What Age Did You Get Your First Credit Card? - ModernCamaro.com - 5th Generation Camaro Enthusiasts
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post #1 of 48 Old 05-10-2010, 02:44 AM Thread Starter
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What Age Did You Get Your First Credit Card?

I'm 19 and have zero credit, I've never applied for anything and to be honest I'm scared from what I've heard from people.

Do any of you think it's a good idea to try to start building my credit this summer? I've talked to both of my parents and they are very "anti-plastic" because of their past, but I think it would be good for my family to have one just incase of a "emergency". I'm cautiously looking into it, I don't plan on actually using it much since I'm a cash only guy and I don't want to be an another American in debt. I'm sure I'll need good credit when I'm out of college so in a few years...I can haz good credit?

Good idea to start, or bad? I'm still taking to my Dad about it since he says what does but extra advice is good.
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post #2 of 48 Old 05-10-2010, 02:52 AM
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I was in the EXACT position. My parents don't have 1 card still to this day. Having a few cards in great standing is the only reason I have my Camaro today (I got them only a few years ago and I'm 25 now). They'll build it, and will hurt it real bad too. If you can behave yourself, yes, good way to get a good standing now which would be beneficial down the road.

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post #3 of 48 Old 05-10-2010, 03:00 AM
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I forgot exactly..but it's been a few years.
Having good credit is a severely beneficial thing. Even with a score of 720 I couldn't get the loan for my G5 in the middle of the credit crisis because of a lack of credit history. My dad cosigned and I got it easy..he has a score of over 800.
If you know what you're doing and only use the card to get what you can actually pay for then it will be severely beneficial. I pay off my credit card every few weeks..have never paid any interest on it.

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post #4 of 48 Old 05-10-2010, 03:08 AM Thread Starter
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How long does something like a 720 take to earn? I've read that anywhere in this area, and you're good to go...Months, years? I'm pretty clueless on credit since my parents don't use it much anymore. I already have a decent size bank (for 19 alteast) incase I lose my job and had an upcoming bill.
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post #5 of 48 Old 05-10-2010, 06:32 AM
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How is your credit now? Will depend on how long it will take to get to 720. I have had a credit card since 16. Which was a big mistake. I ran it up many, many times....till I learned my lesson.

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post #6 of 48 Old 05-10-2010, 06:50 AM
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Adam if you dont have any credit then you need to start imo.

I got my first creditcard when I was 17 however I didnt use my Creditcard unless I had the money already put back to pay it off.
Paying things like cellphone bills or any type of Bill "on time "
is a VERY big thing. However Creditcards help very much as well.

Yeah I have paid a vehicle off before and have never been late on a creditcard bill and yes I had help by making house payments on time but this is what got me my Camaro.

Thanks to Classic and there finacial department they ran my credit and saw I had excellant Credit numbers and beat my 4% apr that my bank offered and got me in at 3.6%

CREDIT is important. Even if you have to have someone cosign at a early age for something start building it some how.

do not get into CREDITCARD trouble.
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post #7 of 48 Old 05-10-2010, 07:28 AM
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At your age, i would get 1 credit card. Link it up auto pay to something, say your cell phone bill, and buy something you normally otherwise would buy cash (I.E Coffee in the morning).Then be sure to pay it off every month. (some people suggest that keeping a small balance is actually better, not honestly sure about that)

That will be a good start to building your credit, and won't put you into debt or anything scary because you won't be buying anything you normally shouldn't. Also you can set your limit low to protect yourself from the itch. Say 1k or something.

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post #8 of 48 Old 05-10-2010, 07:31 AM
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While you can get a credit card to help build credit, there are plenty of other ways to build credit without them. Also consider, you do not need a high credit rating to succeed in life

Co-signing in a lose/lose situation and should be avoided at all costs.

One way, when you move out and rent a place to live, that will build your credit.

A quick search will turn up more ideas

Some good reading about credit cards, while some people use them responsibly (most do not), check into the fees and other ways the card companies are coming up with ways to make more money off people who pay off their balances every month. Not to mention the TERRIBLE customer service.


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post #9 of 48 Old 05-10-2010, 07:59 AM
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As long as you use a credit card like cash (making sure you have the cash in the bank) you will be good.

Just start using it to pay bills that you would normally use checks or cash.

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post #10 of 48 Old 05-10-2010, 07:59 AM
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I got a credit card when I was 18 and the limit was $250.... After awhile since I kept paying it as soon as I got the bill my limit went up to $500 and so on

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