Getting my daughter started with credit

[Random_idiot]

This is what I did for my wife. Applied for WalMart store card, and boom 6 months later, her credit score was 740ish.

She had no job experience, no credit history at all.

lol she was 27. I know spoiled.

[Anonymous]

Mine will be 20 in December, so I say this with love

The moment I read " She wants, she doesn't want"
the caution flag HAS to go up

We want our kids to get off to great starts but the maturity level and understanding that this is ADULT life has to be addressed SERIOUSLY.

I had this same type issue when it became car time...
I want... I prefer...

Ok BRUTALLY honest, big girl talk time
I don't give a ish about the color or how 'cute' a lights are the REALITY is there is some REAL ish that YOU gotta be aware of and are going to pay attention to like it or not

Unwanted ish like registration and tags and maintenance and insurance...it can NOT matter what she WANTS this is a LIFE SKILL and responsibility to learn and master, period.

My daughter said 'Do I really "need" more than one'
Yep because we're building for the future, laying a foundation don't let her whim rob her of what you know will serve her well later

We = parent
They = inexperience

They have all the answers as to WHY to do it this way vs that....based on WHAT

Gotta learn sometime, baby step her now
Before she WANTS cards

My daughter said the same thing
But you KNOW she's better off with a mature,solid profile when does go house shopping 8 years from now vs some stupid Victoria Secret decision debate today

Grab the Captain's hat and lead your baby ( Daddy ain't an easy job and we take arrows from time to time but they didn't call it Father knows Best for nothing 😊)

Seriously
If you go the secured route ( I know, folks a Re-reading but new to others)
Grab the SSL 1st then use those same funds to secure a CC thus doubling up on the use of funds if you start with the secured CC the money stops moving with move 1

The reason for the SSL is it adds credit mix to the profile for additional points and will also pay dividends as the 1st car loan/home loan won't be a 1st installer

Again the SSL along with the secured CC or better 2 and one or two AU accounts from Mom/Dad and baby girl is cooking with grease.

The last reason I like the SSL is it can be used as a credit & savings TRAINING ground ( with safety net, of course) for our new young adult

The SSL will generate a token payment which can be paid using the secured or other CC showing a token usage all the while building and puffing a credit profile for our young person

Example deposit $600 in the CU borrow $500
As the payments get made to hold amount decreases and the available amount increases ....thus the payment is never in jeopardy of NOT being paid credit report wise

But by putting the young adult in charge of this video game gives them a monthly 'chore' responsibility that will serve them and your grandchildren well in life.
If they have a job have them pay/save $10-12/wk ($40-50/mo) 10-15-20 months in a row

Again the goal is building skill and good habits and by doing so the kid will build a little emergency fund and if they have hiccups there's no real harm done and discussion can be had w/o real life jeopardy

Hopefully the exercise normalizes the monthly management that has to be addressed no matter what, at least this way credit is being built vs just a few years passing w/o history being built

Why waste 18-24 use it
Good luck

[Anonymous]

I appreciate all of the advice and thought. I thank you all!

I do agree a card other than a Victoria's Secret is best. I had to kind of talk her into getting some credit started. She needs to know and learn all about credit and needs to also know how this will impact her life down the road. But you know how kids can be. Thet just sometimes don't think that way at the younger ages. Heck, some don't at older ages. But no Victoria's Secret if I can help it. All I can do is try to talk her into it. Let's see how it goes.

[Anonymous]

@Joesef
There isn't anything wrong with VS per se, especially if it's the red herring to nibble her into the game overall

Say she likes the idea of V/S cool

Let her know ( and it's true) by you setting her up with a $500 secured Visa with the CU it enhances her approval chances with Victoria because her profile won't be blank.

Kill 2 birds, one stone ( the Gemini way😎) that way she has her VS card to use, you can sock drawer the Visa, still AU her on a parent card

24-36 months go by at minimum she has 2 aged revolvers...as long as she keeps her reported utilization rate on her VS her scores will always solid... even so it resets monthly has she pays and the CLs increase no need to overstress her

Just get the baby started, details, metails we'll work out in the wash

I agree sometimes you gotta rule WITH them and put chocolate on the medicine you want them to shallow

If she's willing to take a VS card I say ride that Trojan Horse into setting her up right, to virtually guarantee her approval by of course setting up the secured and AU account prior to her app and boom everybody is happy!

With all bases covered

Like Martin would say...
What the problem is?

[drboxing]

I started my daughter out with Capital One, she's gotten Chase Since then