First Time Credit Cards – Credit Score
Credit is what makes this world go around. Credit is the system of buying and selling without immediate payment or security. Every company, big or small uses credit to run their business. Most individuals in this country has some sort debt, either by credit cards or with a loan (i.e. mortgage, auto). As someone applying for first time credit cards, your credit will be dictated by your credit score. You being approved will depend on the status of your credit score. Your credit score is calculated by many different factors;
1.How long is your credit history
2.How much is you credit limit
3.How much of you credit limit is being used
4.Have you been late with any payments
5.Did you ever file bankruptcy
There are quite a few more that I didn’t list, but you get the point of what goes into figuring out our credit score. There are three credit agencies that track your credit score and each one of them will give you a different score, not much of a difference, but a difference just the same. The range of a person’s credit score will start as low as 580 and go as higher as 850. The national average credit score is somewhere between 580-650, which goes to show you how bad the country’s credit is.
What can also damage your score is you apply for too many credit cards in a given period. Same thing goes if you go to buy a new car. In some cases people have been penalized on their credit score because of two different car dealers inquired about your credit in a short period of time. Of course you can just call up the credit agency and they’ll remove that since there is some sort of law that prevents you from being penalized in that manner. Even though you went to two different places, you were only shopping for one car.
Your credit score can help you some ways. The higher your credit score the lower you can get an interest rate.
So remember to keep your credit score high by keeping your credit debt low.
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First Time Credit Cards
Just like everything in a person’s life, there’s a first time for everything. Getting a credit card isn’t any different. As you go around looking to apply for a first time credit cards, you need to know what you’re looking for as well as what you’re looking at.
With as popular credit cards are these days, you can apply for a credit card just about anywhere. Where do you apply for you first time credit card? Go on the internet, go to your local bank branches, if you belong to a credit union or even other agencies. One of the easiest ways to apply is on the internet. You can do it from the comfort of your own home and you can get it done so much quicker.
When you apply for a credit card the companies will ask you to fill out all of your personal information, name, address, age, Social security number, you occupation, the name of your employer and you annual household income. With that information they’ll check your credit history. If this is the first time though for you to apply for any type of credit, their search will show that you have no credit history. Don’t panic, having no history is better than a bad one.
Before you fill out any applications for a credit card, you need to look at the fine print of the terms and agreement. You don’t want to find out when you first bill shows up that there were charges you knew nothing about before opening the account.
Some companies will charge a processing fee to open the account which in some cases will run up as high as $80. Look to see if they have any annual fees connect to that card. One important thing to check is the APR. Most credit companies tempt you with a low initial APR score. Remember that it is the long term APR you should weigh most, not the short term.
So be aware of what you’re getting yourself into before you agree to anything.
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First Time Credit Cards For Students
As we grow up and go through school, there’s very little training in regards to dealing with credit cards. When it time for us to go to college and we start our journey towards independent living (or at least not living in our parent’s house), we need to start building a good credit rating. Finding first time credit cards is easier when you have a good credit rating.
College credit cards (also known as a student credit card) are designed for college students Theyre design to help the student get experience and the benefits of having a credit card. As a matter of fact, In fact, for most of the students, their college credit card is their first credit card that acts as a gateway to the world of credit cards.
Other students have credit cards known a supplementary credit card linked to their parent’s credit card account.
Student credit cards are not that different from regular credit cards in the basic sense, functioning in the same manner. There are some differences, which is because students don’t have a credit history. With no prior experience with credit card and might not understand the concept of it all.
This puts the credit card issuer at higher risk of receiving payments late or in some cases, not at all. The company will put in place some guidelines to counter such risks, such as limited the credit limit on the credit card to around $500 (which is lower than most), along with a higher interest rate than on many of the other cards that are issued. This is to dissuade them from overspending.
It shouldn’t be looked as a bad thing though. The student is learning the concept and the responsibility that goes along with owning a credit card. This will help the student once he finishes college and need to have a good solid credit rating. That will be something that will come in handy when he/she needs to acquire a loan at a later time in their lives.
So, college credit cards are really something that every student should consider going for.
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