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Saturday, May 27, 2006

What You Need To Know About Getting Your First Credit Card

In spite of a lot of people owning their own credit cards nowadays, there�s still a significant majority who haven�t joined the bandwagon of having a credit card as a precaution to ending up with debt that will haunt them for the rest of their lives. However, the allure of having a credit card is sometimes too hard to resist which is why more and more people are now contemplating on how to get a credit card of their own � but they still need a lot of help when it comes to choosing the right one.

Here�s some easy tips on what to prioritize when it comes to choosing your first credit card:

* When it comes to trying to establish a credit history, there are actually a lot of banks out there that have made it their specialty to extend VISA or even Master Card credit cards even to those who are still greenhorns when it comes to owning a credit card. However, don�t go �applying crazy� as each application will actually reflect on your credit reports so if, unfortunately, you end up getting rejected - lots of times, it�ll make you look pretty bad in the eyes of creditors as you may be deemed desperate.

* If you failed in that kind of application, you can still pursue two other possible approaches. One is to try your hand with credit cards from department stores or the ones from oil companies - gas cards as most people call them. These pseudo credit cards will actually help you get some credit history and are much easier to obtain as compared with credit bigwigs like VISA or Master Card. These will help you become more qualified for a real credit card, still, don�t get too excited and start pursuing multiple applications at one time, even if you already got the thumbs up from one company, still wait a little while before once again applying for a new card.

* Once you�ve been given a bank issued credit card through the proper management and handling of your department store or gas company issued cards, you must prove to your new creditors that you really are worthy of owning a credit card. Don�t start to shop �till you drop because even though credit card companies will make more money out of your debts, this will still leave room for them to question your ability as well as maturity to really manage a credit card well. Always make sure that you pay your credit card charges on time and if you can, don�t just pay off the interest as this may accumulate over the years, try to actually pay off the entire thing so that you�ll have a really good record with your company, prompting them to possibly giving you more credit lines, benefits or special offers.

* Assess your �credit history� after a year of getting your bank issued credit card, a good and well managed credit card history actually entitles you to the possibility of getting another credit card, however, if there�s really no need for a new one or if you�ve mismanaged you first one, don�t even think of applying for a second credit card line as you may end up acquiring more and more debt.

-->by: Stewart Smith

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