Other options for building credit

Other options for building credit

If you don’t have any credit history at all, it can be very difficult to get approved for your first credit card. Here are a few strategies that can help you clear that hurdle.

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Apply for a secured credit card

These cards require you to put down a deposit that’s usually equal to your credit limit. But if you make a small purchase on the card every month and pay the bill on time and in full, you’ll be able to build a positive credit history. Eventually you’ll be able to get an unsecured credit card.

Unlike debit cards, secured credit cards do report to the credit bureaus, so they do help you build credit. With this type of card, you put down a security deposit that usually is equal to your credit limit. For example, a $300 deposit would typically get you a $300 spending limit on your card. But like other types of credit cards, secured cards generally are not available unless you can demonstrate that you have significant income, especially if you’re under 21.

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After you turn 21, a secured credit card can be a great way to help you build credit. We recommend you choose an issuer that will help you transition to an unsecured card.

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If you had thought you would be able to qualify for a student credit card just because you are a student, you certainly wouldn’t be the only one. In some cases, your only option is to wait until you’ve got a steady paycheck. Then you can start building your credit.

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According to nerdwallet.com

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