How to Build Your Credit if You Are 17 Years Old

Good credit is important to your future, no matter what your age. If you are just starting out in life, you are starting with a blank slate and no credit history. While there are no black marks on your credit as of yet, there are also no good marks, and that can make getting a loan or buying a car difficult. The sooner you can start building a positive credit history the better off you will be.

Instructions

1

Open a bank account in your name as soon as you can. Even if you do not have much money to put away it is important to establish a banking history. Look for a checking account with no minimum balance requirement, and keep careful track of your balance to avoid overdrafts and the associated charges.

2

Wait until your bank account has been open for at least six months, then apply for a credit card at the bank where your account is held. Applying at a bank where you already have a history can boost your chances of being approved, even if you have no credit.

3

Apply for a secured credit card if you do not qualify for a traditional one. With a secured credit card you deposit money in an insured bank account, and your credit line is equal to the amount of money you have on deposit. A secured credit card can be an excellent way to learn how to use credit wisely while you build your credit score.

4

Pay your credit card bills early. Pay your bill as soon as it arrives instead of waiting until the last minute. This will greatly reduce the chance that you will make a late payment or miss a payment.