to first-timers. Don’t set yourself up for failure; learn all you can about credit cards before getting one. If you’re not ready, there are steps you can take to get there. Federal law requires adults younger than 21 to have verifiable income before they can be approved for a credit card without a cosigner. Income must be from a job. However, child support or government benefits may allow you to be approved. If you don’t have income, 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. Another thing that makes it tough to get a first credit card is insufficient credit history. If you’ve been responsible with 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. You can apply online, but visiting a bank branch would put you face-to-face with a representative who may have more authority to get your application approved. Retail and department stores typically have more favorable approval odds. On the downside, they have high interest rates that make it expensive to carry a balance from one month to the next. Another downside of these cards is they aren’t versatile—you can use them only in that store. However, retailers often encourage spending by offering discounts for using the card, and having a retail store credit card as your first credit card can help you build up a good enough credit history to apply for a major credit card within a few months.
