@Gray wrote:
I would like to establish a couple credit cards (small balance), secured if needed, for my 15 yo daughter (16 in Nov) to start building a credit history. I would prefer this to be a consigned arrangement with her the applicant (or vice versa). I don't want to add her as an AU to my existing accounts.
She is a member of USAA and Navy Federal, and we are Penfed members. I have cards with Citi, USAA, and Barclays.
She has had full USAA debit cards since age 8, so this isn't for the purpose of making purchases, although she will use them strategically to maintain utilization.
Any recommendations? Thank you
In most states, it is illegal to issue credit cards to minors. Banks do not want to be fined even if the applicants lie about the residence state.
Minors won't have the credit profile until they turn 18. You can check Experian etc.
The best way to get a early start with the credit profile is to get him/her as an AU with a well established credit card, high CL and excellent credit.
Many banks do not even do co-applicnats any more. More legal problems. But some banks may still do.
If the minor has a solid credit profile (as an AU) and good banking relationship, it is not hard to the minor to open new unsecured CCs when the minor turns 18. Discover, AmEx Blue Cash, Citi and BA all have student credit cards. It is just fine to start with a $500 credit line and build up from there.
Good luck.
