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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Posted by The Spleen

Member since Dec 2010

38865 posts

Posted on 7/28/17 at 11:03 am to NotoriousFSU

quote:
help me become better prepared

No offense, but y'all sound a little entitled. It's not hard at all to build up your own credit history while either in college or just after graduating college. Most banks/credit unions have car loan programs for recent graduates with competitive rates. A lot of car dealerships have similar programs. And it doesn't take much time to turn a secured credit card account into an unsecured one with a high enough limit to meet a young person's needs. No, you won't be able to charge all of your expenses to that card and start earning airline/hotel points, but in a few years with responsible usage you'll unlock that benefit.

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