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Why 18 Is The Right Age To Start Building Credit

We’re fairly confident that, as an adult, you would say that you are comfortable with your level of money knowledge, right?

If that’s the case and we asked you this question, would you know the answer? 

What is the youngest age you could possibly get a credit card? 

Spoiler Alert… the answer… 18 years old.

In today’s blog, we want to go over why 18 is the right age for your kid to start building credit independently. 

blue credit card

We say independently because, technically, something called “authorized user” status means that your child can actually start building credit as young as 13 years of age as an authorized user on your credit card, but we want to emphasize the importance of your child beginning to build credit independently as soon as they can obtain their own credit card at 18 years old.

Let’s get started. 

multi-coloured credit cards

Firstly, as simple as this sounds, our first reason is because you can. 18 is the legal age at which a young adult can first obtain a credit card and the importance of building up credit from a young age is widely documented. Building up good credit is crucial to a good credit score. A good credit score makes things easier when buying or leasing a home, purchasing or financing a car, obtaining the best possible insurance rates and even opening a small business. In other words, your child’s credit score will prove to be a very important part of their soon-to-be not so distant future, meaning that there is no reason they should avoid jump-starting their credit-building journey as soon as they are able to do so independently. 

Additionally, there must be an emphasis on starting to build credit at 18 because length of credit history is the third biggest factor in determining your child’s credit score. Next to payment history and amount owed (or total debt), building a lengthy credit history is key to having a good credit score. We already touched a little on the doors that swing open for people that do a good job of establishing and keeping a good credit score so we cannot understate how imperative building credit starting at 18 years old is due simply to the weight that is carried by the length of your credit history as it relates to your credit score.

traditional money alongside cryptocurrencies

Has this blog been useful in helping you understand why we think it is imperative you and your child should consider starting their credit-building journey immediately at 18 years of age? Sound off in the comments of this blog to let us know if you agree or disagree with our reasons or if we missed something you would like to add. 

If you think this blog has been helpful, we encourage you to take your child’s financial literacy one step further by enrolling them in one of Explorer Hop’s personal finance programs today!

Our nationally and internationally-acclaimed personal finance programs for children in grades one to twelve cover topics including the basics and history of money, the stock market, global finance and more, so we encourage you to check out our courses and classes online today and to sign your child up as soon as possible.   

We hope to see you and your child in one of our classes soon!

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