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Daughters first real Credi Card

Kforce
Valued Contributor

Daughters first real Credi Card

Got my daughter a secured CC from credit union when she was 16,  $500.

When she turned 18 they raised the CL to $2000, no extra secured funds.

No other cards, loans, etc. 1 secured card and AU on 2 of my cards

Perfect payment record.

$10 spend every 3-4 months, always reports zero. ( I know she should let something report)

In school and part time job. (24k-yr)

Vantage Scores - 805, Fico 8's  { Equifax - 795, Experian - 790 }, with 1 card, 5 years and zero reporting.

Last week she turned 21, had her apply for the "Discover It Student"

Instant approval -- $1500.

Will report back on future CL increases etc.

 

FNBO Cashback Visa (20k) / Bank-West Cashback MC (20k) / USAlliance 3% Visa (20k)
Two Old CU cards (20k each) -- (Sock Drawer) / Secret 3% MC (20k)
Ficos : 830 / AAoA : 9 yrs / AoOA : 24 Yrs / AoYA : 0
Message 1 of 10
9 REPLIES 9
JoeLuvsHisCredit
Valued Contributor

Re: Daughters first real Credi Card

congrats a.gif

Message 2 of 10
Pikaboo-icu
Valued Contributor

Re: Daughters first real Credi Card

Good for you KForce..

Way to set a girl up!!  00bravosmiley.gif

 

 

 

 

  


Message 3 of 10
xaximus
Valued Contributor

Re: Daughters first real Credi Card

Congrats on the daughter's awesome profile, approval and for an amazing father guiding her!


Scores - All bureaus 756 +
TCL - Est. $275K
Message 4 of 10
AllThingsInTime
Established Contributor

Re: Daughters first real Credi Card

Super Congrats on your daughter's Discover approval! Smiley Very Happy

 

Your daughter is lucky to have a parent like you. She may not fully realize

it now, but the likelihood of her asking for money from the Bank of Mom

and Dad is now greatly reduced because she now knows how to responsibly

handle her own credit and borrow her own money when future needs arise.

You've done her a huge favor, the effects of which will compound over time.

Both of you should be very proud. Extremely well done! Smiley Very Happy

 

Congrats again on your daughter's success and your guidance.

We appreciate you taking the time to share!!! Smiley Very Happy

Message 5 of 10
FICOPath
Frequent Contributor

Re: Daughters first real Credi Card

Congrats!

 

Is 16 the youngest a kid can get a CC? My son just turned 8(months old lol) but would like to get him some AAoA for when he hits 18+ :-p













Message 6 of 10
CreditInspired
Super Contributor

Re: Daughters first real Credi Card

Thanks for sharing @kforce

I luv these kind of success stories that involve one’s kids.

And congrats to you for starting her out slowly and teaching her the value of credit.

DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 7 of 10
Kforce
Valued Contributor

Re: Daughters first real Credi Card


@FICOPath wrote:

Congrats!

 

Is 16 the youngest a kid can get a CC? My son just turned 8(months old lol) but would like to get him some AAoA for when he hits 18+ :-p


It varies by issuer. Many credit unions and banks have some sort of "teen" account. My credit union had a minimum age of 16, some might be lower. I never really researched it.

FNBO Cashback Visa (20k) / Bank-West Cashback MC (20k) / USAlliance 3% Visa (20k)
Two Old CU cards (20k each) -- (Sock Drawer) / Secret 3% MC (20k)
Ficos : 830 / AAoA : 9 yrs / AoOA : 24 Yrs / AoYA : 0
Message 8 of 10
Kforce
Valued Contributor

Re: Daughters first real Credi Card

Thank you for all the kind words.

I believe all of you in this forum understand how this will help more than she does at this time.

Heart   Smiley LOL

FNBO Cashback Visa (20k) / Bank-West Cashback MC (20k) / USAlliance 3% Visa (20k)
Two Old CU cards (20k each) -- (Sock Drawer) / Secret 3% MC (20k)
Ficos : 830 / AAoA : 9 yrs / AoOA : 24 Yrs / AoYA : 0
Message 9 of 10
19eighty5
Senior Contributor

Re: Daughters first real Credi Card

Great work getting her setup!

FICO 8 (Feb 2018):EX- 519, TU- 530, EQ- 545
FICO 8 (Mar 2020):EX- 689, TU- 665, EQ- 670
What's in my wallet:



On the chopping block:

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