Getting approved for a first credit card can be tough especially if youre younger than 21 and more so if you dont have a job. It depends on the credit card type you choose but you shouldnt expect to see more than a 500 credit line since you dont have an established credit profile.
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How To Qualify For A Credit Card
Documentation requirements vary Mica upon following up with this issuer a spokesman said in general most AAA Dollars Mastercard applicants dont need to provide any documentation.
What do you need to get a credit card. The best rewards credit cards may require at least three to five years of good credit history and some more than seven. Sign Up Extra Credit. These are available to people with poor credit or short credit histories.
Getting a new credit card is always subject to application approval from the bank or card issuer. As with other types of credit when it comes to getting a credit card a higher credit score means that youll have more options. Once cardholders qualify for a regular unsecured card they can get their deposit back.
Most major credit card companies offer both secured and unsecured credit card options. For cards such as The Platinum Card from American Express and American Express Gold Card for example youll need to have good to excellent creditusually a score of 680 at a minimum. Secured cards require that you pay a security deposit which the bank holds on to in case you dont pay your bill.
Getting a credit card will help establish and improve your credit history as well as increase your credit score. Rewards credit cards come with major benefits and to qualify for the privilege of using them youll need a credit score of 670 or higher. Youll likely need to start with a secured credit card or other credit card for people with bad credit.
To apply for a credit card in the US youll need a valid Social Security number and a positive credit history. If youre applying for a secured credit card you may only need to have a steady income a place of residence and a debit credit or prepaid account from which the security deposit can be withdrawn. Its true that youll need a higher credit score to qualify for cards that come with generous rewards programs and low interest rates but even if your score is less than stellar you can still qualify for a credit card.
But there are additional financial requirements from ages 18 to 21 including the ability to prove independent income. Heres what you need to know to understand the difference and make the right choice for you. The closer your score is to 850 the more likely it is youll be eligible for the cards with the most valuable perks.
Boost Your Credit History and Score. In some cases you may not need a job or a Social Security number to get a credit card but getting approved for a card can be complicated. So what goes into approval for a credit card.
Income must be from a job. Getting a student credit card will require submitting proof that youre a student but doesnt require. He added that we may request certain documentation to help validate an applicants identity or to qualify them for a certain credit limit.
Juan Carlos Cruz founder of Britewater Financial Group in Brooklyn. The exact requirements youll need to meet vary between credit card providers but there are a few common eligibility requirements youll have to meet and information that you will have to provide that will be consistent from bank to bank. Even though theres a deposit you can still get denied for secured credit cards.
Credit card companies want your business if you have good or excellent credit since they anticipate youll be a trustworthy customer who wont miss. In order to get a credit card account in your name alone you must be at least 18 years of age. Naturally not just anyone can get a credit card and there are age requirements for taking on the responsibility.
See our picks for best secured cards here. There is anecdotal evidence of applicants with scores as. Read our guide on how to get a credit card for the first time and find out everything you need to know about the process.
Your credit score can affect a wide range of. These cards require a refundable security deposit in exchange for a line of credit. With a higher score say around 720 or better you can apply for.
Federal law requires adults younger than 21 to have verifiable income before they can be approved for a credit card without a cosigner. The credit card is backed by. Ready to apply for a credit card but worried that your three-digit credit score is too low.
