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Building my kids credit

 
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amother




OP
 

Post Thu, Oct 21 2021, 11:02 am
Yay or nay?

Did you open credit cards for your kids? So they can build their credit
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amother




Snow
 

Post Thu, Oct 21 2021, 11:13 am
No. When they graduate from HS they can open a store credit card and take. From there.
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amother




Kiwi
 

Post Thu, Oct 21 2021, 11:14 am
What age kid?

My parents got me a savings account when I was little (around 6) and I opened a checking account when I was 18 or 19 and started working. The bank offered me a credit card when I opened that account, and I've never had any issues with my credit.
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Shuly




 
 
 
 

Post Thu, Oct 21 2021, 11:15 am
My parents did for all of their kids and it was super helpful.
I haven't done it yet because my kids are too young but I definitely plan on it.
You don't have to actually give them the credit card. You just get one in their name on your account.
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Chayalle




 
 
 
 

Post Thu, Oct 21 2021, 11:31 am
My girls have credit cards on my account. They use it when they do errands for me. They are responsible and trustworthy B"H, and it helps them build credit. Eventually they get their own card, which they make small purchases on and pay, to facilitate building credit.
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amother




Cerulean
 

Post Thu, Oct 21 2021, 11:35 am
Chayalle wrote:
My girls have credit cards on my account. They use it when they do errands for me. They are responsible and trustworthy B"H, and it helps them build credit. Eventually they get their own card, which they make small purchases on and pay, to facilitate building credit.


My dad did this for us as well. I think only some credit bureaus recognize it tho, I still struggled with opening my first credit card. I had to do a secured card. I don't think my siblings struggled tho. Not sure what difference was.
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boysrus




 
 
 
 

Post Thu, Oct 21 2021, 11:43 am
I open cards on my account in my kids names when they turn 16. They use it when they do shopping for me.
My children have had no problems opening their own credit cards, I am sure it helped that they have been an authorized user on my card for a few years already.
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essie14




 
 
 
 

Post Thu, Oct 21 2021, 11:56 am
boysrus wrote:
I open cards on my account in my kids names when they turn 16. They use it when they do shopping for me.
My children have had no problems opening their own credit cards, I am sure it helped that they have been an authorized user on my card for a few years already.

Same. We do it at 15.
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amother




Apricot
 

Post Thu, Oct 21 2021, 12:04 pm
My parents did not do this. None of us had credit problems. Why does an 18 year old need 5 years of established credit history?
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singleagain




 
 
 
 

Post Thu, Oct 21 2021, 12:59 pm
amother [ Apricot ] wrote:
My parents did not do this. None of us had credit problems. Why does an 18 year old need 5 years of established credit history?


I'd you are good to marry that 18 year old off and they will need expenses of rent and such . Credit history can help.

I heard Frank William Abigail Jr speak a few years back and he said he opened credit cards for his kids. And gave it to them and paid it off. And it helped not only. To build credit but he looked to see what they are buying to use to help reach them smart buying habits.
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