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April M | Apply for Credit Card - 17 Years Old? |
Hello,
I am am 17, and I would like to get a few credit cards. Not to buy things, but to grow my business.
I do Search Engine Marketing, and I need all the money I can get to get my business going. I can just pay for all expenses from my personal funds, they don't need to know I am using it for a company.
I would like to get my credit going, but I would not know how to to do this. My mother has 2 credit cards, and her credit score is 800, perfect.
Would it be a good idea to add me to her credit cards, and bank account so I can get her perfect credit? From there, I would apply for a credit card myself?
Now.. I would like a credit card that I would be 100% liable for under all circumstances!
Now, I would need a credit card with a limit of like 2K+.
However, I don't have a 'real' part or full time job, so I don't know how I would prove that I make money to pay back my bills.
I also don't care about interest rate! Since I have a 15% ROI.
Thank you for any information you may have
Additional Details
I get my revenue every 15 days.
I am not going to sued or anything, so there is no reason I need to get incorporated as of now.
Though, I will get something because of the tax breaks. |
 |
 
Blu
|
Apply to credit cards companies with good reputations and history, then go for it. You CAN open one up at 17, but you need a cosigner (mom). HOWEVER, only apply to two. The more you apply, the lower your score gets.. if they deny you. Also, you can't just own the credit card without using it and expect to improve your credit. They need to know not that you have one, but that you can use it properly. SO the more you use it and pay everything off on time, the higher your score gets. Not using it will affect your credit. |
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jojo
|
you have t be 18 to apply for credit cards |
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Nurse Diesel
|
You can not get a credit card by yourself until you are a legal adult. However, your mom can co-sign on a loan for you.
So, you could open a credit card in your name, but your mom would be on it, too. That is, of course, if she is willing.
You and your mom could go see a commercial banker (a bank officer that specializes in business loans), and s/he might be able to set you up with a credit card. They would give you a form to fill out that would include asking about your revenues, and you would have to give them reports at least annually declaring how much money your business has earned and spent.
Believe it or not, you do have a 'real' part time job. This is it. But because you are a small business owner, you have to take more responsibility for knowing about what you earn. A good commercial banker can help you learn about these things. You might also be able to take a class at your local community college or a state-funded organization that gives grants and loans to small business owners. Again, the banker would be able to hook you up with this kind of information.
Or, you might talk to an economics teacher at your school, and he might be able to train you in how to keep track of your finances, or recommend someone who could teach you.
Good luck!
Good luck! |
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Bandice
|
Heres how I became Independent. I would have my mother hold my money for me and I used to tell her "No matter how much I begged for her to give me money for anything that I didnt really need, to not give me it. And she didnt. Also, I started my credit by buying a used car and my mother was the cosigner of the car. I paid it off and became independent. WHATEVER you do , Stay away from credit cards period. You can become dependent on them without knowing. You can get a loan of somekind and have your mom cosign. That would be the best way to start you credit. Good luck!!! |
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Joey J
|
u will have to have a co-signer and most companies will only give you a $500 limit for the first year. |
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peach
 |
I'm not so sure that you can get a credit card at 17 years old. You may have to wait until you are 18. A way around may be to set up your business as a corporation and have your mom assist in getting credit for the corporation, but this plan would take time to build up the credit record of the corporation and by the time you would qualify, you would already be 18 anyway.
If you add your name as an authorized user of your mother's account, you do not inherit her credit score. So, this does not really help you obtain credit cards.
A limit of $2,000 without a co-signer to a person with no credit history and on top of that a sole proprietor, is not very easy. You will have to have a strong history of profits and wherewithal.
I'd just convince your mom that your plans for the money are good and have your mom use her credit cards to give you a loan or just give you a cash loan. Your only other viable alternative is wait until you are 18. |
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Dawnia P
|
Typically, credit card companies will not issue a credit card to anyone under the age of 18 because legally, they can't enter into a contract with them. Maybe go to a local bank or credit union and see if they will issue you a card under special circumstances.
Good luck in your business!! =) |
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tractordriver88
|
Wow, you are really getting started at a young age, and that's great!
I personally am a big fan of not using credit cards because most people have a real habit of buying random crap with it and then getting themselves into lots of trouble.
But if you are REALLY disciplined, you probably could do it and do a great job. |
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Jonathan W
|
yes get like 5 |
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Kim
 |
Check out http://debit-card-guide.com/creditbuilde...
It really explains how the process works and it reports to the credit bureaus so you can establish your credit. Just be really careful with it. |
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