I was probably eighteen when I got my first credit card. , Well, not exactly. You see, my mom listed me as an authorized signer on hers at the time and gave me a card, noting it was "strictly for emergencies." But it wasn't until I was 21, working my first full time job, and knowing that I needed to start building my credit, that I finally took the plunge as a solo cardholder. Here are some lessons looking back. I should've started earlier. Your…, First up: try for the traditional card on your own. , Depending on your income to expenses and how long you've had your job, you may qualify right off the bat. That's not always the case, though, and that's where co-borrowers and secured cards come in., Have a trusted co-borrower apply with you., A co-borrower is someone you can put joint on your loan or credit card and – unlike an authorized signer – both parties are responsible for paying back the loan. If you're 18 to 20, for example, discuss applying with a parent or guardian as your coborrower. As someone who doesn't have a credit score or credit history , you're unlikely to get approved for your own line of credit without someone on…, The other option is a "share secured" credit card., With a secured credit card , you agree to hold some of your own money as collateral to the institution, with the credit limit tied to your investment. So, for example, if you agree to lock $500 of your savings into what your institution calls a "hold", then you now have that as a $500 credit line. It basically gives your institution the peace of mind that you – as a new borrower – have something…
