How to Get Started on Your Credit at 18

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When a person is 18 years old, a credit union or bank that will provide them with a checking account serves as a great opportunity. Avoid abusing the privilege of a checking account with advice from a registered financial consultant in this free video on money management.

Part of the Video Series: Personal Finance Tips
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Video Transcript

This is financial advisor, Patrick Munro, talking about how to get started on your credit at eighteen years of age. Eighteen years of age is an important age, and it's an age of independence, and the best way to get on the credit path and and independence is to open up a bank account. Sometimes, individuals will have savings accounts, but nowadays a checking account is available. If you find a credit union or bank that will be willing to let you have your own checking account that's a great opportunity. Sometimes, at the younger ages of eighteen, and at least until you're twenty one you may require having your parents as a co-signer to guarantee any checks, or whatever the case may be that you'd be writing. It's an opportunity for you to grow, and if you receive a checking account from a bank make sure that you are mindful that it is a privilege, and you do not abuse the privileges that you do have, because it'll come back to hurt you later in life. This is Patrick Munro, financial advisor, talking about how to establish your credit when you're eighteen.

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