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What Age Should You Start Building Credit?

At what age should you start building your credit history?

Credit is an essential part of life. Many people are not aware of this, but it does not change that facts. Most people do not have the cash on hand to pay the full balance on the things they want in life so they depend on credit to take care of the payments until they can afford to pay off the debt. At what age should people start building credit? As soon as they turn 18 years of age is the time to start building credit. This is around the time when many students are graduating high school or beginning college. Many recent graduates are discouraged from getting credit cards, but if they use their credit wisely, they can begin building their credit.

Reasons to Build Credit

  • Some build credit to receive good interest rates. A time will come when they want to own a home or vehicle, and it helps when customers have a high credit score. In most cases, a 680 credit score is needed to receive credit, but credit scores that are 700 or above receive the best credit rates.
  • Some may want to own a credit card. Some credit cards require that potential cardholders have some established credit before receiving the credit cards. A higher credit score can earn them the lowest interest rate on their credit card.
  • Build credit to gain independence. Recent high school graduates and new college students may want to declare their independence by building credit. It offers a high level of convenience for them to take control of their finances and begin building their financial futures.

Ways to Build Credit

  • Apply for a student credit card. Credit card companies may have an agreement with colleges and universities to offer credit cards with low interest rates to students. The credit cards may have a low line of credit to help students use their cards responsibly. The credit cards may even come with cash back rewards and more.
  • Apply for a small loan. Loans companies may offer loans of less than $500 that students can use to build their credit. Once the loans are paid, they may consider applying for another loan to build their credit. Parents may consider co-signing on a credit card for their children to help them build their credit.
  • Purchase a vehicle. Many students make their first loan to buy their vehicle. They may receive a good rate since they do not have a bad credit history. As long as they pay on time, they can build their credit.
  • Apply for a secured credit card. They must pay a deposit in order to use this credit card. This is an option for those who do not qualify for a traditional credit card. After cardholders make the payments on time for a predetermine amount of time, many credit card companies will transfer the cards to an unsecured credit card that reports payment history to credit agencies.

Building credit is one of the most important things that anyone can do for himself or herself. They should begin making a plan for ways to build their credit before they turn 18 years of age. Parents are experience in this area, and they may be able to add helpful tips to building credit.

Keep reading to learn more about how to improve your yearly credit report.

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