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How long for scores to rebound?

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disdreamin
Valued Contributor

Re: How long for scores to rebound?


@W261w261 wrote:

If I understand you correctly, your child(ren) pay their part of the bill. So, in a case where you charged nothing on your account, but they charged something, you depend on them to take care of it. If they don't do their part for whatever reason (non-payment, bounced payment etc), there might be a late charge, but you'll have plenty of time to catch it before the next cycle bills. That next cycle unpaid is the one that reports. 


Right now both kids are teens and are fully supported by us. I allow use of my cc for reasonable purchases. The college student puts food, books, other living expenses, and a very small amount of entertainment spend on the card, which we pay for. The youngest is still in high school, so expenses are minimal, but for clothes shopping, outings with friends, etc. they are allowed to use the card. I have both AU cards locked down with spending limits, so they can't go wild even if they wanted to.

 

The new card, I'll take care of paying if it nears the due date with no payment showing. I will also text to let my son know he should go on that app and pay his bill, as he needs to get used to doing that for the long-term. He has savings from gifts and his summer job last year so if he wants to purchase something that we aren't going to green-light, he can use his new cc and pay from his savings. The plan is to never let the bill be late, much less reach the point where it would be reported. My habit is paying every two weeks, and I hope to get him on board with that since it insures you won't miss a payment.

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