College Student Trying to Initiate Line of Credit

[Jacob Rowland]

As a college student aspiring to become an investor, I figured I should establish some credit history ASAP. I am weighing some options but I don't even necessarily know if these are the best initial steps. Looking for insight and advice. 

1. Become an authorized user on a family member's credit card.

- Parents are highly responsible and never fall behind on payments

2. Get my own credit card

3. Get credit for my rent payments

I am really trying to leverage my time as a student to help boost a healthy credit score but I want to make sure I am planning the appropriate requisite actions. 

Thanks again in advance for any feedback!

Best 

- Jacob 

[Brett B.]

I think getting your own credit card will be the best option.  Not only will you be building credit, but according to my credit score estimate from my bank, they look to see how long you have had a card open when determining your score.  It says 1-4 years is poor, 5-7 is fair, 8+ is good.  So the earlier you can open a card, the better.

Just don't fall into the trap of putting more on the card than you can afford to pay.  Pretend it's a debit card and pay that balance down every month.  Use it only for gas and groceries, and never at the bar.  Once you start paying interest, especially in when in college without a stable full time job, it can easily snowball out of control.