Trying to help my son with his credit.

mel131 · ‎08-30-2014

New here and I just want to say thanks for all the valuable info offered. My son is 18 years old and just started college this fall. I put him as authorized user on several of my cards at the beginning of the year. He got approved from chase freedom $2500, chase slate $1800 and discover it for $1000. I think that is enough credit starting out as his income is only 16600 per year. Credit score is a 775 per discover fico. Any suggestions would be appreciated. I am trying to teach him the importance of maintaining good credit as I wasn't taught that and learned the hard way. Thanks and have a great day.

Closingracer99 · ‎08-30-2014

@mel131 wrote:
New here and I just want to say thanks for all the valuable info offered. My son is 18 years old and just started college this fall. I put him as authorized user on several of my cards at the beginning of the year. He got approved from chase freedom $2500, chase slate $1800 and discover it for $1000. I think that is enough credit starting out as his income is only 16600 per year. Credit score is a 775 per discover fico. Any suggestions would be appreciated. I am trying to teach him the importance of maintaining good credit as I wasn't taught that and learned the hard way. Thanks and have a great day.

Just garden those and let them grow. makre sure to pay the min at least but should PIF

My Cards: Amex BCE: $9,000, Amex Hilton HHonors: $2,000, Amex ED: $12,000, Barclays NFL extra points: $3,000, Bank of America MLB cash rewards: $17,000, BBVA compass NBA Amex triple double rewards: $17,000, Chase Amazon: $1,000, Chase Freedom: $9,000, Chase Sapphire: $5,000, Chase Slate: $5,000, Chase Disney: $4,000, Citi Double Cash: $5,400, Citi AA plat: $5,500, Citi Simplicity: $3,000, Citi Thank you preferred: $8,800, Capital one GM: $2,000, Capital one PlayStation: $3,000, Gamestop: $1,150, Amazon Store: $5,000, Ebay MasterCard: $5,000, American Eagle Storecard: $750, Macy's: $500
EX: 744, TU:750, EQ: 740

lobsterfordinner · ‎08-30-2014

@mel131 wrote:
New here and I just want to say thanks for all the valuable info offered. My son is 18 years old and just started college this fall. I put him as authorized user on several of my cards at the beginning of the year. He got approved from chase freedom $2500, chase slate $1800 and discover it for $1000. I think that is enough credit starting out as his income is only 16600 per year. Credit score is a 775 per discover fico. Any suggestions would be appreciated. I am trying to teach him the importance of maintaining good credit as I wasn't taught that and learned the hard way. Thanks and have a great day.

Don't help him pay for the balances, hopefully that helps.

Sometimes learning it the hard way is most effective ... just saying.

Currently a grad student, and in my wallet there exists my only 4 credit cards: Barclay Arrival+ 56k / Chase Sapphire Pref 68.2k / Citi Prestige 45k / Merrill Accolades 175k ; my student id card and a couple two-dollar bills.

Closingracer99 · ‎08-30-2014

@lobsterfordinner wrote:
@mel131 wrote:
New here and I just want to say thanks for all the valuable info offered. My son is 18 years old and just started college this fall. I put him as authorized user on several of my cards at the beginning of the year. He got approved from chase freedom $2500, chase slate $1800 and discover it for $1000. I think that is enough credit starting out as his income is only 16600 per year. Credit score is a 775 per discover fico. Any suggestions would be appreciated. I am trying to teach him the importance of maintaining good credit as I wasn't taught that and learned the hard way. Thanks and have a great day.
Don't help him pay for the balances, hopefully that helps.

Sometimes learning it the hard way is most effective ... just saying.

Err Bad Idea ... while yes is a bad idea to pay your sons or daughters bills it is much more harsh to let their credit fall because of well they are still young

My Cards: Amex BCE: $9,000, Amex Hilton HHonors: $2,000, Amex ED: $12,000, Barclays NFL extra points: $3,000, Bank of America MLB cash rewards: $17,000, BBVA compass NBA Amex triple double rewards: $17,000, Chase Amazon: $1,000, Chase Freedom: $9,000, Chase Sapphire: $5,000, Chase Slate: $5,000, Chase Disney: $4,000, Citi Double Cash: $5,400, Citi AA plat: $5,500, Citi Simplicity: $3,000, Citi Thank you preferred: $8,800, Capital one GM: $2,000, Capital one PlayStation: $3,000, Gamestop: $1,150, Amazon Store: $5,000, Ebay MasterCard: $5,000, American Eagle Storecard: $750, Macy's: $500
EX: 744, TU:750, EQ: 740

lobsterfordinner · ‎08-30-2014

@Closingracer99 wrote:
@lobsterfordinner wrote:
@mel131 wrote:
New here and I just want to say thanks for all the valuable info offered. My son is 18 years old and just started college this fall. I put him as authorized user on several of my cards at the beginning of the year. He got approved from chase freedom $2500, chase slate $1800 and discover it for $1000. I think that is enough credit starting out as his income is only 16600 per year. Credit score is a 775 per discover fico. Any suggestions would be appreciated. I am trying to teach him the importance of maintaining good credit as I wasn't taught that and learned the hard way. Thanks and have a great day.
Don't help him pay for the balances, hopefully that helps.

Sometimes learning it the hard way is most effective ... just saying.
Err Bad Idea ... while yes is a bad idea to pay your sons or daughters bills it is much more harsh to let their credit fall because of well they are still young

My parents let me credit fall when I'm a college student at UK (forgot to pay), luckily the baddies doesn't get transferred here to the US .. otherwise my credit score would be tremendously lower.

Currently a grad student, and in my wallet there exists my only 4 credit cards: Barclay Arrival+ 56k / Chase Sapphire Pref 68.2k / Citi Prestige 45k / Merrill Accolades 175k ; my student id card and a couple two-dollar bills.

mel131 · ‎08-30-2014

No, he is responsible for all his own bills, I am just trying to lead him in the right direction with applying for and managing his credit. He works full time and goes to school. Just trying to help him achieve that excellent credit score through advice not payments lol.

Closingracer99 · ‎08-30-2014

@lobsterfordinner wrote:
@Closingracer99 wrote:
@lobsterfordinner wrote:
@mel131 wrote:
New here and I just want to say thanks for all the valuable info offered. My son is 18 years old and just started college this fall. I put him as authorized user on several of my cards at the beginning of the year. He got approved from chase freedom $2500, chase slate $1800 and discover it for $1000. I think that is enough credit starting out as his income is only 16600 per year. Credit score is a 775 per discover fico. Any suggestions would be appreciated. I am trying to teach him the importance of maintaining good credit as I wasn't taught that and learned the hard way. Thanks and have a great day.
Don't help him pay for the balances, hopefully that helps.

Sometimes learning it the hard way is most effective ... just saying.
Err Bad Idea ... while yes is a bad idea to pay your sons or daughters bills it is much more harsh to let their credit fall because of well they are still young
My parents let me credit fall when I'm a college student at UK (forgot to pay), luckily the baddies doesn't get transferred here to the US .. otherwise my credit score would be tremendously lower.

I am not saying you should pay your sons bills but if your child has a set plan in place to pay it off and sticks to it i don't see an issue helping out like paying off 5% ,10%, 20% or even 50% if he or she can stick to the plan and moving forward is much smarter in using credit cards. It is extremely YMMV

My Cards: Amex BCE: $9,000, Amex Hilton HHonors: $2,000, Amex ED: $12,000, Barclays NFL extra points: $3,000, Bank of America MLB cash rewards: $17,000, BBVA compass NBA Amex triple double rewards: $17,000, Chase Amazon: $1,000, Chase Freedom: $9,000, Chase Sapphire: $5,000, Chase Slate: $5,000, Chase Disney: $4,000, Citi Double Cash: $5,400, Citi AA plat: $5,500, Citi Simplicity: $3,000, Citi Thank you preferred: $8,800, Capital one GM: $2,000, Capital one PlayStation: $3,000, Gamestop: $1,150, Amazon Store: $5,000, Ebay MasterCard: $5,000, American Eagle Storecard: $750, Macy's: $500
EX: 744, TU:750, EQ: 740

AvadaKedavra · ‎08-30-2014

I think educating him on the importance of good credit and how to be financially responsible is what's important. When I got my own credit cards at a young age, I wish my parents told me about the importance of paying on time, etc. I'm 27 years old now and finally got out of the 'bad' credit stage but I wish I didn't have to go through all that rebuilding.

I think watching the activity and ensuring he is paying on time would be the best you can do for him. I know when I was younger, it would have helped if my parents were on top of me about those payments. Perhaps I would have cared a little more. Obviously YMMV as young adults may or may not have a sense of financial responsibility so if he's good at paying on time already then awesome.

mel1311 · ‎08-30-2014

Thanks everyone, he only charges about $20-$50 per month and PIF.

longtimelurker · ‎08-30-2014

@lobsterfordinner wrote:
My parents let me credit fall when I'm a college student at UK (forgot to pay), luckily the baddies doesn't get transferred here to the US .. otherwise my credit score would be tremendously lower.

While credit reports themselves don't transfer, the international issuers certainly have records. Now EU laws might not allow them to be viewed by the US divisions, but...

Which issuers did you forget to pay?