Credit card question.

Credit card application question?

• OK so i recently turned 18 and wanted to get a credit card for gas and things like that. The bank says you need credit to get a credit card but if no one gives you a credit card then how are you supposed to start developing a credit history? I went to my bank (suntrust) and they said I'd have a better chance of getting approved if someone cosigned my application so my grandmother cosigned the application. She has extremely good credit. They never called and said whether my application was approved or denied but 2 weeks later I got a piece of paper from card holder services that said we could not generate a credit score for you and then went on about good ways to maintain credit and the benefits of a good credit score. It didn't say approved or denied or that I had a bad score. It just said there was no credit history for me and that's all. What does that mean?

• Answer:

  New regulations are making it nearly impossible for anyone under 21 to get a credit card. You must have long standing employment with sufficient ability to pay back. Minimum wage or part time will not suffice. Do you have savings in place? This is much more important than any credit card. Always will be. Gather up 5 months worth of income in that savings, then consider a credit card. A card company will also ask and verify. Do not get your family involved with co-signing. There really is not rush to have credit. If you ever need a car loan, a car lender will weigh heavily on your employment and salary. Many, many people get that first car loan without any credit. Also, I'm afraid that since you don't have the emergency savings fund in place, that you will carry balances on a credit card. Hopefully you won't do this since this is an easy way to destroy credit. Once you get savings in place, consider a secured card. You could be turned down for this if you don't meet income and employment requirements.