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Building Credit 18 Y/O

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Building Credit 18 Y/O

Hello, I am 18 y/o and have no credit history at all no credit cards or anything of that sort I work at Sprint making decent money and a college student and was wondering how to start my credit and actually getting my score to be a really good score when it comes to auto loans credit cards and things like that I am wanting to go and get a new car in about august so I want to try and have atleast a 750 by then which may seem like a long shot but i dont have anything holding my credit back so i figure if i am paying off my credits cards and everything my score will increase signifcantly from what it is now any specific credit cards i should get .. self lender just any tips advice or knowledge on building my credit fast and effectively and yes i am going to open an account with a credit union tomorrow because i know they would finance a car for me with good history with them as well.

 

EXPERIAN CREDIT REPORTS:

FICO SCORE 8- 665

FICO SCORE 2-661

11 REPLIES 11
New Contributor

Re: Building Credit 18 Y/O

Start with a discover it or maybe capital one platinum if you can’t get the discover, pay in full every month, don’t carry a balance, pay multiple times per month to keep utilization down if necessary. Avoid credit one, avoid opening too many cards too quickly, one or two to start. My credit score went up about 100 points in a year by paying in full on time every month. I couldn’t resist applying for a couple too many cards, and I still had good results. Carrying a balance is what’s going to hurt you the most, don’t spend more than you can pay when the statement cuts.
Message 2 of 12
Established Contributor

Re: Building Credit 18 Y/O

First, you list two credit scores at the bottom of your post, but you also say you have no credit history. So which one is it?

Second, I would check the Capital One and Discover websites to see if you prequalify for a card. If not, I would still apply for either the Capital One Journey (my first card), or the Discover It Student. Both solid starter cards and you shouldn't really have a problem getting either. If for some reason you can't get them, go with the Capital One Secured or Discover Secured. 

Message 3 of 12
Community Leader
Senior Contributor

Re: Building Credit 18 Y/O

@swervingdaily, if you have FICO scores, you must have credit history. What do you see on your credit reports?

Message 4 of 12
Frequent Contributor

Re: Building Credit 18 Y/O

You must have some credit somewhere in your history to have a credit score. You should check your reports and see what that is.

 

If you know anyone with low utilization and good credit that can add you as an authorized user on their card, that would be a great way to start.

Message 5 of 12
Frequent Contributor

Re: Building Credit 18 Y/O

Hello, I am 18 y/o and have no credit history at all no credit cards or anything of that sort I work at Sprint making decent money and a college student and was wondering how to start my credit and actually getting my score to be a really good score when it comes to auto loans credit cards and things like that I am wanting to go and get a new car in about august so I want to try and have atleast a 750 by then which may seem like a long shot but i dont have anything holding my credit back so i figure if i am paying off my credits cards and everything my score will increase signifcantly from what it is now any specific credit cards i should get .. self lender just any tips advice or knowledge on building my credit fast and effectively and yes i am going to open an account with a credit union tomorrow because i know they would finance a car for me with good history with them as well.

 

EXPERIAN CREDIT REPORTS:

FICO SCORE 8- 665

FICO SCORE 2-661

 

Welcome!  I saw your posts in the Auto Loans section; you're definitely making the right choice by holding off on buying a car for now; getting sucked into a big loan on an expensive car as your first foray into the credit world would not have been a good move.  And you're definitely making the right choice by coming to this board and getting a strong understanding of credit when you're so young; most of us on here wish we'd done the same.

 

The best thing you can do for yourself right now is open up 2 or 3 credit cards.  With your income you should be able to get approved even though you're only 18.  Use them sparingly and pay them off regularly.  Within 6-12 months, your scores will be in great shape, and your Credit Union will be able to give you a great reate on an auto loan if you need it.

 

If I were in your shoes, these are the cards I would start off with:

--Discover It (this was actually my first credit card when I was 18, and it's still in my wallet many years later)

--Amex Everyday (Amex Membership Rewards points are great, and this is the only $0 annual fee card that offers them)

--A $0 annual fee Visa or Mastercard with whatever bank or credit union you use.  If you're with a credit union that doesn't offer any credit cards, go with a Citi Double Cash or Chase Freedom.

Message 6 of 12
Frequent Contributor

Re: Building Credit 18 Y/O

Start with checking for any pre-qualified offers. Just Google, “Pre-qualify credit cards” or something along those line. Checking will not affect your scores. Make sure you are using the pre-qualify tool and not actually applying, because that will affect your scores. You can check Discover, Amex, Chase, Citi, Capital One, etc...

 

I will echo what was said above. PIF as often as you can. Don’t work for your cards, make them work for you! 

 

Also, remember this. Just because you CAN get a certain card, doesn’t mean you SHOULD get some cards. Be selective and patient. 

 

Good luck!





Life’s a garden...Dig it!
Dangit.
Message 7 of 12
Community Leader
Senior Contributor

Re: Building Credit 18 Y/O

Chase isn't a good option until one's first card reaches its 13th month in age. One should probably be between months 7 and 13 to apply for AMEX.

 

I second Discover and Capital One. But I'd like to know what's on the OP's report.

Message 8 of 12
Frequent Contributor

Re: Building Credit 18 Y/O


@HeavenOhio wrote:

Chase isn't a good option until one's first card reaches its 13th month in age. One should probably be between months 7 and 13 to apply for AMEX.

 

I second Discover and Capital One. But I'd like to know what's on the OP's report.


Agreed. I was just listing CC that offered the pre-qualification tool. 

 

Thank you for clarifying on that, @HeavenOhio.





Life’s a garden...Dig it!
Dangit.
Message 9 of 12
Frequent Contributor

Re: Building Credit 18 Y/O

Welcome!  I saw your posts in the Auto Loans section; you're definitely making the right choice by holding off on buying a car for now; getting sucked into a big loan on an expensive car as your first foray into the credit world would not have been a good move.  And you're definitely making the right choice by coming to this board and getting a strong understanding of credit when you're so young; most of us on here wish we'd done the same.

 

The best thing you can do for yourself right now is open up 2 or 3 credit cards.  With your income you should be able to get approved even though you're only 18.  Use them sparingly and pay them off regularly.  Within 6-12 months, your scores will be in great shape, and your Credit Union will be able to give you a great reate on an auto loan if you need it.

 

If I were in your shoes, these are the cards I would start off with:

--Discover It: This was actually my first credit card when I was 18, and it's still in my wallet many years later.  Since you're under 21, you might have to apply for the student version, but with your income, maybe not.

--A $0 annual fee Visa or Mastercard with whatever bank or credit union you use.

--Amex Everyday: Amex Membership Rewards points are great, and this is the only $0 annual fee card that offers them

 

You might have trouble getting the Amex with your limited credit history; if you can't get it now, you should be able to within a year or so.

Message 10 of 12
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