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21 years old need to build credit

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Iorek
Contributor

Re: 21 years old need to build credit


@heisenberg24 wrote:

ok so apparently I am building credit? Just chatted with a citibank representive and I've been an authorized user under my parents card for over 3 years now. So where the heck would i go to check my credit score? 


Go to annualcreditreport.com and you can pull your credit reports there for free. There are three reports, one for each credit bureau.

Amex BCE ($15k), TE ($5k), BoA BBR ($600), Cash Rewards ($600), Barclays Sallie Mae ($6k), CapOne Quicksilver ($4k), Chase Freedom ($5.8k), CSP ($11k), Marriott (9k), IHG (12k), DCU ($6k), Discover IT ($6.5k)
TU - 4 INQ, EX - 7 INQ, EQ - 3 INQ
Gardening since 06/25/14.
Message 11 of 39
heisenberg24
New Member

Re: 21 years old need to build credit

so how long does it take to find out using that site and the site says  Your free annual credit report does not include credit scores 

Message 12 of 39
raijin23
Member

Re: 21 years old need to build credit

You're not going to be getting FICO credit scores for free(unless you possess certain credit cards or are a member of certain credit unions). That annualcreditreport site gives you the reports from each credit reporting agency detailing your credit history. If you want scores, you'll have to pay. This site offers all three scores for 59.85 if I remember correctly. I'm not familiar with the scorewatch product but I believe you get one score and its a $4.95 trial.

Message 13 of 39
Plasticard
New Contributor

Re: 21 years old need to build credit

Personally I would try and get a credit card from whom you bank with. That is how I first started out and didn't have any AU counts to my name or anything else. You might even be able to get an unsecured card if you've been with them for a few years. 

Message 14 of 39
MLS_Fan
New Member

Re: 21 years old need to build credit

I had a Chase checking account since I started college. When I graduated in 2011 I applied for the Macys store card and got accepted. I also applied for the Chase Slate and got rejected. My father decided to help me and made me an authorized user for his Chase Continental Airlines card at that time. About six months later I applied again and got accepted for the Chase Slate. I've been paying my balances in full ever since. In November 2013 I got a Banana Republic Visa and then a Chase Freedom in December. I suggest asking your parents for help and become an authorized user. Maybe wait 6 months and apply again for the Slate first and then other cards. I'm sure a store card might be easier as well. 

Message 15 of 39
longtime_lurker
Valued Contributor

Re: 21 years old need to build credit


@killer_queen229 wrote:

Is there anyway you can try to get a job somewhere? Cause if you get a secured card it should be your bills to pay, not your parents even if they cosign. 



Maybe you didn't know, but plenty of people just focus on college and recieve things like scholarships, grants, and loans by the school/government to survive on so that they can focus on their education first and foremost.

 

And yes, you do have "your own" bills in college. Stop reading between the lines and making up intent for the OP and being ignorant.

Current cards: MSUFCU Platinum, Amex PRG, Amex Surpass, Amex BCE, Citi Prestige, Citi Double Cash, Citi Premier, US Bank Cash +, Huntington Voice, AAviator, Sallie Mae, Discover IT, Chase Freedom TU:753 EQ Enhanced: 758
Message 16 of 39
longtime_lurker
Valued Contributor

Re: 21 years old need to build credit


@heisenberg24 wrote:

So long story short I'm basically 21 now with no credit. I've worked here and there but currenty not working ATM. I'm a full time college student. I knew I needed a credit card since 18 but have been putting it off. I'm responsible, always my bills on time, good at managing money etc but obviously that doesn't matter since I don't have credit history. Where can I apply to get a credit card because I really need to start building credit. My parents have no problem helping me build credit such as being a cosigner, giving me the deposit money etc. The problem is it's really hard to get accepted since I have no past credit history and I'm not working atm. I've had a chase college account since 2010 but applied for their freedom during summer and got denied.  So anyone have any advice on where to apply etc? I'm in Southern Calfornia btw 


I'd definitely agree with the BoA suggestion, as it can graduate (the TL stays open and you receive your deposit back). Though to be fair, when I was starting out when I was 18 I applied for the card, was declined, and never tried to recon (I didn't know). Use money you get from your parents to help with living expenses, as well as scholarships, grants, etc., and you should be a shoe in! Keep us updated!

Current cards: MSUFCU Platinum, Amex PRG, Amex Surpass, Amex BCE, Citi Prestige, Citi Double Cash, Citi Premier, US Bank Cash +, Huntington Voice, AAviator, Sallie Mae, Discover IT, Chase Freedom TU:753 EQ Enhanced: 758
Message 17 of 39
Iorek
Contributor

Re: 21 years old need to build credit


@heisenberg24 wrote:

so how long does it take to find out using that site and the site says  Your free annual credit report does not include credit scores 


That site will not give you your credit score. Credit scores are, in my opinion, nearly worthless. Much more important is the data on your credit report, which is what that site will give you. There are many credit models, and banks will sometimes use internal models that you can't get your score for without applying for one of their products. Don't focus on the score, focus on the data in your reports.

 

Something to keep in mind that is often quoted on this forum, "credit is a marathon, not a sprint." 

 

Also, read all of this: http://ficoforums.myfico.com/t5/Credit-Cards/quot-Start-From-Scratch-quot-Credit-Builders-Handbook/t...

Amex BCE ($15k), TE ($5k), BoA BBR ($600), Cash Rewards ($600), Barclays Sallie Mae ($6k), CapOne Quicksilver ($4k), Chase Freedom ($5.8k), CSP ($11k), Marriott (9k), IHG (12k), DCU ($6k), Discover IT ($6.5k)
TU - 4 INQ, EX - 7 INQ, EQ - 3 INQ
Gardening since 06/25/14.
Message 18 of 39
heisenberg24
New Member

Re: 21 years old need to build credit

Question.

 

Did I build any sort of credit for the past 3 years since I'm an authorized user of my parents citibank acc in which has excellent credit? I don't go crazy but just buy food, pay basic bills here and there. Parents obviously pay the credit tab each month since it's their account. Citibank claims I have some sort of credit being an authorized user but I'm skepitcal of their answer and just not sure since Chase rejected me for their freedom card this past summer. 

Message 19 of 39
longtime_lurker
Valued Contributor

Re: 21 years old need to build credit


@heisenberg24 wrote:

Question.

 

Did I build any sort of credit for the past 3 years since I'm an authorized user of my parents citibank acc in which has excellent credit? I don't go crazy but just buy food, pay basic bills here and there. Parents obviously pay the credit tab each month since it's their account. Citibank claims I have some sort of credit being an authorized user but I'm skepitcal of their answer and just not sure since Chase rejected me for their freedom card this past summer. 


Yes, you do have that TL reporting on your CR, I would bet. However, Chase does not consider AU's in their internal scoring model, so when you applied, they didn't consider that TL to be yours and you were unscorable to them.

 

I'd check annualcreditreport.com to be sure that it is indeed reporting as Citi told you, but the abovementioned text should be the reason why Chase declined you.

Current cards: MSUFCU Platinum, Amex PRG, Amex Surpass, Amex BCE, Citi Prestige, Citi Double Cash, Citi Premier, US Bank Cash +, Huntington Voice, AAviator, Sallie Mae, Discover IT, Chase Freedom TU:753 EQ Enhanced: 758
Message 20 of 39
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