Part 2: Shopping for a Visa or Master Card

Your Eighteen years old. Now you are of age to sign a contract. That means that you can open a checking account. You can open a credit account with store, MasterCard, Visa, and other revolving credit organizations. You are also old enough to be taken advantage of by organizations and individuals that is in the business of taking your money and placing you in debt. It is up to you to learn about personal finance. It is not up to society to teach you.

The first thing you must do is establish a banking relationship. Personally, I do not like to pay banks to keep my money. I would shop around for a bank that has free checking. Many banks still have free checking accounts. That is the bank where I would open a checking account. 

Second, you should research getting a Visa, MasterCard, or another popular cards for personal shopping and travel expenses. The best thing for you to do is open your credit account at the bank where you have your checking account. They know you at that bank and they may be more willing than others to take a chance on you. I assume that you already have a job and that you can prove that you have an income from that job such as a pay stub. You can give the bank information such as your bosses name, company name, address, and phone number. You know all your personal information as well as Social Security Number.

But before you fill out an application you have some other work to do first. Apply for a free credit report at all three major reporting agencies.  Just because you just turned 18 does not mean that you do not have a credit report with your name on it. I know of a 3 year old that had a dozen credit cards because of fraudulent activity. I know dogs and cats that have credit. Basically, this is what you are looking for. Since you never had credit before, your reports should not exist. If they do and it is things that you had nothing to do with, report it as fraud to your reporting agency. If it was done before you turned 18, it should be no problem to have it removed.

Next, talk to the bank and find out the criteria for accepting and giving out credit cards for people applying for a minimum credit limit. The criteria will be things like, minimum income, having a phone and address, length of employment, and etc. Do not apply for a card without knowing the criteria. That is the banks way and that is what they will tell you to do. You do not want a long list of denials on your credit report. If you have to many denials, other banks will see it and think something is wrong with you. If you do not meet their minimum requirements for a card, look on the internet. Wait 30 days after making changes to your credit report if you have one. If you do meet your banks qualifications and you want their card, fill out the application.

http://www.creditcardspecialist.com/Limited-or-No-Credit-Card-Deals-8375665-page.php

Credit Card Deals for People With Limited or No Credit

As you build your credit, you can move into better credit card agreements with lower interest rates and higher credit limits. You can also move into agreement that give cash back or discounts on hotels and airline tickets.