Credit card companies are always looking to issue credit cards to students or individuals with no credit history. About 2 in 3 students have a credit card because financial institutions are banking on the fact that mommy or daddy will bail their kids out of financial debt if their children can't pay their credit card bill. If you're one of the ones that didn't get a credit card in college, all of a sudden the rules have changed, and you're now viewed as a risk to card issuers.
The best way to get a credit card, is to show a history of repayment of debt. Then creditors will know that you have made payments in the past, and will likely continue your trend of timely payments. Credit card and loan payments are regularly reported to the three credit bureaus (Equifax, 888-532-0179; Trans Union, 800-888-4213; and Experian, 888-397-3742), but most consumer payments - including rent, insurance and even some types of student loans -- are not, unless you don't pay them.
You can pay your rent on time for 5 years straight, and you'll never get any credit for it, but if you miss one payment, it will end up on your credit report.
This doesn't mean you can't get a credit card if you didn't get one in college. Credit card companies are in a strong competition for your business, and it could take as little as 6 months to establish your credit-worthiness. In some cases, you don't even have to wait 6 months, and can get a credit card immediately.
Winning strategies
You should start by looking at copies of your credit card report. If you've been turned down for credit in the last 60 days, you're entitled to a free copy of your report. You can also get a credit report for free once a year. If there are any errors on your card, you should contact the credit bureau that the error occured on, and let them know the mistake that's on your report. This will help your credit score, and increase your chances of being accepted the next time you apply for a card.
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