Millennial money: How to get credit when you have none

Trying to get your first credit card can be as frustrating as trying to land your first job. Employers want experience, but you can’t get experience unless someone hires you. Similarly, a credit card is the quickest way to build a good credit history, but without a good credit history it’s hard to get a credit card.

That catch-22 has been tripping up applicants since the Credit Card Act of 2009, which tightened lending standards, making it especially difficult for young people to qualify for credit cards on their own. That’s left would-be applicants with less-than-ideal options: Put down a deposit for a secured credit card, piggyback on someone else’s good credit as an authorized user, or delay credit building entirely.

This has created an opportunity for startup credit card companies that look beyond credit scores when considering applications. These companies use alternative methods to gauge an applicant’s risk and offer cards

CREDIT >> PAGE 7

MATT ROURKE — THE ASSOCIATED PRESS Credit card logos are posted on a store’s door in Philadelphia. Trying to get your first credit card can be as frustrating as trying to land your first job. Employers want experience, but you can’t get experience unless someone hires you. Similarly, a credit card is the quickest way to build a good credit history, but without a good credit history it’s hard to get a credit card.