How to qualify for a first time credit
People who have never acquired a credit or have no credit card are always wondering how they can get their first credit and if they qualify for one. Actually, most of them are eager to get first time credit but most credit companies are always reluctant to issue them with one. By the age of eighteen, you qualify to get a credit card. Teenagers of under age may be added as co-signers or joint users of other person’s credit card and can thus access credit for the first time on that basis. The credit card company must confirm that you have your own income others you can’t access credit using your parents income. Your income must be enough to cover your credit limit for you to qualify.
Where to apply for first time credit
A starter who has never received a credit must make an application to get their first time credit. They must specifically apply for a beginner’s credit card. If you operate a normal savings account with a local bank, inquire if they can organize a credit card for you. If your current bank is not willing to offer you a first time credit, there are still a few options you may try. Some department stores and oil companies’ issues credit card to beginners with minimum requirements than in major credit cards such as master card visa. Although you may get your first credit easily in these stores, the cost may be high such as interest rates and other charges applicable. Having a credit card history with such stores is of importance to you as you are likely to qualify for your first credit with major issuers at ease.
What to watch out for when applying for your first time credit
Accessing credit for first time may prove tricky and challenging as most credit companies will tend to decline your application. If this happens, avoid the temptation of sending too many applications with an attempt to widen your chances of getting your first time credit. This may work against you as companies may see you as desperate which may shun down your reputation. Also, some credit issuers may tend to offer you credit for the first time very fast with little or no terms regardless of whether you have a past credit history or not. In most cases, such companies are usually scams and the process may end up costing more than the credit you receive.
Why your first time credit application may be denied
In most cases, your first time credit applications will be denied for various reasons. If you are of under age with no income, no company will be willing to extend credit to you and will just turn down your application. Also, if you don’t fill the required information completely and correctly, your first time credit may just be a dream to you. If your credit report has too many queries as a result of applying for too many credits within a short time, you may also not be lucky to get your first time credit which is also explained by many factors which may apply against you.
Most Recent Articles
Deals And Offers For Credit First Time Home Buyer
Credit first time home buyer is a form of credit facility specially extended to people who have never been in a position of owning a residential home. Actually, buying a home for the first t...