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Anonymous
Anonymous asked in Business & FinanceCredit · 10 months ago

What age do adults have credit and get credit I’m 18 years old when will I get credit too apply for things I want and need??

I’m 18 years old and my bank says I don’t have any existing credit when will I have credit too get approved for credit cards loans and other things I want

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  • 10 months ago

    You don't automatically "get" credit at any age. You won't have any credit until you get a credit card, loan, or something else. There are a few banks, such as Capital One, that will give a credit card to someone without any credit. However, they may ask for a security deposit. Also, the law was changed several years ago to require you to wait until you are age 21 or have a job, a cosigner, or proof of income.

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  • 10 months ago

    I was turned down for the first credit card I applied for. This was when I was 22 and had just bought my first house and was making payments on the third car I took a loan for. My first car loan I was 18 (traded in my first car that I paid cash for) and my dad had to cosign the loan. Got my 2nd car loan at 20 and my first new car at 21 and bought the house a few months later. Even that good history wasn't enough to get me a credit card. I had to wait another two years.

    You may need a cosigner for your first car, but you don't have to wait to start building credit. You can get a secured credit card with a credit limit of the amount of cash you deposit in the bank that issued the card. Then you use it like any credit card. Use it as little as possible and what you do borrow, pay it back in full every month with your own OTHER money. If you think the bank will just take money out of the account and you don't have to do anything - well, they will, plus interest, and it will destroy what little credit you have. The purpose of these starter cards if for YOU to PROVE that you can use credit responsibly.

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  • Judy
    Lv 7
    10 months ago

    When you've held a steady full time job for a couple years.

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  • Anonymous
    10 months ago

    I'll tell you exactly how to get yourself started.

    You get yourself a secured credit card put up the $300 in the savings account like they require you to do or more if you can afford to put it in the account. Then take a cash advance out on that credit card and use it to open up a second secured card account!

    Now you get to make payments on two credit cards. Start paying the credit cards by the time you get done paying them some credit card company is going to offer you a low limit secured card for like $300. Take it and repeat the trick. soon you will have credit cards rolling in up to your eyeballs.

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  • Alex
    Lv 7
    10 months ago

    This is the paradox of credit. You need credit to get credit, but without credit you can't get credit.

    What you have to do is find ways to take small loans and pay them off to establish your credit.

    One way is to take a secured loan from your bank. If you have enough money in the bank, you can set it as security for an equal amount of money in a loan. Then you can pay it back over the course of I'd say at least a year.

    If that's not an option, you can get a secured credit card. Again you're putting money towards security and can get a credit limit of the amount you used for security.

    The advantage to that method is if you borrow the money and put it into the bank and don't touch it, when you pay the loan off, you've doubled your money. It's a way to increase your savings and establish a credit rating at the same time.

    Then you use it (don't go crazy) and pay the monthly payments on time and that can establish a credit history. After a period (they'll tell you at the start) you get the security back and it's now an unsecured card.

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  • ?
    Lv 7
    10 months ago

    You dont just acquire credit by default at a certain age. You have to apply for it through a bank or credit card company, and get approved based on your level of financial stability

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  • 10 months ago

    All my friends couldn't wait to get credit cards (mostly in their early 20s) and by 25 or 30 they had maxed them out, and they were in debt the rest of their lives.

    Anyway, the easiest way to do it is to get an American Express card. The regular AmEx card is not a credit card. You get a bill at the end of the month and you pay it off. If not, they kick you out!

    After a year or two of dutifully paying off your AmEx card, you'll have a credit rating, and then you can get a real credit card.

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  • .
    Lv 7
    10 months ago

    Try a Discover Card. My two boys got one, at age 18. But their credit limit was something like 500 dollars.

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