When my kids turned 18 we got them a credit card to build credit. Im so glad I did, because by the time they get out of college and want to buy something substantial (car, house etc)-they have credit history. I learned yesterday from my banker--that you do not have to even use the card to build them credit he said that is a misconception. While in college the restrictions are lower and its easier to get them a credit card, but once they have graduated it is much more difficult. So for those of you who have 18 year olds or kids in college-I suggest getting them a credit card in their name (and put it away). Even if they have cash in the bank...they cannot easily go get a loan for a house or car with no credit without a cosigner. Just thought I would share!
Posted on: Thu, 25 Sep 2014 18:31:31 +0000
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