I technically got my first one at 18 (a bookstore credit card) but I my first one that I can use anywhere at 19. I have used that one once.
Yup. Debit cards are for kids. You have to be 18 to get a CC supposedly. I got mine when I turned 18. I'm STILL 18 right now and I have 4 cards.
1) My first student card, $1k limit... tossing it cuz it sucks. Had it for 10 months now
2) American Express - $8k limit.. waiting to switch this into Blue Cash to get mass cashback
3) Effectiva Visa - 10k limit... use this for everyday stuff cuz its how I get cashback
4) 2nd card from parents, but it's not my acct, so doesnt affect my credit as much, but from what I understand it's a friggn hugeass credit line, but I don't really need this card anymore.
I try to max out my cards as much as possible. My parents take me grocery shopping, etc or whatever just so I can use my card. They ask me to give them my card when they're paying bills, etc, buying stuff online, yea yea... Heh. I like how my credit history is building =)
I'd say I'd agree with around about the age of majority (18), if you are mature and responsible enough to use it properly.
I was a little older than that when I got mine though. But I've come to realize as a few others have pointed out, that if you use it properly and always keep it paid in full (so you don't get charged huge interest) it's a great way to build a solid credit rating.
If you are going to go crazy and treat it like "extra money" then you should probably hold off. If you just treat it as an alternate payment method it's great for buying stuff online and building your credit rating.
I was a little older than that when I got mine though. But I've come to realize as a few others have pointed out, that if you use it properly and always keep it paid in full (so you don't get charged huge interest) it's a great way to build a solid credit rating.
If you are going to go crazy and treat it like "extra money" then you should probably hold off. If you just treat it as an alternate payment method it's great for buying stuff online and building your credit rating.
HardcoreRobot
Lifer
- Nov 7, 2000
- 16,403
- 3
- 81
Tip: If you're 18, don't keep going around like this. I had a card like that from my parents for a long time. It's not under your name, so you don't get much credit boost from it.
Also don't run around with a debit card thinking it says Visa on it so you're cool now. It will NEVER show up in a credit report run, and it does nothing. Sure you can have the luxury of swiping at a restaurant and looking all adult-like. Plus, if you lose your debit card you CAN lose all the cash in your account. And who cares if BofA launches their commercials saying you'll get money back in 1 day. It's s till inconvenience. Losing your CC is like ok... they charged you a bunch of money, but you didn't lose anything yet because you don't pay till your bill comes. Thus you have time to dispute and you haven't lost a dime yet.
I think the people who don't use CCs even when they're in their 20s just rely on their debit cards. Sure it works, but I don't see what good it does.
uh... maxing out your cards is NOT a good thing. you want to stay under 50% of your credit limit at all times. they penalize you if your balance is more than 50% of your limit.
Seriously.... mid twenties??
Im making 1 dollar back every 100 I spend, and I use it for car downpayments and computer stuff.... it may not seem like much, but Im using my cashback from last year to buy some furniture
Im making 1 dollar back every 100 I spend, and I use it for car downpayments and computer stuff.... it may not seem like much, but Im using my cashback from last year to buy some furniture
Never wanted one, but I got my 1st one at 26 yrs only to help out my credit.
Appropriate age? I would say 21.
Appropriate age? I would say 21.
Well I don't get very high. Hah I hit like 1.2k or so maybe at most. It was with my old card it was a MAJOR problem $600 limit. I got penalized once for hitting limit. I was 37 cents over in China. STUPID PLACE. They dont accept AMEX unlike in Taiwan and so I was forced to spend with my Visa and it got charged. I'm done with that POS card anyways.
In either case. Cash back rules. If you think you don't need credit, fine, but you're missing out on benefits. Plus you're carrying lots of cash around, change, etc. I hate dealing with coins. I swipe everywhere I go now. McDs, Subway, Quiznos, etc... so convenient.
mugs
Lifer
- Apr 29, 2003
- 48,920
- 46
- 91
Maxing out (and paying it off) is not bad unless you're planning on applying for credit in the near future, because your utilization is just a snapshot at a point in time, so if you keep it low for a couple months before you apply for credit, it'll be low when they get your score.
Edit: Don't go over your limit though.
i voted 25+ because there was no 'never' option!!!
i have had some bad experiences with these credit cards!
i have had some bad experiences with these credit cards!
how the hell are you gonna get an AMEX at the age of 18? They have Income requirements of like $36,000/year
18. Simply because that' legal adulthood basically. A lot of people aren't intelligent enough to understand what debt is or they can't control their spending habits.
But stop the spam! My mom bought a shredder for the sole purpose of my sister and I being in college. The keep sending sh1t with personal information all over it. And in college dorms they won't stop calling.
Anyone that's under 18 should get extremely strict education on credit. I'm betting the reason why these companies spam college students is because they want to get them hooked on a lifetime of debt. I don't understand how the it's legal to try to do this to students.
I've yet to go beyond my grace period. I bet they've lost money on me, lol.
But stop the spam! My mom bought a shredder for the sole purpose of my sister and I being in college. The keep sending sh1t with personal information all over it. And in college dorms they won't stop calling.
Anyone that's under 18 should get extremely strict education on credit. I'm betting the reason why these companies spam college students is because they want to get them hooked on a lifetime of debt. I don't understand how the it's legal to try to do this to students.
I've yet to go beyond my grace period. I bet they've lost money on me, lol.
16, parents should teach their children fiscal responsibility, and help them to build excellent credit scores early on.
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