Am I Eligible For Credit Card In USA

Am I Eligible For Credit Card In USA

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The world cannot run without the workings of finance. You can take the example of a house, where everything is brought by money. If you are managing a household, then you must be aware that you have to pay the rent at a fixed date, and after another month, you have to pay again. Similarly, groceries, utility bills, and other necessary expenses require hard and fast cash or credit. In this scenario, a Credit Card can be a helpful tool. If you have it, then you can spend out of your limit. And pay the credit with future earnings.

This article will tell you whether you are:

Eligible for a Credit Card in the USA?

If you fulfil all the requirements, then you are eligible for a Credit Card. So thoroughly read the requirements, and find out your eligibility.

So here are the requirements one by one.

You must have a legal age

For getting a Credit Card in the USA, you must be eighteen or above. If you fall under this age limit, then forget about the Credit Card, and wait for the maturity of your age.

The age limit has been but for streamlining the business transactions among adults. Adults can do business, job, or hustle. And they can manage their money wisely than non-adults. That’s why credit is only for adults.

The age limit is also due to federal requirement because the law says that only an adult can open a bank account and do transactions.

Age limit also saves troubles for banking institutions.

You are earning your own income

The laws are strict about getting the Credit Card in the USA. And the rules allow only those persons who are earning their own income. The rule also forbids the person with household income. It also does not consider a parent’s income as the base of eligibility.

So if you depend to pay the Credit Card bill through handouts, then forget about that. And start finding a source of incomebecause the real wage will get you in the line of credit. Also, you need to pay the credit bill. And it will only be paid by your earnings.

Your credit history must be positive

If you already have a Credit Card, and you want another one, then your credit history will matter a lot. Positive credit history will clear you from objections and put you on the way of getting another card for credit.

If you have a situation where you are charge-off on credit history, then you will not get another line of credit. Your application will be rejected by the bank officer at first sight. So before applying for another line of credit, clean your past history with regular bill payments.

You must not have a pile of debt

For getting a Credit Card in the USA, you must be a person with a low amount of debts. If your debts are outstanding, then it will alarm the issuing officer, and your application will be rejected. So clear off your debts as soon as possible. And then apply for the line of credit. Because you have minute chances of approval with a burden of debt. The bank will act rational and issue you a Credit Card in case of zero debt.

You must have a co-signer

The banks issue Credit Cards only to those who come with a co-signer. It is due to regulations. A co-signer is a person with good credit history and a reasonable amount of income and capital in the account. The co-signer also assures the bank about your bill payment. The signature of the co-signer verifies that you are an earning man with a clean slate reputation.

You must have a security deposit

Another way to get the line of credit is through a security deposit. If you want a Credit Card, then open an account in your desired bank, then put a security deposit of reasonable amount in the account. After that, apply for the line of credit. Your security deposit will clear you from objection, and you will get a card.

You can also withdraw the security deposit after getting the card. This method is a successful method used by many working men. You can use this for your good.

Also Check:

Frequently asked questions

Q1: I am 18, but I do not have a regular income. Can I get the credit card?

Ans: No, the bank officer will ask you about the income source. And which must be legal, regular, and standard. You cannot get the line of credit on hustling jobs.

Q2: I do not have a co-signer. How can I get one?

Ans: The co-signer must be a person with good credit history and standard income. You can find one in your family or friends. Maybe a wealthy person in your social circle, vouch for you and sign the papers.

Q3: Does a shop will be considered an eligible source of income?

Ans: Yes, a shop will be considered as an eligible source of income. But your business must be on some level. The bank officer can ask you about the detail of cash flow and magnitude of the business.

Q4: Do I have to make an account in the bank for a credit card?

Ans: Yes, you need a bank account for a credit card. Otherwise, how can you pay your credit bills?

Q5: I have a low paid job. Can I get a credit card?

Ans: Yes, you can get the credit card. But the bank officer will allow you a small credit limit. You can increase your credit limit with a high-paying job.

Q6: I have a bad history in the past. How can I get the credit card?

Ans: Apply for the fresh account, then deposit a security amount, and apply for the credit card. You are not required to disclose your credit record of another bank.

Q7: Can I get two credit cards from two different banks?

Ans: If your financial means are good enough to afford the charges, then you can have two credit cards.

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