Avg. Score for a 21 year-old

[thrasher865]

I'm 21!

My credit history started the day I turned 18.  I knew the importance of credit, but didn't know how to go about starting a history.  Now I do.

[MattH]

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@Schoolbuskid wrote:

Thanks everyone, for the encouragement, after all my payments post my util will be around 39% so i am hoping for a score boost when the CRA's update!

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Good luck, that util is somewhat on the high side so you should focus on getting that down as fast as possible. More important for you right now than your FICO scores is the double cost to a young person of being in debt: you pay interest AND debt delays the day when you have a positive net worth. Decisions made at this early stage in your life can have a really major impact on your future due to the magic of compound interest, so you should try to get out of debt and begin saving. Suze Orman has a book called something like "Money advice for the young and fabulous" that may help you think over these matters.

[Schoolbuskid]

Thanks Matt, i know when i first got my credit cards i said i would keep them under 10%, but ofcourse i didnt and i wanted to buy things, i kept telling myself that i have good credit and i know that util is the only thing hurting me! I think i am done applying for credit, its time to let things age! I didnt start building credit until Nov 06 and that was only reported to Equifax, my other accounts just hit the 6 month mark, so TU and EX are fairly new!

I was told by alot of people not to get credit cards because they can get you in trouble...so i didnt once i turned 18...Wish i would have now!

Thanks again! Also good to hear that others my age are financially responsible! Keep it up!

[thrasher865]

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Schoolbuskid wrote:

I was told by alot of people not to get credit cards because they can get you in trouble...so i didnt once i turned 18...Wish i would have now!

Thanks again! Also good to hear that others my age are financially responsible! Keep it up!

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Yeah, it's a slippery slope.  And not everyone can handle credit cards when they're 18.  My girlfriend is 19 and has a maxed out credit card.  (When I say maxed out, I mean she has $2.50 available.)  Thank God her CL is $500.

Anyway, what I was saying is getting credit cards when you're young can cost you a lot of money if you use them, and they can save you a lot of money if you don't.

[Anonymous]

24 years young here and 2 years later I have a CL of 11,000 Due to switching to a CC from A Savings Loan. So Do IT!

[Anonymous]

All you 21 year olds - ALWAYS PAY ON TIME,  NEVER CLOSE ACCOUNTS, and KEEP UTL AS LOW AS POSSIBLE, IDEALLY LESS THAN 10% OF EACH OF YOUR CREDIT LINES!!!

If you do these 3 things, your scores will always be over 700 and probably 750+ in a few years.   Mix in a car loan or mtg and the scores will go even higher.

[Anonymous]

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@Anonymous wrote:

All you 21 year olds - ALWAYS PAY ON TIME, NEVER CLOSE ACCOUNTS, and KEEP UTL AS LOW AS POSSIBLE, IDEALLY LESS THAN 10% OF EACH OF YOUR CREDIT LINES!!!

If you do these 3 things, your scores will always be over 700 and probably 750+ in a few years. Mix in a car loan or mtg and the scores will go even higher.

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24 with a car loan on a CC. I was hit -but paying off one step at a time.