18 year old trying to build credit?

[Kevin1995]

Hello,

I just want some other people's opinion on how am doing with my credit. 

I turned 18 just this year in April. I have had a credit card through my credit union since the day I turned 16 with a limit of $500. I do carry about half the balance of this credit card month to month as the APR is very low. (9%) I recently applied for a AMEX Blue card and got approved with a $2,000 credit limit and 0% APR for 15 months. I just made my first payment and paid the balance in full. (My balance was around $500.) While shopping at Macy's a couple days ago, they got me into signing up for a store credit card because I would get the 20% off my total just for applying, whether I got approved or not. I figured what the heck and applied for the card and actually got approved for a card with a small $500 limit. I figured I would just pay off the balance and never use it again due to the high APR. I just checked my Credit score and I have a score of 675. 

I think I am doing pretty good on building a good, solid credit history but I want other people's opinions. Thanks!

[Gunnar419]

I think you are doing really good and I congratulate you on your responsibility, your progress -- and your very good idea of consulting the wisdom of MyFico to help you along your path. Kudos! There are several others around here of your age and you appear to be doing as well as any of them.

The only thing I'd caution against is letting anybody (i.e. Macys) talk you into spur of the moment credit decisions. Sure, you may now and then run into an opportunity and just go for it. That's part of the fun. But it'll help to have a plan -- at least a sketch of a plan -- for what cards you want/need and where you want to go next on your credit journey. Then when some opportunity drops into your lap, you'll know whether it's really a great idea for you or not.

Having a 9% interest rate at age 18 is also absolutely fantastic! Cherish that and grow that CL!

And welcome to the forums.