A Student's Guide to Getting Their First Credit Card
Your first credit card is more than just a tool for making purchases; it's a financial building block that can shape your future creditworthiness. For students, this first step into the world of credit offers a unique opportunity to build a positive credit history without the pressure of a high credit limit. This guide will walk you through the process of selecting and using your first credit card responsibly, setting you on a path toward a healthy financial future. As part of your credit education, you can also explore our Guide to Using Credit Cards for Specific Spending Habits for other tailored advice.
Student cards vs. secured cards: The choice for beginners
For many students, the first decision is between an unsecured student credit card and a secured card. Both are designed for those with limited credit history, but they operate differently.Student credit cards
Secured credit cards
Preparing to apply
Regardless of which card type you choose, proper preparation is key to a successful application.1. Check eligibility: You must be 18 or older to apply for a credit card in your name. If you are under 21, you must prove you have an independent source of income to qualify on your own, per the Credit CARD Act of 2009.
2. Gather required information: Have your Social Security number, proof of enrollment, income details, and address ready.
3. Review your credit: While you may not have a credit history, it's wise to review your credit report to ensure there are no errors.
Using your first credit card wisely: Building good habits
Once you have your card, the real work of building credit begins. Your goal should be to demonstrate financial responsibility over time.Common pitfalls and how to avoid them
Your first card is a learning tool, but it's important to be aware of the risks.Related credit card articles
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FICO Credit Scores
A credit score is a number generally between 300-850, based on a statistical analysis of a person's credit files. This score represents the credit worthiness of a person. A credit score is assigned to each individual, to rate how risky a borrower he or she is--the higher the score, the less risk the individual poses to creditors. In most cases, your credit score will determine whether you will be approved for a credit card.
What is a Credit Score?
A credit score is a number generally between 300-850, based on a statistical analysis of a person's credit files. This score represents the credit worthiness of a person. A credit score is assigned to each individual, to rate how risky a borrower he or she is--the higher the score, the less risk the individual poses to creditors. In most cases, your credit score will determine whether you will be approved for a credit card.
Credit Score Facts
- Credit Scores range from 300-850, the higher the better.
- Most lenders base approval on your credit score.
- Higher Scores mean lower payments and better deals.
- Higher Scores mean Lower interest rates.
- Scores are determined by 5 main categories:
- Payment History
- Amounts Owed
- Length of Credit History
- Type of Credit Used
- New Credit
Note: Credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any credit card product.
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