how to get a credit card? if your credit history is next to non-existent these tips will help you take charge of your money and prepare you for the world of personal finance. you will need a bank or credit union a loan and a good credit history, optional a checking account and income.
step 1 check with your bank or credit unions to see if they offer a credit card. they are usually more accessible to young people or new people without a credit history. most credit card companies require you to have a fixed income and checking account before they issuing a line of credit.
step 2 apply for a small loan less than $300 from your bank pay back the loan the following month to establish a credit history.
step 3 ask the credit card company about a secured credit card which requires you to maintain a savings account equal to the amount of your credit line.
step 4 apply for department stores or gas cards to make it easier to make credit but be aware of the high financial risk they carry. always make sure that department stores or gas companies report your payment history to the major credit bureaus
step 5 pay off the balance of your card each month and never make a late payment which can destroy your credit.
step 6 apply for a major credit card once you establish a credit history and ditch high interest feed laden department store and gas cards as soon as possible.
did you know according to the Federal Reserve outstanding consumer debt totaled 2.5 5 trillion dollars in 2009