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re: Adding children to a credit card account
Posted on 7/27/17 at 10:23 am to The Spleen
Posted on 7/27/17 at 10:23 am to The Spleen
quote:
I disagree. Making them understand credit and how to build their own good credit score is more important
Pay your bills on time? I think that's pretty easy for everyone to understand. I'll give you an example. My car has 205,000 miles on it and I've only had a credit card for about 8 months. If my car decides to die tomorrow I'm not going to get a great interest rate. If my parents had me as a user on a credit card since I was younger I would be able to get a better loan.
I get teaching your kid to be responsible, but the way to build credit is to aquire it and make your payments on time. I don't think the paying part is that hard to understand and you'll get it real quick if you don't pay it. To me it's just another way to set your kid up to be more successful after college instead of being out on your own for the first time having to build credit while trying to get the rest of your life in order.
1
Posted on 7/27/17 at 2:59 pm to Mingo Was His NameO
quote:
To me it's just another way to set your kid up to be more successful after college instead of being out on your own for the first time having to build credit while trying to get the rest of your life in order.
My thoughts exactly. Had a lengthy discussion with one of my finance professors about personal finance and how a young student could start to build a better financial future even while in school, and his advice was to start saving immediately and build your credit up as soon as you can. The only problems for my situation was I didn't have any credit cards throughout college and also my parents were not the most financially savvy people at the time. In their defense, they were dealing with the effects of the Recession, so I don't blame them for not overextending, but nothing I said could have convinced them at the time to help me become better prepared even if it were something as simple as putting a credit card in my name and using it for paying rent and other monthly expenses, which they were already taking care of for the most part.
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