Applying for your first credit card as a student could help you on your journey towards building a healthy credit score. Ahead, you'll find some useful tips for applying for your first credit card.
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Can I be approved for a credit card with no credit history?
There may be suitable credit card options for people with no credit history. If you have no credit, you might want to consider a student credit card, which offers a low credit limit for you to get started. If you aren't a student and have little to no credit, you may find secured credit cardsuseful as your first cards, though Chase does not currently offer these products.
Do I need a co-signer for my first credit card?
Some credit card companies require a co-signer (typically an adult over the age of 21) on your credit card account for applicants under 21 years old, others may not. The person that you may designate as a co-signer is also held accountable for any debt incurred in the event that you are unable to keep up with your payments.
What do I need to provide when applying for a credit card?
If you are applying for a credit card, here are a few things you might need for your application:
- Proof of income (pay stubs)
- Social security number
- Valid ID or Passport
- Co-signer agreement (if applicable)
- Authorization for credit score inquiry
- Checking account information for processing any fees or payments
How do I get a credit card for the first time?
You can expect the following steps throughout your application process:
- Decide which card is best for you: Consider the benefits, perks, interest rates and features that may come with the different types of credit cards available and narrow down which benefits, perks and features are most important to you.
- Contact the card company to see if you pre-qualify:A soft inquiry (a type of credit check that doesn't affect your credit score) could help you determine if it is a card that you want to proceed applying for. Although pre-qualifications are not guarantees that you could be approved for a specific credit card, they may help you narrow down options for credit cards that align with your current needs.
- Apply online: Once you're ready to apply for a credit card, review the credit issuer's website to learn about your options for applying online.
- Once approved, carefully read your cardmember agreement: Make sure you're aware of information like how to verify and use your card, how to submit a payment, billing information and details about your interest charges.
- Set up a finance or budget plan: Before using your credit card, be sure to have a plan or budget in place so that you don't spend more than you are able to pay off before the end of the billing cycle. This will allow you to avoid interest charges and helps prevent high balances or missed payments that could negatively affect your credit score.
Best first credit cards for young adults & college students
First-time credit card users might find cards with the following features and perks most useful:
Student credit card
Students and recent graduates with little or no credit may want to look toward a card with a low annual fee. Student, store and secure credit cards may also waive application and processing fees.Student credit cards may offer a low credit limit, but this can increase once you have established a positive payment history.
Cash back rewards
A cash back credit cardoffers opportunities to earn cash back from select purchases, which may include school supplies, books, and electronics at select retailers and merchants.
Store credit cards
First-time credit card applicants may find that store credit cards have flexible requirements when it comes to credit history. These cards may be a great option for establishing and building credit over time through making consistent on-time payment and keeping balances low.
