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  #1 ()
Evarroria : At the risk of sounding like a troll or judgmental, I'd like to preface this question by directing it towards people my own age, which would be 18-25, give or take a few years.

Growing up, I was always listening and watching my parents and other adults in my life complain about how hard their credit was to manage. Naturally, all the horror stories made me terrified of getting a credit card or doing anything that would tamper with my credit in a negative way.

Now, at 20, I'm a full time college student with a part time job and spotless credit. I always grew up thinking that spotless credit = instant approval for loans, services, etc. That really isn't the case. I've been turned down so much for having no credit, it's ridiculous.



So, vexed with having little options to work with, I decided on a credit card. It's a big pill to swallow after you learn all the terms and conditions, but if you've got good budgeting skills and the ability to be reasonable about what you can and can't afford, I don't see why people glorify it as this negative thing.

Does anyone else feel that credit -- credit cards, building credit, what have you -- is not this big, scary monster that's going to eat you and leave you in massive debt? I'm very eager to see if I'm not the only one.
beadlz - Thanks for your reply. I singled out that age group because I wanted to see how many people around my age either felt the same or felt that they have control over their finances and credit. I find that a lot of older people who have made poor choices are the ones who misconstrue warning younger people with scaring them into believing they shouldn't take out a credit card at all.
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  #2 ()
MerSorpornart : sex
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  #3 ()
Dwedebeledima : So long as you are disciplined in paying your whole bill every month, they are wonderfully convenient. Yes you have to be realistic about what you can afford but you sound sensible. The majority of people are not sensible and pay only the minimum each month, racking up the interest and debt. That's how the credit card companies make their money.
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  #4 ()
lizebeest : You are right credit doesn't kill people debt kills people. if you manage credit properly you and your score will be fine. Rules to follow

1. Don't use more than 25% of the credit limit (eg on a card with a $1,000 limit you don't want to go higher than $250 balance
2. Don't pay off bill every month - credit card company don't like "deadbeats" they need to earn money off of you and if they do they will reward you with higher limits
3. never miss a payment, even a small one. Being late on a $1.00 balance will cause your score to drop 100+ points
4. Don't go over your limit, even if they let you. This will cause extra fees plus a large hit to your credit score
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  #5 ()
Lauren_Virginia : you have to be a very disciplined person to manage a credit card. it can easily get out of control. they arent monsters unless you've lost control. but keeping your credit score high is very important. it will determine what percentage you will pay on a loan among other things. i have worked hard at keeping my score which is at 822. it sounds like the reason you have been turned down for having no credit is because there isnt any history to judge you by. i was always told to get a credit card and buy something and immediately pay it off. that way you are gaining a credit history and maintaining it at the same time. btw...i'm 55. people 18-25 dont have the experience yet to give you the answers you need. they've only been dealing with credit for a short period of time.
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  #6 ()
Gufabeenvef : I applied for a Walmart credit card but chances are I won't get approved. So, how should I start it??
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  #7 ()
porvfdyseo : As of February 2010, you have to be 21 and employed 12/18 months without a co-signer
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  #8 ()
lusCheextvele : I applied for my first student credit card through Chase as soon as I turned 18! I thought I was just the sh*t! lmao Little did I know that they were absolutely killing me on the interest.

First, let me say this. Walmart is horrible for a first credit card. I am now 23 and I would never apply for a Walmart credit card just because of their interest rates! They’re ridiculous!

You’re right, you most likely won't be approved because you have no established credit. But don't fret, that one inquiry won't kill you. The first thing you need to do is pull up your credit report. If you go to the website I have listed in my sources, it'll tell you where you can go for a FREE, GOVERNMENT-APPROVED credit report. Once you pull that up, see what's on there. Make sure that you have no fraudulent activity or identity theft on your report and that all your personal info (name, DOB, address, etc.) is accurate. If everything looks right, you're ready for step number 2.

Now that you know where your credit stands, you can start shopping for a credit card. You need to make sure that you are mature enough to handle credit first. I went a bit crazy with my first credit card. Luckily I only had an $800 limit so I couldn't put myself in a HUGE pit of debt. How much money do you earn monthly? What will this credit card be used for? Will you be paying off your balance every month? Hopefully if you do have a job, you know how to budget, meaning you know how to spend money wisely and will pay off your balance every month - meaning you will never have to pay interest.

Since you don’t have established credit yet, you’ll have a better chance getting a STUDENT credit card. The credit limit probably won’t be very high (like mine-$800), but you need to start off small anyway…work your way up. I would suggest applying for a student card with your bank. If you already have a bank account there, you are an established customer and they know your history. Plus, you can link your credit card to your bank account so you’ll never overdraft!

Finally: MAKE SURE THAT YOU ALWAYS PAY YOUR BILL ON TIME! That history will stay on your credit report FOREVER. Sometimes, depending on the lender, your first missed or late payment will be forgiven and not show up on your report. But do not depend on that. Pay your bill as soon as your statement becomes available to prevent possibly paying it late or forgetting completely.

Hope this helped!


*EDIT* Yes the guy above me is right, you do need to be 21 and have been working for at least 6 months in order to get a credit card WITHOUT a cosigner. Sorry, this is new to me too. So everything I said Is useful when you turn 21 lol
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  #9 ()
alitGoascalse : Read all

You must be at least 21 for a CC (special exceptions like being fifthly rich to start with do apply) must have over 18K income for more the one year or a parent co signer which if they want to help far better to add you to their existing CC as the age of the account will help you more then a new card, they can control your spending do not have to give you card to help your credit, and they know the bill is paid or not so their credit is not screwed up if you screw up.

This answer is not popular but I am one of the few with over 800 CS and this is how I and everyone like me started. Best cheapest way to establish credit is a secured bank loan pay off over 7 months and repeat until you can get an unsecured one. Getting a CC to start your file is not only stupid because even if you get one the limit will be so low you will cause more harm then good using it is stupid because until you have practice paying debts CC offer to much freedom
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  #10 ()
artrokil : First, stop applying. You can either build credit or apply. You cannot do both. Applying keeps you from building credit.

Second, get a job, proof of income, or a cosigner, or wait until you turn 21. It is illegal to give a credit card to someone under 21 who does not have a job, proof of income, or a cosigner.

Third, get only a "secured" credit card, without applying for any other type, especially not a store credit card.
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