@Anonymous wrote:
@SPChaser , you might also add him as an AU on one or two of your cards with low utilization and perfect history. That should give him a jumpstart to generating a score, which the loan will help to cement. You could add him and keep the card yourself - he would still benefit from your payment history. I'd lean toward giving him the card though, and if possible in the app, you could set a spend limit on it. My teenagers are AUs on a few of my cards. It should help start them in the credit portion of their lives, and I like knowing that they have funds at their disposal when needed. With your son, he may end up needing a tow or emergency gas at some point - if he's low on cash he's out of luck if you aren't nearby. Toward that end, I hid $50 in my daughter's car unbeknownst to her. If she ever is out and needs money and has forgotten her purse, she will call me and I will then tell her where to look.
lol, pretty neat trick hiding cash in their car......
That's the card our daughter has. 