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If you do not have income then a co-signer for your card may be required. Some may only be available if you’re over 21. Student credit cards are geared towards people 18 years of age or older. Most card issuers offer these products and they are a great choice when trying to build your credit. Some cards may require that you be an enrolled student, others may not. Student Credit CardsĪs the name implies, a student credit card is designed for college students or young people of college age.

If the card issuer does report to all three, then being an authorized user will start building your credit file. Some issuers don’t report authorized user activity, so confirming this is essential. To get the maximum benefit as an authorized user, confirm that the credit card issuer reports the payment history to all three credit bureaus for anyone with access to the card. If you miss payments or spend more than you can afford to pay, your cosigner’s credit could be affected.

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If they miss a payment or can’t pay in full then your credit could be affected. It’s great if your cosigner pays on time and consistently each month. When you’re connected to someone else’s account, the risks go both ways. Typically you ask to be an authorized user on a family member’s card. If you don’t think you’re ready for a credit card of your own, consider becoming an authorized user on someone else’s card. They want new customers and it’s in their interest to help you build the credit you need. Credit card issuers understand this, and they have designed ways for you to build the credit you need. Using a credit card is one of the fastest ways to build your credit, but getting a conventional card is a bit tricky when you don’t have a credit score. This information will help you plot your credit-building strategy and avoid mistakes that could damage your credit. You don’t need to become a personal finance expert, but you should at least be familiar with what a credit report is, what a credit score is, how information gets to your credit report, and how the information in your credit report is used to generate a credit score.

Understand Creditīefore you start building credit, you should know what you’re building.

Use these tactics to help you establish your credit, and you’ll be ready for all the adulting you can handle. There are many ways to start building credit, and you can start sooner than you think. That sounds like an impossible situation, but it’s not. You can’t build credit without using credit, and you can’t get credit without establishing credit first. There’s a bit of a catch-22 involved in building credit. The sooner you start building credit, the better. Paying cash for everything has a certain appeal, but if you see a house or a car anywhere in your future, you will need to pay attention to your credit score. Many of those responsibilities involve money, and part of your financial responsibility is building credit. Advertiser Disclosureīecoming an adult means taking on new responsibilities. When you purchase through referral links on our site, we earn a commission.