Are You Qualified for a Credit Card?

Are you a first time credit card applicant and not sure if you qualify? Well there is good news; financial institutions have made it pretty simple to get a credit card these days, with out many restrictions. In order to get a credit card you must be at least 18 years old and have a steady income. Some credit card issuers will require you income to meet a minimum level but for the most part it will affect how much borrowing power you are granted. Another important factor on qualifying for a credit card is your credit history.

Unfortunately not everyone has a credit history, especially if you just turned 18 and are looking to move out on your own. Sometimes you can still get a credit card without one but you may find that your borrowing power is limited. Building a good credit history is simple and usually only takes a few months to establish one.

One of the best ways to establish a credit history is to finance a car, over time as you make your payments you will build a credit history. Make your payments on time and try not to pay your car loan off for 6 to 8 months. If getting a car loan is not an option look into getting a secure credit card. Secure credit cards are actually pretty good and will do the trick but you need to have enough money to open a savings account with the lending institution. The credit you will be given usually is tied to the amount you deposit and may be from 50 to 100 percent of the deposit amount.

Building a good credit history is easy, so is building a bad credit history. While a good credit history will open doors for you down the road a bad credit history will do just the opposite. Make sure that you don’t borrow more than you are capable of paying back and make your monthly payments on time.

Jason operates a PrimaryCreditCards.com that provides information on how to manage your credit cards and credit card debt along with resources to compare and apply online for a credit card.