@Anonymous wrote:
I see both positives and negatives to doing this. My biggest concern would be having an 18 year old with access to credit lines that only a mature adult should have. I remember being in college at 18 and having credit cards handed out like candy. Luckily they only gave me a $1,000 line of credit which was easily paid off and my lesson was learned. Now think of a teen with a 15k - 25k credit line......might be a much harder pill to swallow. I get giving the kids a boost, but I would say be very cautious once they start using those thick credit files to obtain higher limits.
This would be my concern as well. I have encouraged each of my kids to start with a basic card with a good company once they turn 18. They might have a small AF at first, but they should be able to ditch that within a year if they handle the card properly.
If they are responsible, they should be able to build a strong credit history on their own. They won't need my help to do so. The bottom line is that credit is a necessity. As such, they've been taught how to use it responsibly.
Instead of adding them as AU's on our cards, we started with with Bluebird cards when they turned 14. At 16, they get an actual checking with a debit card. At 18, they get a real credit card (while still in high school). Real financial education...the real way...in the real world. If WE don't teach them, who will?
