How to Qualify and Get Your First Credit Card

 

CONTENT INDEX

How do I get my first credit card

  • Using your credit card responsibly
  • How do you first take out a credit card?
  • 1. Have a proven and verifiable income
  • 2. Have a guarantor or guarantor
  • What is the easiest credit card to get first?
  • Order your first store credit card

How do I get my first credit card

How do I get my first credit card

If you have never had a credit card or a personal loan taken on your behalf, you probably have no history with creditors and credit and banking institutions.

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It really is a fact that it can take a few years to create a good credit history that is really robust to get a higher credit score and benefit from interest and better terms.

How can a credit card help you achieve your goals?

Having a payment history (Positive Signing) is one of the strongest factors in determining your credit score, start by signing up – it’s free.

Having a good score and clean name on the square in addition to the historic helps you to qualify for the best interest rates and more flexible deadlines.

When you need another type of personal credit or financing, ex: a bank loan, a car refinance, a new pre-approved loan (auto loan), or even a mortgage – the score will help a lot.

Once you start paying your credit card bill at maturity each month, you will begin to receive positive entries on your credit report. Over time, this will add up and increase your score.

Now it is important to note that as long as you pay your minimum balance due every month until the due date, it counts as a payment on time.

But here is the trick you can never forget.

On the credit card, either pay the entire balance or leave a part in debt, and any amount you do not pay at maturity automatically starts accruing interest. So the next month, your balance will be higher, even if you do not make new purchases or expenses on your credit card.

Using your credit card responsibly

As your credit card debt can skyrocket if you continue to use your card without paying everything, it is important not to use it if you can not pay the bill in full. Or, it’s good to have a financial reserve for an emergency.

Before you spend spending on your credit card, make sure you have income or enough cash balance to pay the bill that will arrive in the future with the charges.

If you are just wanting to borrow your first credit card as a way to build your credit, then all you have to do is use it to pay an account or two per month.

You can set your credit card bill to be paid automatically through your checking account or create a monthly reminder. This way, you can avail payments on time or in installments.

Remember, even a late payment can cause a big drop in your credit score.

Create a plan that allows your credit card to work for you, not against you.

 

How do you first take out a credit card?

 

How do you first take out a credit card?

There are usually two ways to get approval for your first credit card , especially if you are under 21 years of age. See if any of these two methods is a possibility that fits your time more easily.

1. Have a proven and verifiable income

One of the biggest factors that credit card companies look for is the proven income because it shows that you have the financial means to pay your minimum balance every month.

Unfortunately, your parents’ salary does not count, so if you do not have an income that is received each month, it does not help you to get a card.

Basically, you need to have some kind of work, either part-time or full-time. You can also file your Income Tax or bank statements. Some receipts may be considered income.

When it comes to reporting proven or verifiable income, you need some sort of documentation, be it tax returns or pay stubs on your behalf. You may not be required to provide them, but you will need them at hand if they are actually requested by the card companies or administrators.

2. Have a guarantor or guarantor

If you do not have a declared source of income or simply want to have a slightly larger line of credit, consider using a guarantor or guarantor, calmly, you do not have any roll in this business, you are simply a holder for your credit card application.

This holder can be a family member (father, mother, brother etc.) or even a close friend who has an established credit history and is willing to give you an additional credit card with you.

However, we can not stop writing some warning words for you before and ask your parents or older siblings to be your guarantors by giving them an additional credit card. Know that any irregular activity on the card will affect the CPF and the name of who is financially and civilly responsible for your card.

If you owe money to the card, the debt will be listed in the debtor reports of SPC, Serasa and Boa Vista, as well as late payments.

What is the easiest credit card to get first?

Many credit card companies have launched cards of the most varied modalities, from prepaid cards, to credit cards to negativado or restriction to the cards without consultation of the CPF. Anyway, what is not lacking are types of cards to choose from.

Just be sure to compare your best options because there are many special card offers that often have hidden fees and very high fees in addition to interest rates or annuity fees.

A practical tip is to check with your bank if you already have a common bank account, digital checking account or savings account.

Sometimes the relationship between you and the institution can make it easier for you to get your first card with no bureaucracy. Here are some other options to consider when looking for your first credit card.

Order your first store credit card

Nowadays any large chain of stores offers several types of credit cards, be it a department store or specialized retail stores such as Casas Bahia, Riachuelo, C & A, Marisa Stores etc., they are generally easier to obtain approval because they start with limits credit.

Typically, you can even place the request directly in the store carton or in the card industry that virtually all of them have. But, just like any financial product or service, retail store cards come with some limitations.

Just be sure though, that if you do not use your retail card as your shopping pass or to access some kind of reward bonus, if you have annuity you will need to pay off the balance every month, otherwise you probably will be paying interest on delays, even if they are small amounts.

Conclusion

When you start to apply for credit cards, and be denied. This is likely to happen if you do not have any credit history. But be strategic with your requests. Start by ordering smaller cards such as Nubank, Next, Inter Card, Original Card and more.

Do your own research to find the best type of card for the current customer profile.

Using these few tips, you can start building your financial history with your first credit card .

But, go ahead and use it responsibly!

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