Some young people have a difficult time getting approved for credit because they don’t have a credit history. If your son or daughter is running into problems, here are some tactics to consider:
Start with a secured card. Often, this is the fastest way to get credit. With a secured card, you deposit money in a savings account, up to the amount of the credit line, so there’s little risk for the lender.
Get a department store or a gas company card. These are generally easier to obtain than a Visa or MasterCard. The interest rates may be higher so it’s vital to pay off the balance every month.
Once your son or daughter has a history of responsible payment behavior with one of these cards, it will be easier to get a standard credit card.
Check a credit report. This will show if any inaccuracies are making it harder to obtain approval. Correcting misinformation may have positive results.
