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Q&A: How do I start my credit when I turn 18?

what credit score do you start out with

Question by Jessica. How do I start my credit when I turn 18?

I’m going to be 18 next month and I need to start my credit so I will be able to finance a car at some point soon, which you need “good credit” for.

Answer by Judy

Open a checking account. You will receive an ATM/debit card, possibly a visa card along with it.

Keep 3 months salary in that account. It will be used towards your down payment on your car, and as an emergency stash.

If you want credit cards start by applying for store cards and gas cards. Easy to get. After 6 months, get a real visa/mc. Never carry balances, this can destroy your credit if you go over the 30% threshold.

3 Responses to “Q&A: How do I start my credit when I turn 18?”


Go to your bank and get a secured credit card this is a card that is backed by your money and can be set for whatever amount you can afford.

Then go out

every month and buy something, cloths, lunch anything just be sure and pay the balance in full before the due date. After 6-months of doing this you will have established your credit. That is assuming your bank reports to the credit bureaus.

Now lets talk about credit scores they are based on the following;

1. Payment history 35%

2. Time in bureau 15%

3. Types of credit 10%

To have the very best score and profile people need 3 credit card accounts (revolving) with balances below 30% of their limits and 2 cars, boats, homes, motorcycles, computers, furniture or personal accounts (installment) all with good long pay history’s.

Good credit is not something that happens overnight credit scores are 90% based on the last 24-months of activity so take your time, do it right and your credit will be great.

icehound90 says:

As the other answer says, open a checking, store credit, and a Visa/MC. However, keep those credit accounts OPEN. One of the factors for a good CBI score is how long an account has been open.

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