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Post by Elliefunt - Debbie on Mar 14, 2016 7:57:22 GMT -5
Seriously how does a teen build a credit history now? My dd has applied for 2 credit cards. 1 on her own - a store card and a Visa with dh as a co-signer. Both rejected.
Should I apply for a card and put her down as a user? Would that even build her card? She would be the one to use it and pay it.
Help!
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Post by carrieinwi on Mar 14, 2016 10:00:04 GMT -5
My ds has a debit card that is linked to his checking account. I assume that it is helping to build his credit history. Other than that, I have no idea.
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jdpudge
Oldies but Goodies
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Post by jdpudge on Mar 14, 2016 18:22:41 GMT -5
No credit isn't the same as "bad credit", but obviously isn't the same as "good credit".
Does she have income? A part-time job would be enough. Has she been on the job 3-6 mo or more?
Is she applying to places where you and dh also have credit? Very often that's a good place to start. For example, if you have a Visa with ____, then you can apply as a "co-signer" on the card with her... but she'd likely be approved based more on your history with that company than anything else. I know as a branch manager I was willing to open a small credit limit for young people if their parents had a good history with us, even if the young person hadn't been on their job very long. |
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Laney
Mod Squad 
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Post by Laney on Mar 15, 2016 17:28:01 GMT -5
Seriously how does a teen build a credit history now? My dd has applied for 2 credit cards. 1 on her own - a store card and a Visa with dh as a co-signer. Both rejected. Should I apply for a card and put her down as a user? Would that even build her card? She would be the one to use it and pay it. Help! If she has been denied even with a co-signer, have you had the report pulled? I'd have it pulled (you can pull it based on the denials) & make sure that there is nothing on her report that shouldn't be. |
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sarahw
Oldies but Goodies
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Post by sarahw on Mar 17, 2016 14:22:53 GMT -5
My ds has a debit card that is linked to his checking account. I assume that it is helping to build his credit history. Other than that, I have no idea. Debit card does not get listed on credit report. |
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Post by mamamunchkin on Apr 5, 2016 21:35:37 GMT -5
My brother built credit with a visa through the bank he uses. It was a low limit, he put all his gas purchases on it and paid it immediately.
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cshoremom
Mod Squad
“What can you do to promote world peace? Go home and love your family.” ― Mother Teresa
Posts: 4,170
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Post by cshoremom on Apr 6, 2016 15:49:16 GMT -5
My brother built credit with a visa through the bank he uses. It was a low limit, he put all his gas purchases on it and paid it immediately. This is smart. We are working on this with DD now... |
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Post by kidsandpets on Apr 6, 2016 16:35:39 GMT -5
My brother built credit with a visa through the bank he uses. It was a low limit, he put all his gas purchases on it and paid it immediately. This is smart. We are working on this with DD now... That's how I started too. I think the card had a $500 limit. Of course that was probably 18 years ago now... |
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justmae
Oldies but Goodies
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Post by justmae on Apr 24, 2016 21:21:23 GMT -5
My brother built credit with a visa through the bank he uses. It was a low limit, he put all his gas purchases on it and paid it immediately. DS has the same. He had to pay a yearly fee but I think it was worth it so he could build credit and it is tied to credit tracking, etc. |
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Post by citylights on Apr 27, 2016 18:20:23 GMT -5
I think it is very important to help our young adult children build credit.
It is important for us to help them understand the why's & how's of credit.
When DD went to college, we made her a "user" on our account.
The credit card came in her name, but it was "our" account; therefore, we were responsible for her charges.
We told her straight up what was acceptable & what was not.
I taught her to monitor this account online & how to pay her bill online.
We had NO problems whatsoever.
To be honest, I shake my head (wonderment & disgust) when I hear a parent say that they would NEVER do this for their child.
Dh & I have not been "lucky" to have responsible kids .... I like to believe that we have helped to develop this in them.
All it would have taken is one bad experience & we'd cut them off ... but that never happened.
They understood, & they respected.
Same with helping them buy a car, putting them on our car insurance policy, etc.
When DD graduated college, 3 mo. later she bought a house (cheaper than rent).
She had NO problem qualifying for a mortgage on her own.
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cshoremom
Mod Squad
“What can you do to promote world peace? Go home and love your family.” ― Mother Teresa
Posts: 4,170
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Post by cshoremom on Jun 1, 2016 19:12:43 GMT -5
I just posted on the main board ( more views), wondering if you have a favorite credit card/ company/ bank you use.
Thanks!!
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Post by Elliefunt - Debbie on Jun 4, 2016 5:45:54 GMT -5
My dd just got a Discover card on her own. $750. limit. Not too bad. We also applied for a "Sally May" loan for school. After 12 payments we will be dropped as co-signers. (I believe it's 12 payments - I'd have to check for certain). we're just going to stick with these 2 things for the next couple years. She doesn't need much more.
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psychrn
Oldies but Goodies
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Post by psychrn on Jun 6, 2016 10:10:19 GMT -5
I think it is very important to help our young adult children build credit. It is important for us to help them understand the why's & how's of credit. When DD went to college, we made her a "user" on our account. The credit card came in her name, but it was "our" account; therefore, we were responsible for her charges. We told her straight up what was acceptable & what was not. I taught her to monitor this account online & how to pay her bill online. We had NO problems whatsoever. To be honest, I shake my head (wonderment & disgust) when I hear a parent say that they would NEVER do this for their child. Dh & I have not been "lucky" to have responsible kids .... I like to believe that we have helped to develop this in them. All it would have taken is one bad experience & we'd cut them off ... but that never happened. They understood, & they respected. Same with helping them buy a car, putting them on our car insurance policy, etc. When DD graduated college, 3 mo. later she bought a house (cheaper than rent). She had NO problem qualifying for a mortgage on her own. We have had Aidan on one of our credit cards since he started driving at 16 y.o. He is very responsible and trustworthy and has never once used the card inappropriately. Anywho...is this going to build his credit? They do not have his SS# or anything, but he has a card with his name on it and is a "signer" I guess. We need to call them and ask I suppose. He just opened a checking and savings account at our bank, and I plan to ask them about him getting a credit card in just his name after a while of him having accounts there. I think that would be enough to get him started on the right track. |
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