In the economic environment of today, although you may not need to use it, having good credit is vital to survival. It positions you as a fiscally responsible person and can help ensure that:

You get better rates on your mortgage;
You get better rates on your car loan;
Your security deposit, if your utility company requires it at all, is as low as possible;
Your potential landlord favors you over someone with a bad credit rating; and
Your potential boss favours you over a candidate with a bad credit rating.
That being said, you should always keep in mind that the ability to obtain credit is a privilege not to be abused. It takes a long time to build up a good credit record but your reputation can be destroyed in a very short time. Do not borrow money that you cannot afford to repay eAadhar Card status.

How do you get your first credit card?

There is a slow way to get your first card fast. (And get a good credit rating)

And there is a quick way to get your first card fast. (You only need some collateral)

My hope is that if you are still young enough you will implement the slow way. If you are not – well keep on reading.

The slow way to get a credit card fast

Open a debit or savings account (having an account demonstrates stability.)
Become an authorized user on a parent’s, siblings or friend’s card (do not use this card and make sure that the primary account holder is financially responsible.)
Get a student credit card.
Consider an auto loan (the interest rate is usually higher but it is a simple way to build good credit.)
Pay all accounts on time (set up debit orders to pay your bills or have a reminder system in place so that you’re never late with a payment. This includes utility bills, cellphone accounts and accounts at stores.)
Keep your employment history clean (your work consistency and stability in holding onto jobs is very important.)
Maintain a stable place of residence for as long as possible (this home address can even be that of your parents. Having a fixed home address greatly affects your credit rating.)
Consider a loan from a peer to peer lending site (individuals who offer these loans compete with each other to offer you the lowest rates. Often lower
than the bank’s rates. Ensure that these sites report to all the credit bureaus.)
Get a copy of your free credit report every year and make sure there are no mistakes.
Building good credit is about proving financial responsibility and that you can reliably repay money you are trusted with. A single missed payment can negatively impact your credit score and take many years to disappear.

If all these things have been taken care of, getting your first card will be quick and painless. Just make sure you are able to pay the balances when they fall due or all of your planning and sacrifice will be for nothing.