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re: 18 year old son wants to start building credit. Recommendations?
Posted on 2/6/13 at 5:00 pm to yellowfin
Posted on 2/6/13 at 5:00 pm to yellowfin
As said by a few, I'll either just add him to one of my cards or co-sign a loan for him.
I have an old credit union account and I called them to see what they might have as well. They have a "credit builder" loan that he can take out. He'll never see the money for the term of the loan (example is $1k) but he'll make monthly payments on it. At the end of the term he'll get the loan money plus any accrued interest on it. Kind of like a forced savings account that he can't touch, but has to pay the payments.
I have an old credit union account and I called them to see what they might have as well. They have a "credit builder" loan that he can take out. He'll never see the money for the term of the loan (example is $1k) but he'll make monthly payments on it. At the end of the term he'll get the loan money plus any accrued interest on it. Kind of like a forced savings account that he can't touch, but has to pay the payments.
Posted on 2/6/13 at 10:58 pm to htownjeep
quote:
I have an old credit union account and I called them to see what they might have as well. They have a "credit builder" loan that he can take out. He'll never see the money for the term of the loan (example is $1k) but he'll make monthly payments on it. At the end of the term he'll get the loan money plus any accrued interest on it. Kind of like a forced savings account that he can't touch, but has to pay the payments.
Typically u pay more interest than you earn on these. Not really worth it. I'd out some service like a cell phone in his name before I did that
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