18 starting out

[sarge12]

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@Anonymous wrote:

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@Anonymous wrote:
My daughter turned 18 three days ago. She was a Gap this weekend and they tricked her into opening a credit card with them. They told her it was rewards card. So with no income, she was able to get $1000 credit line. I'm really irritated with their sneaky techniques to get her to open a credit card, but what's done is done. The store manager might not have had a rear end when I was done with him though.

She's been on our capital one card for several years, preparing her for a strong credit portfolio. My husband and I did not have anyone to assist us and we've learned everything the hard way. Her credit starting with a Gap card was not what we had planned.

So if you were 18 and starting out, knowing what you know now, what would your credit portfolio look like? what cards would you go for short-term and long-term?

I don't want her to end up with a slew of worthless store cards or credit score that's basically Hollow. I want to have a strong start.

Tia!!

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Please don't bash store cards. I own a gap visa myself and I love it. In fact, my very first card was a walmart store card. I still own it today and I will always keep that card. I just wanted to point out that not every single store card is worth it and you have to start somewhere. My parents didn't believe in credit cards so they would pay everything with the money they earned. It took me months and months to be approved for a credit card and just like that, I now am a proud owner of 17 cards. I've only had credit for 7-8 months too. 

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Not to bemoan the point, but racking up 17 cards in 8 months should not be a point of pride. That is exactly the kind of wreckless behavior the OP is trying to avoid. Credit Cards are not assets that you own!!! They are not some prize, and they have no value. They are simply the ability to take on debt easily....in your case, massive debt! I know you may not like to hear this, but you sound like you are charging up fools hill and I would urge you to make a u-turn before it is too late.

[Anonymous]

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@Anonymous wrote:

I got to add ..  I think the Mom and Dad know the maturity level of their daughter.  Each and every 18 year old is different from the other. 

WE do not know her... or her maturity level.  I mean my one sister used to climb out the window and take a conversion van out for joy rides at 14 years old.  Now mind you me and my other sister did not do that...  then I had a step sister that drank like a fish at 18 when my stepfather was not looking and stepbrother that liked to get high.   Guess what 18 is not 18 for everyone.  

Trust me there should be interventions ... girls are not easier ... boys are not easier..  18 is not 18 !  18 can be 12!  18 can be 35!  

The only thing that OP was asking is what cards to start out with ... because he is prepping to have the Credit 101 instructional with his 18 year old daughter.  He was giving an opening story as how come he needs/wants to get the conversation started.  That is all.  

So to rephrase... if you knew then (18 years old then) what you know now!  What cards would you want to start with ????  

He never said that Navy was a bad card.. I think he is saying that there is no plan ... and you all know its best to think about the cards we app for as opposed to just apping away without thinking about it.   I mean Navy is great .. but we would not want to allow our family members to start out with just getting store cards and end up with like 10 as opposed to some nice bank cards.  Which is why he is asking. 

So lets offer our intelligence... not parenting ..  

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Very true Bella,

I am a firm believer that how you act financially and emotionally is based on your personal experiences.

Some people have to grow up at 15 and start taking care of themselves and family; others are allowed the opportunity to be 12 until they are 40.

That being said, at 18 I see people getting married and having children; at 18 I know I am not anywhere near ready for children.

However one thing I can manage is a credit card and bank account; likewise there is no way I would give any of my 18 year old friends my credit card, at the same time I would not trust some of my 30-40 year old cousins with my credit card either. For much the same reason, I know they would run it up to and above the credit limit without giving it a second thought!

It is a case by case scenario as many people have said, I liked where someone else said we broadcast the thoughts of ourselves at that age on others; when I look at some 15-16 year old's, I expect a lot more of them than should be expected; because I know how I was at 15-16 I always had my head in a book working my hardest to maintian my 4.00, you'd find me on a friday night at home doing homework; I never would have thought of having sex or doing drugs.