major credit cards
President Obama Signs Major Credit Card Reform Bill
What major credit card should I apply for?
I am trying to build my credit, but I am only 20 years old and the new credit laws make it hard to get a major credit card. My credit score is 728, and I have been at my previous place of employment for 3 months. Are there any major credit cards that are more likely to approve me?
I don’t have anyone to co-sign with me either.
EDITED, with new and accurate information:
Your surest way of being approved without a co-signer is to apply for a secured credit card. You provide a deposit and borrow against it. It isn’t your money any longer because if you default, that is how your card issuer won’t lose money. Secured credit cards do something that debit cards and prepaid credit cards don’t do…build credit.
My suggestion is to wait at least three more months at your employment to establish it more. Banks desire stable borrowers.
There are a lot of scams for secured cards so apply with a well-known bank or credit union. There may be some fees depending on a person’s credit history and the card they are applying for. But with your credit score, you should be able to find a card with only an application fee. For example, the first cards listed on the 1st and 2nd links only has an application fee of $75. This expense is well worth it to ensure approval of credit to build a credit history and your deposit is usually refunded 6 to 12 months after your account is in good standing. You just have to do some research, online or in person, to find a secured credit card with only an application fee that is right for you.
Not to worry. Even with the new laws enacted in February, you can still get a credit card. Quote from the 3rd link: “Credit card issuers are banned from issuing credit cards to anyone under 21, unless they have adult co-signers on the accounts or can show proof they have enough income to repay the card debt.” Because of your income, you qualify! Like unsecured credit cards, your income determines your credit limit.
And just like unsecured credit cards from reputable card issuers, you are not liable for unauthorized charges . The cards in the 4th and 5th links are an example of this.
Make sure you confirm that your card will report to the credit bureaus.