Do you have a credit card?

Question

So I’m starting to apply to places to live in order to move out of my parents house but have a credit score of zero. You’d think that zero credit is better than bad credit but the apartments that I’ve applied for don’t think so... 
When did you get your first credit card? And how much time does it take to build credit? My parents are very “cash only” but now that I’m trying to get on my own two feet that’s an issue

Answer

when you start your credit card you’re going to have a low credit score, but the apartments can see that you have no credit history and that’s why it’s low.

Answer

I had no credit what so ever moving out 10 years ago. Cash only person my whole life. Never faced any issues. Built credit a few years after moving out when I bought a new car. I had the money to buy it in cash but took the loan out as a secured loan against money I had in the bank and then paid the loan off 2 years early. Also got a secured Credit Card at that time as well against money I had in another account. Used it only for gas on my car and after gassing up each week paid it in full to pay no interest. :)

Answer

Yeah, they want credit history so they can know you’re on time with payments and responsible. No credit means you could be a flake. 
I started with a student Discover card, no interest for the first year, and decent cash back rewards at certain places. It was about $1,250 to start, and I was certain to keep my balance under $200. Keeping the utilization percentage under 30% is the best way to show your usage and raise your score, and being sure to pay it off before the due date every month. I made 2 payments a month, which looks better for the bureau and helps raise your score quicker, and you can split the payments up. I used it for school books and gas, and made sure I didn’t use it if I didn’t have the money in my checking account to pay it off right away, because that’s when you start running into trouble of carrying debt. I got a second card about a year later, with a score of 680, when I financed a laptop through Best Buy, with no interest for the first 6 months. I paid the laptop off in a couple months, and used the last few months to carry over a small percentage each month (less than 3%) which helped raise the score, and didn’t cost extra because there was no interest. Now I switch off between the two, for gas or restaurants, and just be sure to pay them off each month. It takes a bit of time to raise your score that way, but as long as you keep your balance super low and pay it back in full each month, it looks good and shows your responsibility. 
Try getting credit karma and looking into some of the cards they suggest. Don’t both applying unless they give you a “excellent” or “very good” approval odd, because each application creates a hard inquiry into your credit report, and that drops your score. Each hard inquiry that results in a denied application, looks bad on your history. You only want an inquiry that you know will be approved. 
There is also a “personal loan” type thing called “Self”, it’s an app you can download, and it is basically you paying a loan to yourself, to put into a savings account you can’t touch for 1-2 years, and when it matures, you get your money back and a higher credit score. It used a soft inquiry, so it isn’t as damaging to your history, and as long as you make your payment on time, it doesn’t take interest and it’s a good way to save your money while increasing your score without the risk of collecting debt. It also adds another type of credit, which looks good too. I’ve raised my score about 60 points in the last 6 months since I opened the “Self” account, and in another 6 months I’ll have excellent credit and $1,000 in savings I haven’t been able to use. I’m sure there are other savings accounts that do something similar if you looked into it.

Answer

DO NOT GWT A CREDIT CARD!!!! Your parents are doing things the right way, always use cash (money that you already have). Look up Dave Ramsey and he can do all of the big explaining to you but getting a credit card is a huge mistake. You don’t NEED credit for anything. Ever. Anything necessary (buying a house) can do manual underwriting to get you approved. Credit cards are a horrible idea.

Answer

I got a student card at 20.

Answer

i got my first credit card at 18. by the time i was 19 my credit score was in the "good" range. i'm now 20 and well into the "excellent" range. i use my credit cards pretty frequently, constantly check my bank accounts, and pay off the balances as soon as they post.

Answer

I have a mastercard that I use for pretty much everything because I get airline miles and my family travels a lot. Groceries, gas, and household necessities (toothpaste, tp, lightbulbs, counter wipes, etc.) are all things I’d be buying anyway. Plus I get bonus miles for every mile I fly. If I pay my regular items in cash, I have to spend $600-1,000 bucks just to travel to my family on Thanksgiving weekend. If I pay for those things with my card, I earn enough miles for a free roundtrip ticket to see my family.

Answer

I got a student MasterCard when I was 20 with a $1000 limit. The only thing I used it for was online shopping then I would pay it off pretty much right away.

Answer

I got 2 credit cards at 18, one had a limit of $250 and the other had a crazy limit of $50k (joint card with my dad). Maybe just get 1 smaller card, charge $10 a month or every other month to keep it active until you can build your credit. Try not to charge more than you can pay when you get the bill. Normally, you can build your credit within 2-4 years, repairing it takes longer. 
Long term advice, keep your cards active (1 purchase every 6 months or so), you’ll want the average life span of your credit to be higher. No one told me this when I was younger, and I let a lot of my cards become inactive over the years which sucks.

Answer

I just got a discover card. And credit takes a pretty long time to build. Credit history is something that is checked during a credit check usually, from my knowledge. No credit is a pretty big hindrance.

Do you have a credit card?

Let’s Glow

Glow is here for you on your path to pregnancy

25+ million

4.8 stars

20+

Getting Pregnant

Pregnancy

1st Year (Baby & You)

Baby Products