18 years old - Best ways to build credit for my first loans...

[Taylor Hughs]

Hey BP community! My name is Taylor, I am 18 years old and a senior in high school. I will be attending Baylor, SMU, or A&M next year and am looking to house hack somewhere around my campus to start my investing journey towards financial freedom. I have been on this real estate adventure for the past month now and have read 3 books, listened to over 100 hours of podcasts and videos, aswell as getting my first credit card. My family has always been avid about me providing for my self so I have and am working right now to pay for my own expenses. 

My question is: How do I build my credit score in the most effective and efficient way (more cards, what purchases, financing purchases, etc.)? 

I'd like to buy my first home in college preferably a small multifamily and being to snowball my career from there. The main issue I found was needing a credit score for loans and to show a history to private lenders so, I am starting my credit journey now along with my education journey and hopefully being able to intern somewhere or with someone (if anyone is willing or knows anyone please let me know) now. Anyways, I have decided I need to build my credit as soon as I can, and if you have any tips or pointers to make this process as efficient and effective as possible please provide me with the secrets you have learned from your credit path. Thank you so much in advance, this community is amazing. 

Taylor

[David M.]

@Taylor Hughs

Yup, thats the tough one.  Its a credit HISTORY for a reasons, and generally youc can't get a credit card until you are 18...

Get on, usually at college there are offers everywhere --- although, I hear now you have to get a secured card.  Start whereever you can.

There are plenty of online "tutuorials" on how to build credit.  In short, just don't carry a balance.  If you are fearful of going into debt (which is a whole other problem), just put a few charges on it a month.  When the statement comes, pay it off in full.  That builds the HISTORY of you being able to manage the credit/debt.

Never (well, in your time scale) close your initial card(s).  the credit HISTORY only looks at open accounts for some reason.  

There is NO reason to be actually paying interest --- at least on credit cards.

Hope that helps to get you started.  Happy to chat.  Good luck.