NFCU Visabuxx for teen

[Dee2]

Hi All,

I've read a few posts and recall reading that a few folks have gotten cards for their kids.  I'd like to get one for my 16 year old daughter.  I would like to teach her how to manage credit responsively.  Not to mention with all the violence going on I've become very uncomfortable giving her cash for shopping trips. 

I'm wondering whether or not applying for the card will require an credit inquiry since it is a prepaid Visa.  Also, will this card begin establishing credit in her own name?  Sounds silly, but I don't know if I want her having or establishing a credit history until she's older. 

Thanks  

~Dee

[smallfry]

No inquiry and it is only a debit card. So no credit history there. Do you think you can trust your child with a real live CC? I gave my daughters AU status on my small BofA CC so far no problems. Make her an AU on your oldest card and get her a Visabuxx debit card.

[Dee2]

Thanks for the response smallfry.  I could/would definitely trust my daughter with a real Credit Card, however, I filed for bankruptcy in April 2002 and I don't want my past credit issues to ever come back to haunt her.  Once  the Public Record falls off in 2012 I'll see where my Fico is then (currently 708) if at that time all looks good, I'll add her as an AU if she needs help establishing credit on her own.

My main concern now is her going to mall and hanging out at the movies with friends with cash.  My daughter is very responsible, but unfortunately with this economy all sorts of bad things are happening.  Even if I'm just giving her $30 or $40 at a time I worry.   I'm a little overprotective, but there are some real crazies out there right now.

I'm happy that there won't be an inquiry involved for the Visabuxx card.

Thanks again

[Anonymous]

Putting her on a current card will in NO way associate the Bk with her.  Unless this card has a late or other derog notation, it will only reflect the age and history of this account ONLY.

There is no "cross" contamination of public records from the past.  Your BK cannot be reported on her credit.  Nor will any account you IIB somehow be associated to your new account with positive history.

You can add her without worry, except any worry you may have of her use. 

Message Edited by txjohn on 05-12-2009 04:39 PM

[Dee2]

Txjohn,

I was under the impression that if I added someone as an AU they would in effect be taking on or sharing my credit score.  Meaning if I were to add my daughter her credit score will instantly become 708 and fluctuate as mine fluctuate.  Not true? 

Thanks

[Anonymous]

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@Dee2 wrote:

Txjohn,

I was under the impression that if I added someone as an AU they would in effect be taking on or sharing my credit score.  Meaning if I were to add my daughter her credit score will instantly become 708 and fluctuate as mine fluctuate.  Not true? 

Thanks

---

No, this is not correct.  Scores are not shared in any way.  A score is a numerical calculation on the content of your report.  Her score will be based on the content of her report, which will be impacted by the AU account, but not by your BK nor by any account she is not an AU, past or present.

You may add her without any issue, unless your current account is high balance, has reported lates or other derogatory issues.  If it is clean, then add her at your leisure. 

Message Edited by txjohn on 05-12-2009 04:51 PM

[Dee2]

Great information txjohn...

Thanks so much for clearing that up for me.  I would like to get her started with managing credit as she'll be entering college in a few years and I don't want her to get caught up in the whole CC craze.  

Thanks again to you too smallfry.

~Dee