First Time Credit Cards For Teens
Every seventeen year old has a lot to look forward to when they turn eighteen, and one of those things is getting their first time credit cards. Of course, it is tough to get one since you need someone with good credit or something called a secure card. I took out a secure card from my local bank when I was eighteen.
A secure card is basically linked to a savings account. You can set a credit limit by depositing a certain amount into that account. Whatever you put into that account is your credit limit. I chose five hundred dollars since that is high enough to get my through a month, but not too much so that I won’t go crazy spending. It isn’t like a debit card where when you buy something, it takes out the money. The five hundred is never touched and treated like a security deposit in a sense. Once you end that credit card, you get the five hundred dollars back.
The secure card was great for me as I could use it for about one hundred dollars per month, and then pay the full monthly bill each month. This is building up my credit which I will soon need once I get out of college. The one thing I have been told by my parents, the bank, and others is that the best way to build the credit is to use the card, but then make sure you do not have any late payments and that you pay in full. I have followed that and should be getting my first credit score in a few months.
It should be high since I always paid my bill on time and in full. Another type of credit card is an authorized card from your parents that you can use. I don’t use this method but it is another method if you need to make larger purchases since they will likely have better credit and a higher limit. Of course, don’t buy things that you can’t afford. Bad credit card habits is what has turned America into being in debt, so don’t fall into that trap too.
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