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Regular Contributor
-RED
Posts: 231
Registered: ‎08-07-2009

Re: Son turns 18 in two weeks...

Didn't know, and good to know.

 

I know a lot, but there is a lot I do not know...

 

 

Got to love this place!

-800 or Bust...!
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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Son turns 18 in two weeks...


-RED wrote:

Didn't know, and good to know.

 

I know a lot, but there is a lot I do not know...

 

 

Got to love this place!



Yes, you take an extra nap one day, and when you wake up, everything has changed! :smileyvery-happy: Believe me, I know the feeling.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Member
UncleJ
Posts: 10
Registered: ‎10-05-2009

Re: Son turns 18 in two weeks...

I would have to agree with keninmiami on the Citi card. It's very easy to obtain for him and it would be a pretty low CL, though I don't know if it's going to be around $200. My first CC was from BoA, so maybe look into that one?
Established Contributor
pattycake
Posts: 760
Registered: ‎04-30-2007

Re: Son turns 18 in two weeks...

These are all excellent suggestions.  He's been an AU for some time (as has my 13 year old), so I'm hopeful he'll have an edge over other kids his age when it comes down to apping for a card.  He works part time at school during lunch at times, so while he draws in small paycheck, it's enough for him to understand the value of making payments on time.  In fact, he asked for my help with money and credit management, which makes me totally agree with HTSU's point about the new CC legislation.  What happens if these kids are out of the house, and don't have mom's guidance?  (I'm a single parent)

 

So anyhow, keep chiming in, all!

pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749
Valued Member
keninmiami
Posts: 47
Registered: ‎05-29-2009

Re: Son turns 18 in two weeks...

 

 

 

 

 

    One of the best gifts you can give your kids is helping them understand credit and responsibility.

Citi told me 4 months ago it takes 6 months of continous reporting by a creditor before a file and score are developed for an individual. It was very easy to get a 500 limit reporting correctly for a offspring. From this my son now has all 3 cra files and a score plus his first cli and a good one at that.

I put all my kids on at least 4 cards as AU NEVER joint simply because of the unknown!

Go online at least a few times a week to monitor the acccount and never let it pay late. Tie the account to your payment source as a back up just to make sure. I wish they taught a class on credit in school before kids are 18!

Really if you are not in a financial position to bail them out for a couple of hundred bucks then be extra careful. Also you will see patterns develop and can intervene when needed.

   Sigh, once you enter the world of plastic, there is no turning back! But wait with the perks I have on my new cards I think of the free goodies I will get this year I would never go back to cash or debit ever! Just teach the lil ones the evil dragon woman will come eat them if they do not pay the bills on time! Wait better yet they will never live in a zip code like 90210 if they do not learn the laws of credit!

Established Contributor
pattycake
Posts: 760
Registered: ‎04-30-2007

Re: Son turns 18 in two weeks...

Exactly.  Credit is a necessity now, and it is important to learn how to manage it wisely.  You need it to purchase a car, even get a job these days (in many cases).  I didn't have credit and money management lessons as a young adult, and here I am at my age, learning it now!
pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749
Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008

Re: Son turns 18 in two weeks...

hey pattycake and keninmiami - are you guys related?  You look like twinners :smileywink:.....

 

What a good mom pattycake - I hope to do as well as you.

 

The advantages of the citi (or any bank card) is that it can be a long-term card, so is good for AAofA (versus Target, which may get dropped along the way - but I LOVE your point that it can only be used there); it reports to all 3 CRA's (versus many CU's); it's a bank card - which is good for your FICO (store and CU cards fall short here if you only have one card).


Thanks for nudging me.  I've got to start thinking about "credit college" for that lovely 14 year old in our house.  I've got a ways to go - right now the thought of him with credit is more than a little unnerving.  Hauling's point is very well taken on the age changes coming up.

Just puttin' syrup on something, don't make it pancakes.
Established Contributor
pattycake
Posts: 760
Registered: ‎04-30-2007

Re: Son turns 18 in two weeks...


beamMEup wrote:

hey pattycake and keninmiami - are you guys related?  You look like twinners :smileywink:.....

 

What a good mom pattycake - I hope to do as well as you.

 

The advantages of the citi (or any bank card) is that it can be a long-term card, so is good for AAofA (versus Target, which may get dropped along the way - but I LOVE your point that it can only be used there); it reports to all 3 CRA's (versus many CU's); it's a bank card - which is good for your FICO (store and CU cards fall short here if you only have one card).


Thanks for nudging me.  I've got to start thinking about "credit college" for that lovely 14 year old in our house.  I've got a ways to go - right now the thought of him with credit is more than a little unnerving.  Hauling's point is very well taken on the age changes coming up.


 

keninmiami and I may be twins separated at birth!!!  The avatar cracks me up because it looks like Frank the Bunny from Donnie Darko.  Creepy!

 

Well, beam, it sounds like you will be the good mom!  I made my now 24 year old get a CC the day he turned 18 (as well as register to vote), and he's got a clean CBR (albeit too much debt).  He's learned his lessons and is making the painful decision to move in with us for a while to get it paid.  I find this laudable - he'd rather pay than skip!  My 13 year old is indeed an AU on several accounts, as I want him to learn the importance of credit and $$ management.  

pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749
Established Contributor
mt2va
Posts: 530
Registered: ‎03-20-2009

Re: Son turns 18 in two weeks...

My mom co-signed my first CC when I was 18 with USAA.  I assume that's why I got a CL of $1,000.  My parents did teach me directly and through their actions about responsibly handling money.  I'm not sure why so many people on here are against parents co-signing for kids.  My dad about 10 years ago co-signed for my car loan because he has great credit and I got a much better interest rate.  My parents actually got the loan for my house and its in their name.  I have NEVER ever been late not one time on the car payment my dad co-signed (sinced paid off) or the mortgage loan.  I'm very grateful that they chose to help me and I would never take it for granted.  I would absolutely NEVER do anything to mess up their credit. 

 

My credit was ruined when I met my husband.  I got talked into including my CC & loans in his bankruptcy filing because naively it sounded good at the time to just wipe the slate clean and start over.  I wasn't even late on any of them at the time.  Stupidly I listened to the lawyer's recommendation thinking he knew what was best for us.  My BK is long gone off my CR but I still have struggled to get CC simply because I hadn't had any in so long no one wanted to be the first to jump on board and issue me a card.  (thank goodness for NFCU!)

 

 



Gardening since: 4/16/14
Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
7/13: EQ 517 (FICO)/TU 546 (FAKO)/EX 581 (FAKO)
Current (4/14): EQ 580 (FICO)/TU 611 (FICO)/ EX 603 (FICO)



Established Contributor
pattycake
Posts: 760
Registered: ‎04-30-2007

Re: Son turns 18 in two weeks...

I think parents are skittish about going joint with kids because of the horror stories they hear about them maxing them out and not paying the CC bills.  Sounds like you are an exception, but there have been times when my DS kept charging iTunes to my card (as an AU), and didn't keep track of what he was paying.  With him as the sole responsible party, he won't have a choice but to pay, especially if he understands very clearly the ramifications of missing payments. 

 

These are important lessons for our youth, especially for those of us who didn't get lessons of our own!  

pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749

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