YACT: (credit) How long does it take for an 18 year old to get good enough credit for...

[SammyBoy]

Regular credit cards? I'm just wondering. I'll be turning 18 in 4 days now, and I'm obviously gonna sign up for a CC on my birthday I've always been pretty responsible with money, had a debit card for probably 5 years now and I've never bottomed it out or spent money I shouldn't have. I've got a few G's saved up, i won't be going to school next year, probably just working.

ANYHOW, my pregunta es, when will I be able to apply for normal CC's with normal non student limits, if I don't keep a balance on whatever n00b CC I start with? Couple years?

Since I'm obviously not gonna be in the market for a new house in the next couple of years, and if I get a car it'd be paid out of pocket, i wouldn't take a loan on it, is there anything but making CC purchases and paying them off on time that could help a youngin get a better credit score?

OK, thank you, you guys rule


ALso, if anyone coudl fix the problem of me not being allowed to log into AT, that'd be cool too

Okay, Thanks, bye
-Sam

 

[Orsorum]

I got a credit card about three weeks after my 18th birthday, just signed up with Boeing Employees Credit Union (of course I'm a member, ) - they only gave me a $500 limit, which has since been raised to $1000, but that's more than enough for me. I would say go through your normal bank, hopefully you have at least a retail job that you can put on your application. Discover also gives pretty good CC's to people with low incomes.

As far as I can tell, holding two or three at once and paying them off each month is the best time-tested and generally-accepted strategy. If anyone has a better idea, please let me know as well.

 

[Queasy]

Other than CCs...go to take out a personal loan at the bank you bank with. Don't DO ANYTHING with the money you borrowed. Just leave it sitting in a money market (preferable) or savings or in some other short-term vehicle. Pay the first bill or two regularly and then pay everything back.

Instant history right there. Won't help you much but it is a start.

For the most part, just pay everything on time and keep your credit card balances < 40% of your overall limit.

 

[Zugzwang152]

i got a CC when I was 18 as well. Started out with a $500 limit, and insane interest. It's been two years now, I've carried a balance regularly, but I always make at least 10-20x my minimum monthly payment. After about 6 months, they raised my limit to $1500, I switched to a Cash Back rewards program and I requested a raise about a year ago, and they upped it to $3000, where it is today. I believe I pay something like 9.72% interest as well.

 

[KingNothing]

I got my first credit card when I was 18. It was a student Visa from my bank and my dad cosigned it. I think it has a $5800 limit now, and two years later I was able to apply for an American Express Blue Cash card on my own. I forget what the limit is on that one, I think around $3000.

 

[KEV1N]

Have your parents cosign on your first CC.

 

[Imported]

I got a Bloomingdales Ultimate Premier (their best) credit card with a limit of $6000 when I was 18 without the need for a co-sign or anything..

Helped that I spent over $3000 there..

Also have a AAA card and a AMEX Blue for students which I use mainly for Costco. Looking to see if I qualify for that Chase gas card..