19 year old, first time credit card?
i am 19, just completed my first year of undergrad, and i applied for a credit card with discover.
i have discussed this with my parents, who have amazing credit, however although i am not in debt i love to shop and spend money and so far i've been doing well with my debit card, through wamu, and now chase. I hate chase so i have since switched to bank of america.
i just want to know how to be successful with a credit card. i am very proud of myself i have not had an overdraft fee not once! this year
i have had MANY in the past. i always have the cash though, just sometimes its not in the right account.
how can i be positively sure that i will not lose it? and prove to my parents that i can be responsible and pay my bill on time and what not?
- ibu guruLv 71 decade agoFavorite Answer
Under the new credit law, you must be over 21 to obtain a credit card, you must have a track record on the job, and income verification is required. Students might get a supplemental card on their parents' credit card account, if your parents apply for it and guarantee payment. If they make you responsible for your own charges on their account, remember that they remain liable under the law. Any failure to pay on your part ruins their credit rating!
No overdraft fees this past year, after a record of "many" in the past? That's an improvement, but son't pat yourself on the back. You, by your own admission here, are not paying enough attention to your finances, your account(s). You prevent losing your card, prevent overdrafts, etc, by paying attention to what you are doing. You don't appear to be doing enough of that if you are afraid of losing a card, afraid you cannot prove to your parents that you are responsible, "sometimes it's not in the right account," etc.
First work on keeping closer track of your spending, your account balances, what money is in which account. In a couple more years, with proper practice, you'll know whether you could keep track of your credit card if you got one. You'd have the money in "the right account," before you wrote any checks. You'd know your balances, and what upcoming bills need to be paid when - before you spent anything else. You are not ready for a credit card, but then, you already know that if you are willing to admit it.
- Go with the flowLv 71 decade ago
New Federal laws have passed that will make it virtually impossible for anyone under 21 to get a credit card.
If you get turned down, try again and get your parents to co-sign on the card with you.
You can remove them at age 21
If you do this promise them you will pay in full each month.
Since by carrying balances you will not only reduce your credit rating - but theirs also.
No games - remember to pay in full each month.
- Anonymous4 years ago
fairly previous via ask for suggestion now. yet because you requested. #a million. get rid of the mastercard. get rid of all of them. You obviously are literally not to blame sufficient to have one so get rid of them. #2. Pay the minimum volume each month. #3. See in case you could both get them to diminish the interest fee or get a clean mastercard that grants a "0" % interest on transfers. in case you could swing one in each of those for the whole volume, a minimum of you received't have interest to manage. in spite of the undeniable fact that, regardless of the actuality that in case you could decrease the interest fee a million-2 % that can assist. #4. decrease expenditures elsewhere and placed the reductions on the debt. if you're sitting at domicile with a pc and characteristic information superhighway service, decrease the service and use the computer on the library. even once you've a $10 information superhighway get admission to, it is funds you could placed on the debt. once you've a cellular telephone and a house telephone, get rid of one or the different, you do not favor both. once you've a cellular telephone, do not use textual content or image messaging. do not use any of the extra facilities as they value funds. #5. Get a room mate. Get the room settlement in writing and regardless of the actuality that money they pay you, placed it on the debt. #6. Drop out of faculty a year, get a job and repay the debt. thinking how dumb you've been racking up that type of debt, your grades likely are literally not that warm besides. #7. ignore attempting to adhere the mastercard company for duty reason they "knew it replaced right into a playing web site." YOU knew it replaced right into a playing web site. If each person "cheated" it replaced into you. #8. ignore affirming financial ruin. It were given extra sturdy to do for precisely one of those element, human beings racking up expenses then attempting to get out of them. #9. Your credit status is going to be ok in case you repay the debt, by technique of paying a minimum of the minimum each month. in case you do not make funds, each and anytime you omit one, your credit status will drop 10 factors. once you hit 500, the mastercard company ought to easily turn the whole debt over to collections and then you should extremely be in problem. #10. promote some stuff. if you're like maximum childrens, to procure some junk laying round you do not favor. CDs, DVDs, high quality motorbike, IPOD. etc. regardless of the actuality that in case you in ordinary words get some hundred and placed it on the debt, it ought to assist. And flow forth and sin no extra.