Where Should I Apply for My First Credit Card?

Best Answer:

Yes, start with a store card, any major retail chain. If that doesn't work, check with your bank and see if they issue secured credit cards. They put a hold on part of your savings and give you a credit limit up to that amount. Gas cards (issued by the major oil companies) are another option, they have a low limit so they are easier to get. Once you get a card, you need to use it in order to establish your credit history, but be sure the payments are on time. Credit issuers don't report the fact that you got turned down, but they definitely report inquiries (the fact that they checked your credit because you applied for a card or loan), and too many inquiries will hurt your credit score. So do not apply at a lot of places. Pick a mid-level store like JC Penney and see what happens. Also, having too many credit cards can be a negative. Once you establish credit you will be inundated with credit card offers. Resist the tempation - keep two or three bank, store and/or gas cards and stick them them.