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5/12/2013 3:17:24 AM
2
Questions about getting my first Credit Card.
Ok so I want to get my first credit card but i'm not really sure about how to get one. My savings and checking accounts are under both me and my mothers name, so when I sign up for a credit card will my mom need to sign anything as well? Also i'm so confused about the types of credit cards, like annual fees, interest rates, credit limit, etc.
If anyone has any tips for me about getting a credit card i'd appreciate it. And if it matters at all, i'm 21 and not in school but have a job. I think they'll ask me about that when I apply.
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3 RepliesSince it is your first card, you'll probably be limited in what you can apply for (since your score is probably just getting established). Find one that doesn't have a too high of an interest rate (they all tend to suck) and make a personal plan to try to not carry a balance. In other words, make sure that you can pay it off monthly. That will help to establish and improve your rating and hopefully you can avoid the trap of too large a balance, high rates and only being capable of making the minimum payment. Once you've got a reputation for paying on time, other cards with better rates and/or rewards will start approaching you.
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I'd get an account in your own name. Odds are they will want her to co-sign, seeing as she is attached to the account already. It puts her credit at risk, and also hinders your ability establish your own. I'm no banker though, so don't quote me on that. If you do get one, use it for small, easy to pay off items, and try to keep it paid in full. Self control is the trick, and realizing that you didn't just get free money. Not being sarcastic with you either, I made some bad choices with my first card, and suffered for a few years.
