Whether you're just starting out or rebuilding your credit, we recommend
getting a secured credit card as a first step to building good credit for young adult students.
Also, if you can not get approved for an unsecured credit card,
get a secured credit card so you can establish a credit history of timely payments with a credit card.
The reason you will
get the secured credit card on the first attempt is because you need to put up a deposit with the bank that is equal to your credit limit.
If you do not have any credit or have bad credit,
get a secured credit card like the UNITY Visa secured card to begin to build or rebuild your credit.
You can
typically get a secured credit card in any amount that you wish - most begin at as little as $ 300 and go all the way up to $ 10,000 or more, depending on how much credit you wish to establish.
I have heard of doing this and know people that basically paid for their honeymoon by doing this with all their wedding expenses but my credit right now is AWFUL and I can
only get a secured credit card with a $ 300 limit due to my low income and high student loan debt: (I'm hoping in a few years when I'm making more income (hopefully) and pay down some debt I can qualify for one of these cards and save money on travel and gift cards.
Just remember: There are no «wrong answers» for what to do with a tax refund, but perhaps one of the most beneficial is to use this money to help build your credit
by getting a secured credit card.