Ask Terry Questions Building credit for young people

Building credit for young people

By Terry Savage on October 22, 2023 | Credit/Debt

My son is 20 years old, he entered the trades and has an excellent job, making great money, and has absolutely no college debt and full benefits. He has purchased a few vehicles, but paid cash for them. He hopes to in the near future, potentially buy him self a home, what can he do to build credit?

Terry Says

He needs to start with a “secured card.” The “security” is money he deposits in a savings account with the card-issuing bank. Then he should use it to charge something every month — and pay on time and in full, every month.

The card issuer will report his payment history to the credit bureaus, and soon he will start receiving offers for other cards. Then he can pick one that offers points or rewards. But the secret is paying on time every month.

Here’s how to find secured cards:



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