Money Subsidiary

Can you get a credit card at 17

Can you get a credit card at 17?

As it is legally true that, no one can get a credit card on their own unless they’re at least 18 years old. However, a minor can be an authorized user on someone else’s account, and when you turn 18; you’ll need to show that you have your own independent income to qualify. In the meantime, you can begin to build credit as an authorized user, and you can always use the best debit cards for teens everyday purchases.

Here’s what you can get instead of a credit card at the age of 17:

  • Authorized user card/Minor Saving Accounts: If someone makes you an authorized user on their card, the account will be added to your credit report. And if the main account holder pays the monthly bills on time, your credit score will improve. The main account holder may or may not decide to give you a card that you can use to charge purchases to the account. But you won’t be responsible for making payments either way.
  • Debit card: Most banks will give you a debit card connected to your checking account. You’ll be spending your own cash, not borrowing money, so you don’t need to be 18 to get one. Different banks have different rules, but most require you to be 13 or 14 years old. You won’t build credit with a debit card, but having one can make life more convenient until you turn 18.

So in nutshell, you can’t get a credit card at 17, at least not one of your own. But if you find someone to back you, then you can start building credit right away. And in just a year, you’ll be eligible for student credit cards, secured credit cards, and other options for people new to credit.

Read ➤ How to Choose Student Credit Card in USA

Here you come to know about some credit card options that allow teens under 18 as authorized users, along with a few tips for teaching them financial habits.

Many card issuers like Bank of America (BOA), Capital One, and Chase — have no minimum age for authorized users. This means that you can get your kid a credit card as soon as you think they are ready. However, some card providers have minimum age requirements, usually 13 to 16. Before adding your teen as an authorized user, consider how responsible you are as a cardholder as your teen’s fortunes will rise and fall with yours.

How Can You Build Credit At The Age Of 17?

If you are a parent of a minor, or a 17-year-old yourself getting ready to manage your finances on your own, it’s a perfect time to think about credit.

It can take years of steady on-time payments to build a good credit score, so it’s never too early to start thinking about how you can get on track for a positive future with credit when you’re under 18.

If you are looking to help your teen build a credit history or start building your own credit before hitting your 18th birthday, there are several good available strategies.

Why Start Building Credit Before You Turn 18?

You must know that Credit scores and credit reports are an important part of personal finance. There are mainly two (2) major reasons to start building credit as soon as possible though:

  1. A Good Credit Score: This can be the difference between getting approved for a new credit card or loan by a lender and getting rejected. If approved, good credit can help you qualify for the best interest rates, which can save you tens of thousands of dollars on a future mortgage, for example.
  2. Building Credit Takes Time: While you can ruin a credit score in an instant, it takes months to get a credit score and years to build a very good one. That’s why it’s a good idea to start building credit early.

Can You Get Your Own Credit Card Or Loan At The Age Of 17?

As you are wondering, “What age can you get a credit card?” In such thinking, you are not alone. Most banks and credit card companies will not issue a new credit card or loan to a minor. So, how old do you have to be to get a credit card under your name? In the United States, minors are generally not allowed to enter into legal agreements, which means young adults under 18 can’t open their own borrowing accounts.

Some credit card issuers may be willing to issue a new account to a minor who cosigns with a parent or other legal guardian. But otherwise, unless you are legally emancipated, you probably can’t open a credit card at age 17 with a credit card issuer.

According to Experian, some of the top credit card issuers don’t have a technical minimum age requirement or allow you to open a card as young as 15, or 16, in some cases. But those approvals may also look at your credit and income, which could make it hard to get approved before turning 18.

How To Start Building a Good Credit Score At the Age of 17

If anyone starts to build up a good credit score at the age of 17, then he needs to be listed on a credit-related account like a credit card or loan. Contrary to popular misconceptions, you can’t build credit with a regular bank account like a checking account, savings account, debit card, or just getting a job. It takes credit to build credit.

One of the best ways for a teen to build credit is as an authorized user of a card owned by their parents–more on that in the next section.

The other option would be to help the teen open their own credit card or loan, which may be very challenging, or cosign with them on a personal loan, student loan, or another type of loan if they qualify.

Any Authorized users (Minors) can take advantage of good credit from their parents

As you know that there is a secret weapon when it comes to helping your family builds credit that you can tap into if you have good credit of your own. There’s a feature of most credit cards that allows you to add what is called an authorized user to your credit card account.

Unlike some loans, most credit cards are not issued to two people. They put one name at the top of the application, and that person is primarily responsible for paying off the card’s balance or any credit card debt that may build up.

Read ➤ Best Debit Cards for Kids

However, that person can add family members or anyone else they trust as an additional user. That authorized user gets their own card with their name on it, but it’s tied to the same credit card account from the bank or credit union.

When you’re an authorized user, your credit card account shows up on your credit report. A note says you are an authorized user, which tells lenders you are not legally required to pay for the loan’s balance. But otherwise, it looks like a regular credit card account and influences your credit score.

If the primary account holder keeps the balance low relative to their credit limit and always pays any credit card debt on time, authorized users should see the credit card help their credit rating. But if there are late or missed payments, that account can hurt their credit.

Read ➤ Student Loan Credit Card

That’s why it’s so important to use this feature with care and not go over the spending limit. Check with your credit card issuer to see if they allow authorized users. Also, make sure they report authorized users to the major credit bureaus. You always must care about your credit limit and not utilize it all for your better/healthy credit.

Checking Your Credit Score and Credit Report at the Age Of 17

Even if you are still too young to buy a lottery ticket then you are never too young to check your credit. While many minors will find they don’t have a credit report or Free Credit Score with Credit Karma established, those who do can check their credit just like an adult.

The government-mandated website to get your credit report for free at annualcreditreport.com, you can also look to free tools from Credit Sesame, Experian, or other trusted services that offer more insights into your credit, including your credit score.

Preparing For a Positive Future with Credit for Minor

It is very easy for adults to blame their bad credit for the financial problems they are experiencing, but it’s likely that their bad credit is a result of other financial challenges.

Getting a positive start with credit can help teens establish a valuable asset that opens up a world of useful financial products and the savings of lower interest rates reserved for those with the best credit.

If you are thinking ahead about how you can help your teen then must remember that you’re making a very smart decision. With an early focus on building good credit, your teen could save tens of thousands of dollars while staying in a position where they can financially thrive.

Frequently Asked Questions (FAQs)

Can You Get A Credit Card At 17 Without A Parent?

Absolutely you can’t. You must be at least 18 to apply for a credit card. The only way to have a credit card issued to you is if you become an authorized user on someone else’s account.

How Can I Build My Credit At 17?

To start building credit at 17, you would need to be listed on a credit-related account like a credit card or loan. Contrary to popular misconceptions, you can’t build credit with a regular bank account like a checking account, savings account, debit card, or just getting a job. It takes credit to build credit

Can Under The Age of 18 Get A Credit Card?

Kids can’t open their own credit card account until they turn 18, and will need to prove independent income until they’re 21. But even before then, minors can benefit from becoming authorized users on a family member’s credit account.

What Card Can I Get At 17?

5 credit cards that allow authorized users under 18

CardAge limit
Capital One Venture One Rewards Credit CardNone
Capital One Quicksilver Cash Rewards Credit CardNone
Chase Freedom Flex℠None
Chase Freedom Unlimited®None

How Can A Teen Start Credit?

  1. Educate Your Teenager on the Basics of Credit.
  2. Check Their Credit Reports.
  3. Open Checking and Savings Accounts in Your Teen’s Name.
  4. Add Your Teen as an Authorized User.
  5. Research Opening Student or Secured Cards.
  6. Lead them by giving an Example.
  7. Discuss the Benefits of Good Credit.

Should I Get My Teenager A Credit Card?

Yes, teens should have credit cards because having one is the most efficient way to build credit history. Plus, credit history will come in handy as teenagers get older. Knowing how to handle a credit limit and reaching financial independence from an early age is a bonus. A significant number of parents agree, too

Conclusion

You cannot get a credit card at 17, at least not one of your own. But if you find someone to back you, then you can start building credit right away. And in just a year, you’ll be eligible for student credit cards, secured credit cards, and other options for people new to credit.

Some credit card issuers may be willing to issue a new account to a minor who cosigns with a parent or other legal guardian. But otherwise, unless you are legally emancipated, you probably can’t open a credit card at age 17 with a credit card issuer.

The government-mandated website to get your credit report for free is AnnualCreditReport.com.

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