The Easiest Loan You Can Get

If you think about it, getting a credit card is the easiest type of loan you can ever get. When compared to an actual loan, a credit card is easier to obtain.

But if you were to get an actual loan, you will have to go to the bank, fill out forms, and prove you have collateral.


Why Are Credit Cards an Easy Loan?

With a credit card, you can easily get one by applying online or through mail. The card company will certainly check your income and credit at first but that’s hardest part. After being approved, the card company will not check your income and employment status anymore. The card company will recheck your status if you request for an increase to your line of credit.

So do you see the advantage of having a credit card? Credit cards can be quite convenient specifically with some kind of unexpected financial crisis. If you lose your job, or run in some kind of financial problem, you will still have that line of credit available even though you are unemployed.

Get a Credit Card as early as Possible

If possible, try to apply for a credit card as a college student. Most issuers take into regard that you are student. Therefore so you are more likely to get a credit card even without much in the bank.

I had my first credit card at 18, just right before entering college. The credit card I applied for was for college students.  To be ability to have $1800 in available in credit anytime you need it was a good feeling to have at the time. But being young and naive, you will need to have that self-control to not use all of that line of credit and to make sure you can pay off what you borrow.

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If you are not in school or do not plan to go to college, I would suggest you get your first credit card the after getting your first job. It doesn’t matter what job you do. Just make sure to put some money in your bank account so you have something to show for when you start applying for a credit card. If you fail the first time, try again with more money in your account. When you get approval, steadily build your credit by being a responsible spender. Doing so will go a long way for you.

Which Brings me to Credit versus Debit

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