If you’re a recent college graduate, you might be looking for a credit card to add to your wallet.
It’s a good way to build your credit history as you enter the phase of your life where you’ll be out on your own. Down the road you’ll need good credit to get approved for a mortgage or car loan with an attractive interest rate. But even before that, a prospective employer or landlord might pull your credit history to size up your financial responsibility.
“Not having a credit card is probably one of the worst mistakes you can make financially,” says Kevin Yuann, credit cards director at NerdWallet. If you have no credit history, a lender has no information by which to evaluate you. Plus, it’s in your interest to develop a credit history sooner than later; The longer you have a credit card and demonstrate you can use it properly, the better your credit score will be.
Yet, it’s increasingly likely that you’re graduating college and entering the real world without a credit card. Some 63% of Millennials (ages 18 to 29) don’t have a credit card, according to a recent survey by Bankrate. Why? “People in their 20s lived through one of the worst financial disasters and saw their parents get burned by financial institutions,” says Yuann, adding that the experience bred a general distrust of the entire industry. Plus, in 2009, Congress made it harder for those under 21 to get a credit card of their own with the CARD Act.
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