18 Years Old? Apply for a No Credit History Credit Card
Building credit early on in life can help you obtain better rates later on in life!
Building credit is an essential part of life for many. Eventually, you probably want to qualify for different types of loans, and building credit can help you to decrease the amount of interest on any current loans you have. Starting out with a credit card is possible even when you have no credit history of which to speak.
Credit Cards for You
You should look into credit cards that are designed for people with no credit history. Avoid sending in applications for an excessive amount of cards. Too many checks into your credit history or too many recent applications for credit could actually hurt your credit score and your chances of getting approved for one. Look into some store cards at your favorite shops, and you might be able to build rewards too.
Understand How Credit Cards Work
When you get your first credit card, you are probably tempted to go out and start spending. Recognize that excessive spending can quickly lead to excessive credit card debt and that you aren’t paying only for your purchases. Credit cards have interest rates. If you have a balance that sits on your credit card month after month, you could end up spending thousands of dollars in interest.
The Rewards The Credit Card Offers
Credit cards that you can get without a credit check may offer fewer rewards than other ones, but that is not always the case. Understanding all of the possible benefits helps you to make the right decision. Additionally, as you build up credit with this card, you can apply for other ones that bring you rewards that suit your lifestyle.
You’re now an adult, and you can earn the adult privilege of a credit card even without a credit check.