cancel
Showing results for 
Search instead for 
Did you mean: 

Just Turned 18 - Setting up my future

tag
surferchris
Valued Contributor

Re: Just Turned 18 - Setting up my future

Congrats on the great progress and on the great score!

Current Cards:
AmEx Hilton Honors Surpass//AmEx Platinum Card//Ann Taylor Rewards Mastercard//Capital One Platinum Card//Credit One AmEx//Credit One Platinum VISA//Fingerhut//Navy More Rewards AmEx//TruWest Platinum VISA//Aspire VISA//Costco Anywhere VISA//Lowes Advantage//Apple Card
Loans:
1 Mortgage/////Navy FCU Auto Loan (2020 Jaguar I-Pace)//Capital One Auto (2016 BMW i3)
Next Cards (4th QTR 2022):
Navy Flagship Rewards VISA//Chase Sapphire Preferred
Stats:
Scores: 700's // Inq's: 1 for mortgage // Util: 1% // AoOA: 21 yrs

Message 21 of 41
Anonymous
Not applicable

Re: Just Turned 18 - Setting up my future

Congrats on getting out in front of your credit at a young age. It's something far too few people do. Great advice above from the others.

 

I wanted to chime in and second what @SouthJamaica said - if you haven't already, join a credit union. For now, join a local one. In time you can expand and pick up a couple more but one will suffice just fine right now. They can be a huge ally in finances throughout your life.

 

I joined a local, small CU when my mother took me to open an account in ninth grade. Now, at 46, I'm still an active member of the same CU, and it's been an invaluable part of my life. Mortgage, multiple car and personal loans, credit cards, checking, savings, CDs, they've supplied them all. CUs are much more likely to stick with you in downturns than the larger banks - it's a matter of responsibility to their members vs to shareholders.


Stick around here and read everything you can. There is an unbelievable collective knowledge here built upon the experiences of many members, and learning the components of FICO scoring, the ins and outs of personal and business credit, information on mortgages and car loans, will all help you as you go forward and your financial world expands. Welcome to the forums, and by all means ask questions and join in the discussions. It can only help Smiley Happy 

Message 22 of 41
Harvey26
Valued Contributor

Re: Just Turned 18 - Setting up my future

@Anonymous  I would look into AMEX they usaully like thin files. Im sure being an AU on 15+ year old accounts with them might even help you out.  You probably would have a good shot at the Apple Card when the AU accounts report on TU. FWCCU has a student card but looks like the credit limit $250 so it might be a lil hard to use it on a consistent basis. 

Amex ED: 7K, Delta Gold Amex: 7K Macys Amex: 8K , Bloomingdales Amex: 1K , BOA Premium Rewards: 59.9K , Best Buy Visa: 7K , Banana Republic Mastercard: 5K Target Store Card: 2K VACU Mastercard: 11.5K Discover: 25K, Penfed Platinum Rewards: 12.5K, Apple Card:3K, TD Double Up: 15K,
Message 23 of 41
Anonymous
Not applicable

Re: Just Turned 18 - Setting up my future

Did you get any credit card?

Message 24 of 41
Comand
Valued Member

Re: Just Turned 18 - Setting up my future

Congrats! I got my first CC through my bank (USAA) when I was 18. I started with a $500 limit. Now I'm 21 and with plenty of more cards with a health CS. I would say start through a CU first, and then after 1 year go with Disc/Amex/Apple. Best of luck.

Message 25 of 41
Anonymous
Not applicable

Re: Just Turned 18 - Setting up my future

One thing: Getting an Apple card has zero to do with any "relationship" with Apple. Apple doesn't issue the card, Goldman Sachs does. And Goldman Sachs doesn't know or care about your purchase history with Apple.

Message 26 of 41
Anonymous
Not applicable

Re: Just Turned 18 - Setting up my future


@Anonymous wrote:

Did you get any credit card?


No, I didn't. I am going to wait 2 more months. I was finally given my Equifax score which was 713. Transunion has not given me a score, I think because I failed their verification questions and they locked my account for 30 days. When I do get a credit card, I'll first check for an Amex then the Apple Card if no amex and then the FWCCU cards. 

Message 27 of 41
K-in-Boston
Credit Mentor

Re: Just Turned 18 - Setting up my future


@Harvey26 wrote:

@Anonymous  I would look into AMEX they usaully like thin files. Im sure being an AU on 15+ year old accounts with them might even help you out.  You probably would have a good shot at the Apple Card when the AU accounts report on TU. FWCCU has a student card but looks like the credit limit $250 so it might be a lil hard to use it on a consistent basis. 


As a point of clarification, authorized user status makes zero difference in Amex's lending decisions for a primary cardholder, other than any benefit it may have on one's Experian FICO 8 score - which is only one of the factors that they take into consideration.

Message 28 of 41
Anonymous
Not applicable

Re: Just Turned 18 - Setting up my future

If you are going to be a student of a College/University use this to your advantage. Discover and Chase have a wonderful student program that will allow you to have an unsecured card and be accepted instantly in my experience. I started with the Chase Freedom Unlimited Student (no strange designation, it looks like a normal card) and 6 months later the Discover it Student. I was instantly accepted both times and I've had a great experience thus far.

 

Apple card was tough to be approved for. You might have to wait awhile since even with a 750 credit score I was denied multiple times due to my lacking credit history length. Once I hit 2 years exactly they accepted me at the lowest possible interest rate.     

Message 29 of 41
Anonymous
Not applicable

Re: Just Turned 18 - Setting up my future

i read your post really really fast because im very strapped for time, but i still want to help you out since you sound like me when i was younger.

 

first and foremost, great job wanting to establish credit history. It's hard to build history without credit cards, which is possible by just paying bills and such but it'll take a lifetime. So congrats already!

 

I'd suggest getting a job of any kind that can make you like $1000 or $2000 per month if possible, and then apply for a credit card ASAP. The discover student is always a good one since they're very lenient with students and tons of people on here started with that, myself included. And once you're able to get that student card, just keep using and paying off full every month or leave like 1% of your total available credit line to game the FICO score system haha. Keep using and keep paying off until it's time for another new credit card and just keep rinsing and repeating and after 5-10 years, you'll be happy to see all the progress you made! keep it up! I forced my sister to get a credit card over 5 years ago when she didn't want to due to not seeing any benefits at the time, but she's really thankful now haha

Message 30 of 41
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.