When I first turned 18, getting new credit was tough. No one (and I MEAN NO ONE) would give me an approval for my first credit card. I even tried getting a new car loan to buy a cheap 1999 Honda Civic DX; I was not approved.
(I really needed that car too, my existing Honda Prelude from 1988 had almost 199,000 miles, and I thought the transmission was going to fall out.)
The most frustrating part of my experience trying to obtain my first credit account was not the constant rejection from creditors. It was seeing my friends getting approved and buying all kinds of things; like High-End Clothes, Sports Cars, Jewelry, and Stereo Systems.
(Looking back I realize that buying those things on credit is a dumb idea. But, at the time, when you’re 18 years old, it’s a different perception of reality.)
Finally, some good news
By the time I turned 19, it finally happened for me. I was at Macy’s doing some clothes shopping and decided on a whim to apply for one of their credit cards. The cashier had offered it to me.
Initially, I was turned down, but then a week later they reconsidered … READ MORE