12-15-2012 10:39 AM
That's great! When I was in college, I went for the Forward and am looking at the More now. They're both excellent cards. And good on you for getting her started on the path to good credit so early!
12-15-2012 08:00 PM
Congrats to her on skipping sub prime crap one and so on - she's off to an awesome start and could be a part of Chase and Amex and so on families within a year or two if she plays her cards right. It only took me 2 and a half years from being 'credit age' to get into the Amex family. Remember to stress to her the importance of keeping utilization low, PIF and not go spending beyond her means - what I mean is shopping sprees just cause the avail credit is there doesn't mean it's same-as-cash. I carried a balance for a long time cause I bought everything I wanted a that particular time ($350 pair of Ray Ban avaitors, Xbox 360, 55" HDTV, the list goes on) this is tempting at the age of 18 and such. And not to apply for every card possible - inqs add up and suck... Ask me how I know now. Best of luck to you and her credit futures.
Starting: 563 | Current: 753 (Walmart TU 11/12) | Goal: 800 | Garden since: 01/15/2013
12-17-2012 10:48 AM
Coty YES, all great info. I have made all those same mistakes and more. I can't tell you how good it feels to know that I've at least done all I can to get her off to a good start. Once I turn it all over to her, it really is up to her. She's a super responsible young woman. I have complete faith in her.
12-17-2012 01:20 PM
That's really great to hear on your daughter's success with Discover! I myself started with Capital One on my 18th birthday, and a year later got me a Discover More. I'm a big fan of the 5% categories, which are very reasonable and usually end up being the things that I use my credit card for anyway.
I wish I would have had the guidance and the conversations with my parents about credit cards, and have someone watch out for my usage until I was ready to handle it on my own. Thankfully my parents always told me that credit was everything and that scared me enough to take care of my credit since first applying for my Capital One card. Yes mistakes are made and my utilization at points climbed up very high, but I never dared to miss a payment or apply for many cards.
In no time she will be making her own credit goals, and be striving for certain scores. Little things like that make you more responsible and motivate you to keep going with credit. Best of luck to you both!
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