Did it get harder to get credit if you’re under 21?

[Pablo]

I’m turning 20 in June, so I’ve decided it’s time to take out my first credit card. I’ve applied to 4 different credit card companies, but they all turned me down!

Someone told me that there are new rules now and that I need to wait till I’m 21? How an I supposed to start building my credit if no one is willing to give me credit?

Thanks

[Bobby]

There are new regulations now

You’re not wrong. It did became harder, if not impossible to get a credit card when your young.

As per the new regulations that were put in place on Feb 2010, you need to be 21 and employed at least 12/18 months before getting approved for a regular card. Also, a part time job or minimum wage is not enough.

There are three ways to work around this:

• Have someone co-sign for you
• Take out a secured credit card that converts after a year or so to a regular card
• Have you parents add you as an authorized user to their credit card

See Establishing Credit History with Credit Cards for more information.

[Author]

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