Finding your credit card for the first time can be a rough one if you don’t know what you’re doing. There are a lot of things most people pass by them when they are trying to apply for credit for the first time. While there are some good things you can do, there are also some things you should avoid at all costs in order to get that approval letter in your mailbox. Here are some helpful tips that you can use in order to start building your credit for the first time:
Don’t apply for too many cards – My rule of thumb is if you’re looking to get your first card, don’t apply for five cards at once. Instead, try and apply for one card. After you apply for that card, wait for the letter in the mailbox. If you get approved, that’s great, start using it! If you don’t get approved, don’t get discouraged. There are so many cards on the market. Instead, apply for another one. The reason you don’t wan to apply for a ton of cards at once because it can look bad on your credit report. If the companies see that you are applying for a ton of cards, they may become suspicious.
Don’t lie – What many first timer’s do when they apply for their first card is lie. Credit card companies know how much you make and they know your history. So, don’t try to lie and say you make one hundred thousand dollars a year. They have access to many background papers that you may not be aware of. If they notice you’re lying a lot on your application, this may reduce your odds of getting approved.
Don’t get discouraged – Applying for your first credit card can be a rough one. Don’t get mad if no one is accepting you. Instead, think of all of the possibilities out there that you can take advantage of. There are hundreds of banks out there that want your business. Go out there and find them. It took me five applications before I found my first card.
These are just a few things you shouldn’t do when you apply for your first card. Keep your head up high and apply for one card at a time as I mentioned above. Don’t be afraid to tell the truth. If you only make $7 a hour at the local fast food chain, don’t worry!! As an 18 or 20 year old, they aren’t expecting you to be a millionaire; we are all humans after all.
Getting that first card can be tempting. Make sure that you watch your spending and you don’t spend more than you make. If you start to get bills over your head and you can’t pay them off in time, you may want to second guess your card. This is how debt starts and you definitely don’t want to go down that path. Getting a credit card can have many rewards. As long as you don’t abuse the card, you should have great success with your first credit card.
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