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18 year old son credit 101

Regular Contributor

Re: 18 year old son credit 101

Definitely wish someone had told me how to properly use my credit when I was younger. I intend to pass this advice down to my children so that they don't make the mistakes I did.

Message 11 of 17
Regular Contributor

Re: 18 year old son credit 101


ccnewcc wrote:

mr_postman wrote:

wow i am amaze to what my son have done in the last 8 months building his credit profile

March he asked me to add him as AU to walmart and target I did he then turn 18 march 2012 by september he generated his first score all were above 740 got his first secured card with bofa now he has all these cards 7 cards looks like primeville to. He started his own Phography buisness at 18

4.5 credit history AAOA 7 months income less than 15K annual

 

USAA Platinum Visa 15K

USAA Amex 4K

CITI Forward 2K

Discover More 3K

Chase Freedom 1.5K

GE Paypal Xtras Master Card 3K

Lowes 1K

 


Oh wow, that is impressive.  

 

Tho I am sure that his USAA cards are pretty much useless and just sit in a SD.  Since he only has an annual income of less than 15k and USAA cards have horrible rewards with their tiered spending levels.

 

youre absolute right  that card is in the safe even though he is responsible 15k with a 18 year old can be tempting

 

Message 12 of 17
Valued Contributor

Re: 18 year old son credit 101


mr_postman wrote:

wow i am amaze to what my son have done in the last 8 months building his credit profile

March he asked me to add him as AU to walmart and target I did he then turn 18 march 2012 by september he generated his first score all were above 740 got his first secured card with bofa now he has all these cards 7 cards looks like primeville to. He started his own Phography buisness at 18

4.5 credit history AAOA 7 months income less than 15K annual

 

USAA Platinum Visa 15K

USAA Amex 4K

CITI Forward 2K

Discover More 3K

Chase Freedom 1.5K

GE Paypal Xtras Master Card 3K

Lowes 1K

 


Where is his BOA card on here? With the new rules on CCs on people under 21 it really makes this hard not to be skeptical esp with a stated income of only 15k....I wont name any names but this sounds a little like you know who..... 

 

Anywho congrats to your son...(puts popcorn in microwave)

ccpics2.jpg
Message 13 of 17
Valued Contributor

Re: 18 year old son credit 101

with the au boost. 

 

the only real advice anyone needs is pay on time only if its to pay the least. never ever pay late or dont pay. 

and only apply for what you need not what you want. 

spend what you can pay now not what you think you can pay next month. 

 

and youll be golden. 

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9


2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$7,400
Citi DC $10,000
Citizens Mastercard$7,000
Message 14 of 17
Regular Contributor

Re: 18 year old son credit 101


beb86 wrote:

mr_postman wrote:

wow i am amaze to what my son have done in the last 8 months building his credit profile

March he asked me to add him as AU to walmart and target I did he then turn 18 march 2012 by september he generated his first score all were above 740 got his first secured card with bofa now he has all these cards 7 cards looks like primeville to. He started his own Phography buisness at 18

4.5 credit history AAOA 7 months income less than 15K annual

 

USAA Platinum Visa 15K

USAA Amex 4K

CITI Forward 2K

Discover More 3K

Chase Freedom 1.5K

GE Paypal Xtras Master Card 3K

Lowes 1K

 

 

Anywho congrats to your son...(puts popcorn in microwave)


yes his BOFA is now 7 months old  his income  is 15k a month from hisphotography business it's a hobby but his making moneymaybe I should of added that he also gets gibill bill of 987 a month he said that some cc company accepts it as income and some don't navyfed doesn't accept gbill as income but usaa does and others did not even verify income. can some tell me what beb86 trying to imply

Message 15 of 17
Valued Contributor

Re: 18 year old son credit 101

If I have kids one day, I hope to be as successful

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Message 16 of 17
Highlighted
Valued Contributor

Re: 18 year old son credit 101


Repo-ed wrote:

If I have kids one day, I hope to be as successful


i dont think its a good idea to let kids had that kinda high credit limit.............That's the reason why most credit company wont let one had their first credit card when they 21 .......When you said Kid....yeah its a kids...........Its very easy for them to get in trouble with that kinda high money in hand..............just sayin'.......................

 


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Message 17 of 17