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Building

Building

At what age can I and how do I start up my sons profile?

Message 1 of 3
2 REPLIES 2
CreditGuyInDixie
Super Contributor

Re: Building

The Teen Visa Platinum looks like a good card you could get for him when he is 14 year old.  You would have to co-sign, but it would be a true credit card in his name, rather than being an authorized used on yours. 

 

https://www.dfcufinancial.com/personal/cards/credit-cards/teen-and-student-visa

 

I have not seen a credit card that is available to anyone younger than 14.  And most cards marketed towards young people have a minimum age that is older than the one for the DFCU Teen Visa (they seem to be start at least 16.)

 

The steps I would recommend would be in the following order:

 

Shortly after he is 13:

(1)  Get him a social security number

(2)  Get him a State ID (like a drivers license except he doesn't drive)

 

At the age of 13.5:

(3)  Add him as an authorized user to a credit card of your own.  Make sure it is a card that has no derogs, is as old as possible, and always has a very low utilization

 

Shortly after the age of 14:

(4)  Get him the Teen Visa Platinum

 

Shortly before he is 15:

(5)  Get him an Alliant Share Secure Loan using the recommended paydown method.  See the first few posts in this thread for the explanation:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

 

This is all based on the assumption that you have carefully evaluated the appropriateness for your son.  Doing all this might be a bad decision dpending on some kids or the parenting style of some parents.

 

If you do decide to do it, I personally would make sure that he doesn't have access to the AU card, the Teen Visa, or the Alliant account.  They are all accounts you'd be adding purely to help him down the road, to create a credit history for him.  And with the Teen Visa, I'd put a small recorring charge on it (like your Netflix bill) and set it up with autopay.

Message 2 of 3

Re: Building

I appreciate that information.
Message 3 of 3
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