How to obtain a credit card for a young adult?

My two older children (early twenties) are trying to get a credit card, but most companies require that you already have credit with someone else. How do you go about establishing credit if you can't get credit?|||They should go to their local bank and ask them for a secured credit card. This is a credit card that usually has a low limit (about $500) and is backed up by a savings account. They'll have to put $500 (or what ever the limit on the card is) into the savings account and the bank will hold on to it and pay interest on it.





You can use the card just like any credit card and being responsible with it will help you build credit. But if you are irresponsible and you don't make at least the minimum payments, then the bank has the right to take the money from the savings account to cover the balance.





Since the bank has the savings account as a back-up they usually don't require you to have an established credit history to approve you for the card. You should also find out if they report to the major credit bureaus. You want them to report so that your children build a credit history.|||People with bad credit or poor credit are often face difficulties in obtaining a credit card. The fact is indeed true that their choices are limited when it comes to credit cards but, credit card issuers are increasingly offering financial products that specially cater to bad credit people.





Bad credit problem can be caused due to a number of situations. The credit card choices available to bad credit people allow them to rebuild their credit history. Financial products that help bad credit people are prepaid credit cards or debit cards, secured bad credit cards, unsecured bad credit cards.





Prepaid or debit cards:





These are the easiest option available for bad credit people. There are no verifications, no credit checks, no employment requirements, and the approval is instant. All they have to do is to deposit a money and a prepaid card is issued. This card has the borrowing or buying capacity equivalent to the funds deposited. The good thing with prepaid credit card is that it promotes financial discipline. Some prepaid card issuers report to various credit rating agencies, thus it helps in rebuilding your credit history. Apply online for a best prepaid credit card at: http://www.credit-card-gallery.com/PrePa鈥?/a>|||i have the same problem


yet my 13 year old recently upgraded his account-at the banks insistance, from his childs account


and automatically sent him a credit card!


apply for a debit card, they are easierthats what i did and a debit card is better than a credit card|||Why not teach them to live without using credit?


The only thing you get obsessing with building credit is debt.


To get a high I love debt score you have to borrow money and make payments on time.


To keep a high I love debt score you have to keep borrowing money and keep making payments.


A low score from borrowing money and not paying it back ist trouble. If you have a 0 score from not borrowing money (playing the credit card game) you can still get an apartment and job and home loan with manual underwriting. Same low interest rates and not a sub prime loan. It the way loans where done before the I love debt score came about.


Pay as you go and live on less than you make and you will win with money.





Of course the bankers on here are gonna tell you different.





Debt free is the way to be!|||Check out www.fastcreditcardapproals.com here you will be able to compare all major credit cards side by side on rates and rewards, GOOD, BAD OR NO CREDIT they have the right card for you. Just go under the poor or no credit section and they will give you a few choices.