Consumer Reports: scoring your first credit card - Action News 5 - Memphis, Tennessee

Consumer Reports: scoring your first credit card

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(WMC TV) - It's a lot tougher to get a credit card these days, especially if you're going for your first one.

Consumer Reports has advice on how young people can get a card without paying hefty fees.

"One of the best options for a first-time cardholder is to get a secured card," said Consumer Reports Money Advisor Mandy Walker. "It'll require a security deposit that's generally equal to your credit limit."

If you get a card and establish a good payment history for a year to a year and a half, you can then ask for another one with better terms, either with your current card-issuer or by shopping cards on or

Consumer Reports said developing good habits with your first credit card can spare you a lifetime of financial grief. Make a point of paying off the balance every month. That way you don't spend more than you can afford, and you won't end up paying oodles of money in interest charges. Pay your card off on time to build a good credit history and avoid hefty late fees.

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