“I can’t get a credit card because I don’t have income”
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One of my friends called me yesterday and told me she had no credit card, so could she borrow mine to make some purchase? This is the equivalent to one of Dr. Koop’s friends being morbidly obese because of only eating butter. Imagine how angry it made me!!! Anyway, I told her to get a credit card and start building her credit (more about that here), but she said that she has no income so she can’t get a credit card.
There’s an easy way around that: Get a secured credit card! These are credit cards where you put down a few hundred bucks in a savings account, and the bank uses that as collateral to issue you credit. After a few months, you can graduate to a regular (“unsecured”) credit card. To get one, call your bank and ask about it.
More about secured credit cards here.