Where to Apply for Your First Credit Card

It's never to early to learn

Getting your first credit card can be a little confusing, but it's important for your future financial security and ability to obtain lines of credit. Before you turn 18 you will have no personal credit established. As you become more independent, you'll need to prove you can pay back your debts on time so you can get a mortgage, a loan for a vehicle, school loans and other lines of credit. Once you have a proven track record, you'll be able to get the loans you need at a reasonable interest rate.

Instructions

1. Go to your bank or financial institution where you have a checking account. If you do not yet have a checking account, choose a bank and apply for one. Then speak to a bank representative about applying for your first credit card.

2. Apply for a credit card at a local gas station or department store. Although these cards often have higher interest rates, they typically offer a discount on purchases or other incentive for opening the account. They are also easier to get than other large credit card companies and can help you build credit.

3. Apply for a secured credit card through your bank if you have a difficult time getting credit. This is the safest kind of credit card because you can't overspend. The bank requires that you deposit money first, and then allows you to spend only up to the amount of your deposit. You have less of a chance of getting into debt this way. These bank cards do not allow you to spend money you do not have, but how you handle them helps you earn good credit scores for your credit report.

Tips & Warnings

• Pay off your full balance every month your bill comes in so you don't rack up debt.

• Never charge more than you can pay in one month. Remember, this is to build up your good credit, not to get you into debt.