Can a full-time college student get a credit card?

The best way to build credit at 18 is to get a credit card in your name and use it responsibly. All major credit cards report account information to the credit bureaus each month, allowing you to build credit history. As long as the information shows on-time payments and reasonable ... read full answercredit utilization, that credit history will be positive and you’ll be on your way to building a good credit score.

There are two ways to get a credit card at 18: as an authorized user or by applying for your own account. If you have enough independent income to afford monthly bill payments, you can get your own credit card account when you turn 18. The best type of credit card to get at 18 is a student credit card, assuming you’re in college. Credit cards for students tend to have better rewards as well as lower rates and fees than other starter credit cards for people with no credit.

How to Build Credit at 18 Years Old

1. Become an authorized user on a family member’s credit card.
2. Apply for a starter credit card.
3. Set up automatic payments from a bank account for your starter card.
4. Make sure your card’s monthly statement balance is much lower than the credit limit.
5. Work toward a high-paying job.
6. Save as much as possible and minimize debt.
7. Monitor your credit and make adjustments when needed.

Other Ways to Build Credit at 18

Using a credit card isn’t the only way to build credit at 18. There are several alternatives worth at least considering.

Credit-builder loan

A credit-builder loan is essentially a loan that holds the borrowed money in a bank account while you make payments. This allows you to build credit easily, and doesn’t require a good credit score. Once you’ve made all of the payments, the money is released to you. Credit builder loans are typically small (think around $1,000) and have short repayment times, usually just a year, so their sole intent is to help you build your credit.

Car loan

Financing a car using an auto loan can also help you build credit. Just like with any other loan, payments you make are reported to the credit bureaus. Getting an auto loan can also help your credit because a portion of your score is determined by your “credit mix,” and having an installment loan adds variety once you have a credit card.

Rental payments

You can arrange to have apartment rental payments reported to the credit bureaus. Some landlords report monthly rental payments to the credit bureaus automatically, but not all do. If your landlord doesn’t, you can still have your rental payments reported through a third-party service. Some of the top ones are RentTrack and eRentPayment. Paying rent is something you’d have to do each month anyway, so you might as well use it to build your credit, too.

Final Thoughts

Getting a starter credit card and/or becoming an authorized user on a family member’s or friend’s account is the best approach to building credit at 18 years old. Just remember that having your own account requires more responsibility, as you’ll be the one who has to pay the bills. If you don’t, your credit score will suffer. When you’re an authorized user, bill payments are the primary accountholder’s responsibility. Because of that, authorized users can file a dispute with the credit bureaus to get negative information removed from their credit reports.

You can keep track of what’s on your TransUnion credit report and check your latest credit score for free on WalletHub. You’ll get personalized tips for how to build credit most efficiently, too.

Discover it® Student Cash Back is aimed at applicants with limited credit, who can provide proof of student status. Discover does not publicly disclose any other requirements.

The best credit card with a $3,000 credit limit is Chase Sapphire Preferred® Card. Its minimum limit is actually $5,000, so you’ll get more than $3,000 if you’re approved. Chase Sapphire Preferred does require at least good credit to qualify. There’s a $95 annual fee. In addition, Chase Sapphire Preferred gives 1 - 5 points per $1spent on purchases. And it offers a bonus of 60,000 bonus points for spending $4,000 in the first 3 months.... read full answer

It’s not typical for a credit card to have a $3,000 minimum credit limit, even when it comes to good credit. For example, cards like Citi® Double Cash Card – 18 month BT offer offer starting credit limits as low as $500. However, that’s just the lowest amount you’re guaranteed if approved. Applicants who meet or exceed these cards’ credit and income requirements often report receiving a higher initial credit limit. The better your credit and the more money you make, the higher your credit limit is likely to be.