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How can I start building a Credit Score at 18?
I only incited eighteen this week, as well as we wish to know how can we begin office building my Credit score. Should we get a credit label from a store similar to Macy’s, etc. And how does a credit measure works?
Also how most would i compensate monthly, if i outlay similar to 200 per month, how most would we have to pay?
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LikeDislikeprobably be easier to get a credit card with your bank. then make a few purchases each month and pay them off right away. there’s like 3 different credit score reports and nobody understands them.
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LikeDislikeYou can have your parents help you co sign for a credit card with a bank. They can help you pay it off each month. Or you can try getting one by yourself but only buy a few things on the credit card and make sure you have money to pay it off.
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LikeDislikeYeah, I started building my credit when I was 18 too, im 22 right now. You can start applying for credit cards at retail stores. Like: target, walmart, shell gas station, sears, macys, and etc. If they don’t work can go to your bank and apply for a student credit card. (bank of america, citi bank). If you pay your bills on time you credit will go up. But if you pay late a few times, or never pay them you will be expecting debt collectors calling you everyday, this lowers your credit score. Also, never apply for 3-6 credit cards at a time, companies look at how many you apply for in a short period of time (whether you’re approved for them or not) because it shows they you’re in need of a credit card. Don’t apply for credit just to pay off something and close it right away, this also lowers your credit score; keep your credit card for at least 5 years. When you open a credit card, theres something called credit line, the maximum you can charge on your credit card. Let’s say you open one and they give you $200/month and you pay everything off monthly on time for 6 months they upgrade you $500/month. How much your limited to depends on the card.
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LikeDislikeNo, you should not apply for a store card. You will not be approved, and the application will hurt your credit (so if you get get a credit score, it will be less). You should seek a secured credit card, and no other types, until after you have built your credit.
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LikeDislikeHi,
You most likely will not be approved for a card if you apply. And yes, applying for credit in any form, most times will hurt your score.
Here are the best options:
1. Have your Mom, Dad, Grandma or Grandpa (If they’ll let you), add you to their credit card account. Make sure they add you to whatever credit card they’ve had the longest. If your Grandparents have cards that they’ve had for a decade+ that will really help. This will take your history back all the way to when the card was opened – which can be like when you were 5. Use it, pay the bills on time, every time. If they don’t like the idea and think you’ll screw things up – tell them to keep the card themselves and use it for you, in your name. This will really help your credit.
2. Have one of them co-sign and apply for a good credit card. A co-signer that has a great score and long credit history will, in most cases, get you approved. Then, use the card, pay the bill, etc. The co-signer will also get a card and it won’t hurt to ask them to use it as well.
Hope this helps – good luck.
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