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Signing Up for a First Credit Card at 18

Valued Contributor

Re: Signing Up for a First Credit Card at 18


darkariel7 wrote:

Honestly I want to stay away from secured cards as much as possible just because I really dont want to pay the deposit for them. I am a student But I am still in HS for the next 4 months or so. So I am not a college Student.


You dont have too many choices in this situation, you can either

 

 

1. Wait till 21 and then apply for own credit on safe terms

 

2. Have your parents put you as an AU on their Credit Card Accounts

 

3. Wait until you get a job and then provide proof to CCC that you have a job

 

 

And to top that off, I believe you have to wait 6 months after you had your SSN to apply for credit. So I wouldn't rush the situation at the moment. Based on what I'm hearing, I would avoid credit cards at all risk considering your situation.

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Message 21 of 32
New Member

Re: Signing Up for a First Credit Card at 18

I really cannot wait to 21. I am trying to get some good credit going by the end of this year. Nothing epic but something that can get me a Home loan. It does not have to have the lowest mortage but the lower the better obviously. That is my rush. That is why I have now given up on getting it with a my own income. I will have to get my dad to cosign. How are the requirements of this? How good does his score have to be? I am good with almost any cc as long as it does not have an anual fee and is not a secured CC because of the deposit.

Message 22 of 32
Established Contributor

Re: Signing Up for a First Credit Card at 18


darkariel7 wrote:

I really cannot wait to 21. I am trying to get some good credit going by the end of this year. Nothing epic but something that can get me a Home loan. It does not have to have the lowest mortage but the lower the better obviously. That is my rush. That is why I have now given up on getting it with a my own income. I will have to get my dad to cosign. How are the requirements of this? How good does his score have to be? I am good with almost any cc as long as it does not have an anual fee and is not a secured CC because of the deposit.


How are you going to afford a home loan without a job? I had my mother cosign my first card. It had a $500 limit, and I actually cancelled it last year. I got that one from a CU. I think I got my first CC at around age 18 if that helps you decide what to do.

 photo NUS000000180_160X101_STRAIGHT.gif photo DISCOVER_IT_LG.gif photo card_1.png photo night-launch.png photo NUS000000012_160X101_STRAIGHT.gif photo bankamericard-better-balance-rewards-credit-card-small.png
$15000 ........... $12500 ............ $11750 ............ $10000 ........... $9400 ............ $5000 ............. $5000
In the Garden until at least November 2015
Message 23 of 32
New Member

Re: Signing Up for a First Credit Card at 18

Well I dont have a job at the moment but I am already looking and have a pplied for a couple. I just dont want to wait weeks to apply for a cc. I will use rent my own money and some help from my parent to pay the mortage. To be honest I am not 100% on a plan about the house. At the moment I am simply opening up the possibilities for it.

I decided to get my dad to cosign. I will most likely go with the bank of america better balance card.

Message 24 of 32
Valued Contributor

Re: Signing Up for a First Credit Card at 18


darkariel7 wrote:

Honestly I want to stay away from secured cards as much as possible just because I really dont want to pay the deposit for them. I am a student But I am still in HS for the next 4 months or so. So I am not a college Student.


As a lender, I would probably not want to issue you a line-of-credit.

 

If you are unable to put money down on a secured card, then I have to believe you are equally incapable of paying me back AFTER you've charged.

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Message 25 of 32
Valued Contributor

Re: Signing Up for a First Credit Card at 18


darkariel7 wrote:

Well I dont have a job at the moment but I am already looking and have a pplied for a couple. I just dont want to wait weeks to apply for a cc. I will use rent my own money and some help from my parent to pay the mortage. To be honest I am not 100% on a plan about the house. At the moment I am simply opening up the possibilities for it.

I decided to get my dad to cosign. I will most likely go with the bank of america better balance card.


Oh, to be young again.

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Message 26 of 32
Regular Contributor

Re: Signing Up for a First Credit Card at 18


Repo-ed wrote:

darkariel7 wrote:

Well I dont have a job at the moment but I am already looking and have a pplied for a couple. I just dont want to wait weeks to apply for a cc. I will use rent my own money and some help from my parent to pay the mortage. To be honest I am not 100% on a plan about the house. At the moment I am simply opening up the possibilities for it.

I decided to get my dad to cosign. I will most likely go with the bank of america better balance card.


Oh, to be young again.


True. But at least the OP is here trying to figure out things about credit, which cannot be said for quite a few of her generation group....



$1250                $4000              $15,000            $11,000         $1000(secured)      CLOSED!                  $5000        2.65%:
Starting Score: 0 (03/01/13) &Current Score: TU FICO 791 CK755 CS747 QZ747 &Goal Score: 750 new goal:800 garden since 03/21/14
Message 27 of 32
New Member

Re: Signing Up for a First Credit Card at 18

When did I say I COULD NOT pay for the deposit? I said I did not want to pay for the deposit. Also it is very different to just pay the things you were going to buy anyways than it is to just put away 300-500 dollars for a whole year. All I am going to do with the card is buy things for which I already have the cash to buy. The only difference is that this way I will increase my credit score. Please do not misunderstand and think that I am one of those "I can just pay it later" people. I may not be drowning incash at the moment but that does not mean that I don't understand the basic concept of debt having to be repaid(with interests).

Message 28 of 32
Regular Contributor

Re: Signing Up for a First Credit Card at 18

You can definitely get a first credit card at 18! I got my first card at 18, CapOne Cash Rewards with a puny $500 limit. I used it and paid carefully and now two years later, I have all of the cards in my sig and more than 50k in credit limits. You have to start small, but it doesn't take long to build. Good luck!

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Message 29 of 32
New Member

Re: Signing Up for a First Credit Card at 18

If I can get the credit card and start actively using it, How long would it take for my credit score to get to anything? What I am asking is when I use the card after say 7 months what will my credit score be? On a slightly different topic, can I take an application home and bring it back to the bank later? Since I need a cosigner bank of america told me I have to go to the bank to apply but what I totally forgot to ask is if I can take the application home to fill out have my dad sign then just tak it to the bank. It is a scheduling thing. My dad is leaving on a trip for a couple of weeks so I con only do this on wednesday but that is the day he leaves. So I want him to sign it earlier then just take it to the bank. Also is it a good idea to apply for 2 cards at bank of america at once or will my odds be better if I just apply to one?

Message 30 of 32