Is it possible for an 18-year old to establish credit just being a student? And if so what retailers?!?

Answer 1

You are an adult at 18.

At your age I charged clothing and dog food, paid it back and paid on time, over the years I have continued to build my credit.

Please remember credit is for short term borrowing.

I have borrowed and yes I have personally made some mistakes and on some of my credit cards, took years to pay in full and I paid high interest.

Learn from my mistakes.

If you can pay cash, pay cash and if you borrow on any credit card, pay it back promptly, the credit card companies love to have you just pay the minimum.

Keep only mimimal credit cards and build your FICO score.

It will be worth it in your 20's & 30's

Best to you

Answer 2

Definitely. However, you may have to get a secured card. A secured card is a card that you have to put down $99 and the credit card company will give you a credit line between $300-$500. After 6 months of proving your payment history, they will upgrade you to a regular credit card and refund you the money. It will take 45 days from the day you request for the money returning back to you.

Your APRs probably very high because you have not established your credit. Be careful and not going over the credit line. Best thing to do is enroll into the credit card company's website to keep track with your spending. All of the activities will be up to the minute. With only $300-$500 credit limit. It's easy to go over. If you go over, you have to pay the limit fee and the rate will go to the default rate which is 32.24%.

If you don't want to put down the collateral, have your parents put your name on their card as an authorized user. You'll not legally responsible for the payment, they will, but at least this way, you'll still be able to establish your credit. However, if your parents have a high credit line, they can't stop you from accessing all of the credit limit. Whatever they have, you can access it.

Answer 3

You don't establish credit just by being a student - you establish credit by being responsible for bills, and paying them on time.

If you're a college student, a lot of credit card companies will offer you a card. If you get one, be careful not to charge more than you can pay back. And try to keep it to what you can pay off when you get the bill - that way you won't pay interest, and credit card interest can eat you alive.

Retailers will often give a card to someone who doesn't yet have credit established. Try someplace like Target or Gap/Old Navy. The limit will be fairly low.

Good luck.

Answer 4

Yes, it's possible. Actually ALOT of credit card companies prey on young students then before they know it they are deep in debt.

I would suggest you go to your bank and see what they have to offer a student. Most banks have student credit cards that come with low limits. Or even better, you can ask your bank for a secured credit card. Meaning, you deposit say $300.00-$500.00 and they give you a credit card with the exact limit of your deposit. Usually after about a year of you charging and paying your credit card on time, they will refund the total amount of the deposit back to you and you now would have a credit history. Good luck and be smart.

Answer 5

I'm 19 now but when I turned 18, I went to Chase Bank and got a VISA credit card. It's easy because you make your payments at chase bank instead of sending your money in the mail which could get lost. You get to pick from several different cards depending on what you like (money back, airline points for tickets, gas rewards etc....) They gave me a credit card that had the max of 200 dollars on it since I was young. It was nice because it only had 200 dollars so I couldnt go crazy and buy useless stuff. After 6 months of having that, I had a 740 credit score so I went and applied for a MASTERCARD at Chase Bank and they gave me a limit of 2000 dollars to help me build more credit.

Be smart with what you buy! I got the money back/points back so everytime I use my credit card at a fast food restaurant, grocery store, or a gas station.....I get money back so I would recommend getting a card like that.

Answer 6

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