Question
Where do I get my first credit card?
I've read that good choices to start off with are department/store and gas cards, but after that, I plan on getting a major credit card and keep only that ONE credit card. Doesn't closing the department/store/gas card hurt my credit, then? I also have had a savings account (~$5,000) for many years with 53-Bank and I have had a first small part-time job ($30-$60 a week) for about 8 months now. Would trying to sign up with 53-Bank be any different from other banks? Can it show that I can manage my money for better chance of approval or does it have nothing to do with it? I turn 18 today but I'm in no big hurry; I just hear that credit cards are becoming harder to get with time...
5 months ago - 3 answers
Best Answer
Chosen by Asker
I think it sometimes can be tough to get approved for a retail store card with no prior credit history. I would try Capital One; they often approve first-timers (it was my first credit card). Unfortunately the credit card companies won't look at anything to do with your bank accounts. They will just want to know that you do have a job and source of income. My concern is that you are only earning less than $300 per month at the most. I think this could hurt your chances of being approved. But if you can't get approved for a regular credit card, you can always apply for a secured credit card. A secured credit card requires you to pay a deposit in the amount of the credit line on the card--this minimizes the credit card company's risk in approving someone with bad or no credit since they already have your money in case you default. Secured cards build your credit the same way that regular ones do. A very well-known card like this is Orchard Bank. Good luck :)
by aplbtm83
5 months ago
Asker's Rating: 
Other Answers
I think you should be able to get a student credit card, since you have a job your chances should be pretty good. Just ask your current bank for a student credit card while you're depositing your check. Make sure it's $0 annual fee though. 1 month after I turned 18, i went to the bank (BOA) to deposit my check that I got from work, and they offered me a student credit card because on their computer it already said i was already approved since i had an income.
by Raymond- 5 months ago
Once you get a full time job, Just take $500 out of your savings account and convert into a secured credit card. Most banks should be able to set it up for you.
by stan c- 5 months ago