The Impossible Journey: Life Without a Credit Card

You could say that I am a pretty normal college senior. I work in the summer, have a part-time job during the school year and depend on my parents for my rent. I consider myself poor and strapped for cash as most students are, using any money I’ve earned or gained for food, gas and ‘ yes – the occasional splurge at Target. Oh, yeah, and I don’t have a credit card.

My friends find it incredible that I’ve managed to get this close to graduation without a credit card. Mind you, I do have a debit card or two, but I managed to live abroad for a whole year and have lived in more than three towns since moving out of my parents’ house when I was 18 without a credit card. As I’m about to (hopefully) venture out into the world of 9-to-5 adulthood, I think you’ll agree that it’s high time I go out and get myself that token of maturity and financial independence.

But it’s not that easy. A few years ago, I applied for a Target card to get the 10 percent discount, but I was rejected. And I’ve had more than my fair share of overdrafts, which is one of the most compelling reasons why I’ve decided to take this credit card matter into systematic overdrive. Join me as I get my hands on a (free) credit report, attempt to improve what little credit I’ve managed to establish and hunt down (and apply for) the best card for me. Following are more reasons for biting the interest-rate-bullet:

Paying for gas in $10 increments gets old. When you’re getting paid tomorrow but you have to eat/drive/pick up your prescription today, credit cards are your friend.

Renting a car or making hotel reservations is embarrassing, if not impossible. I sure love mom and pops, but even their credit card numbers won’t help in situations like these. Especially when they live hours away.

Because one day I will–gasp–rent an apartment myself. And pay for it. Getting a loan, buying a car, all of these require an established credit history. Having a credit card is the easiest way to develop credit.