10-29-2009 10:13 PM
10-30-2009 03:42 PM
10-31-2009 07:33 AM
He's going to need some help managing it, but I can do that. That's not a basic life skill taught at school, but I'd be more than happy to take that on to ensure these guys don't run into trouble.
DD#2 got a student Discover card at summer orientation before her freshman year. It freaked her out so much that we helped her cancel it. If only we'd known...
10-31-2009 07:41 AM
IMO, be sure he has a checking and savings account to.
IMO: Have him enter any charge he makes into his check register like a debit so that the money is not "double" spent. Use of credit for the convenience, rewards, access to hotels/rentals/flights is all good. But actual use of "credit" meaning to spend then pay back over time with interest is a terrible thing for young people to get into the habit of.
I like to show them how to watch savings grow. To see the dividends/interest add up (getting paid interest rather than paying it) and to manage a checking account with checks and debit card so that expenses stay within income (including scheduled deposits to savings and emergency fund).
Congrats and good luck "Professor!"
10-31-2009 08:19 AM
10-31-2009 07:24 PM
11-02-2009 06:53 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.