Credit Card or Plastic money is very popular in the modern age. Credit cards can be a great financial tool. They are more safe and convenient to handle when compared to cash.Credit cards offer valuable consumer protections under federal law. We have mentioned some tips and tricks to protect your credit card in our other articles.
What is the age limit? If you have crossed the age limit of 18 then you are eligible for a credit card.
If I am above 18, does it ensure me a credit card? It is not so always. Being above 18 is just not enough. You need to have a regular source of income and it needs to be proven for a credit card.
What are the other factors? If you are 18 years of age and have a regular source of income, you're ready to qualify for a card. When your mail is full of credit card offers, it indicates you are now18. But despite the calls from numerous card issuers it is not so easy. You need to prove your credibility and repayment capacity before they grant you the credit. The proof is in your credit record. If you've financed a car loan or other purchase, you probably have a record at a credit reporting bureau. The credit report or history reflects your credibility and also your responsibility towards repayment of a loan. This helps the card issuer to decide the credit amount he can extend to you.
If you haven't established a credit history then start it today by applying for a credit card issued by a local store and use the card in a responsible manner. Ask if they report to a credit bureau. If they do and if you pay your bills on time, you'll establish a good credit history. Secondly, consider a secured credit card. The requirement here is that you open and keep a bank account or other asset account at a financial institution as security for your line of credit.
• Your credit line will be a percentage of your deposit, typically from 50% - 100 %. There might be application and processing fees for secured credit cards. • In addition to it, secured credit cards might carry higher interest rates than the normal and traditional non-secured cards. • Third, consider getting someone with an established credit history. This is to co-sign the account if you don't qualify for credit on your own. The co-signer takes the responsibility to pay your debts if you don't.
Disclaimer Legal Information Is Not Legal Advice This site provides information about the law designed to help users safely cope with their own legal needs. But legal information is not the same as legal advice -- the application of law to an individual's specific circumstances. Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a lawyer if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation.
Consumer Credit Counseling Information, Debt Management Plan Information, Debt Settlement Plan information, Credit Counseling, Credit Score, Consumer Credit Counseling Service, CCCS, Bill Consolidation, Credit Repair, and Debt Consolidation is not advice, and we recommend you consult a licensed credit counseling agency, debt settlement attorney, and/or licensed debt management plan administrator in your state if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation.
