Lee asked in Business & FinanceCredit · 5 months ago

How do you apply for a credit card at 18 and build credit ASAP to rent an apartment?

7 Answers

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  • Judy
    Lv 7
    5 months ago

    secured card or parent as cosigner

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  • Anonymous
    5 months ago

    Apply for cards from department stores like Kohl's and Penny's. The credit limit won't be very large but go ahead and buy some things and pay off on time. Do it more and more and you will start your credit score record. Unfortunately, a prepaid card is a way of learning how to manage credit but because the bank/credit union isn't really taking a risk, it won't make your credit score increase drastically.

    Do it soon-credit is never developed quickly unless you don't pay something. Month after month, year after year it builds-there is no ASAP involved.

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  • 5 months ago

    Go talk to a local credit union and ask (off the record). Then join the credit union and apply for a secured card, and use it wisely. {BEST is to pay in full every billing cycle.} Will take 1 to 2 years to get a good rating.

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  • Anonymous
    5 months ago

    Credit is not built fast and your income cannot be less than 3.5x the monthly rent.

    So I suspect income is as big a problem as the lack of credit.

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  • 5 months ago

    First, there is no such thing as building your credit quickly (unless somehow you have a time machine where you can speed up time). In credit terms, one month is one month - you can't change that and assuming that you make payments on time, you an get about 10 points added to your score every month with age of accounts and more ontine payments.

    As for a credit card, you may have to start with a secured credit card where you put,say $500 in a savings account (and leave it there) and the bank then issues a card with a $500 limit. You use the card, being careful to keep your utiliization under 30% (never more than $150 on the account at any one time) and pay the entire balance off when the bill comes in )never before the billing date and absolutely never after the due date). After a year of on time payments and smart use of the card. you can go back to bank and ask for an unsecured card (which frees up the money in the savings account).

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  • 5 months ago

    You do not build credit by applying. Applying hurts your credit for a year. And if you apply for your first card before age 21, then you will almost always be rejected, so you won't build credit.

    You build credit by not applying until age 21, and then applying only once, only after you turn 21, and then not applying again.

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  • 5 months ago

    Yes you can. Many college students are working on their credit.

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