How to establish good credit starting with your first credit card

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By Richard Barrington

It takes credit to get credit. That’s the catch-22 that encounters many young people when they first enter the job market.

These days, most credit card companies will not consider an applicant who has yet to establish a credit history. The problem is that getting a credit card can be a key step in establishing that history. Fortunately, there are ways to break through this obstacle.

How to get started with your first credit card

One strategy for getting a foot in the door of establishing credit is to sign up for a secured credit card. This is a card that requires a deposit as security against future charges. You still get a bill and are supposed to make payments in response, but the security deposit is there as a backstop that gives credit card companies the confidence to approve applicants with little or no credit history.

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