Hey, Im 18 and i have a 680 credit score I was wondering if thats good since Im only 18 and will continue to grow it.
I also dont know how to grow it fast. Currently Im a participant in family sharing for Apple Credit card where I spend monthly my dad pays it and I will be reported to credit bureaus. I also just applied for Discover IT student card as-well to grow my score. My only income is doordash and savings. Tips things I need to know going foward?
At your age just stick with your discover card and spend responsibly. Try to keep your balance at 10% each month and let your score do it’s thing.
There’s a couple things that affect credit, payment history is probably the biggest thing. Don’t miss any payments. The next would be utilization so don’t max out your cards. After that they like to see a good blend of accounts and length of accounts. So being young you’re at a disadvantage because you haven’t been able to keep a credit card for 10 years or have a mortgage or auto loan to diversify your accounts.
Edit: you’ll see ads for credit building — don’t do it without thorough research and maybe even help from a trusted family member. They usually are just loans that you have to pay a lot for just to report to the credit agencies. I would never pay to build my credit score.
Keep reported balance low. You should pay in full but your credit score does not care. Most banks only report your statement balance once a month and when it hits 10% or more of your credit limit score starts to go down.
If you can manage the card and pay in full every month and not overspend it’ll help your credit scores to open various accounts and periodically ask for credit limit increase. But go slow at first you want good cards that can grow the credit limit not junk cards that won’t grow and charge you monthly or annual fees.
Do you need to take out a loan in the near future? Why do you want to “grow it fast”?
>I also dont know how to grow it fast.
You don’t. Longevity is one of the things that raises it. Get a loan and pay it off.
You may find these links helpful:
– [Credit Building](/r/personalfinance/wiki/credit_building)
– [Credit Reports](/r/personalfinance/wiki/credit_reports)
– [Credit Scores](/r/personalfinance/wiki/fico)
– [Credit Cards](/r/personalfinance/wiki/creditcards)
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I have learned a few important things by means of your post. I’d also like to mention that there can be situation in which you will have a loan and never need a cosigner such as a Federal government Student Aid Loan. However, if you are getting a borrowing arrangement through a standard lender then you need to be ready to have a co-signer ready to assist you. The lenders will probably base their very own decision using a few variables but the most important will be your credit history. There are some loan companies that will also look at your job history and decide based on this but in many instances it will hinge on your credit score.
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