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Thread: 18 year old

  1. #1
    Anggie Thompson
    Guest

    Default 18 year old

    Another question for 18 year olds. How is the best way for them to start a credit history without me (mom) co-signing? My son does not have a good track record so far with paying for his car (money loaned from his grandma) & cell phone (on grandma's plan), so I absolutely will not co-sign for anything.

    --
    Anggie
    Fight Breast cancer......no one should die from it
    http://anggie-ggslife.blogspot.com/





  2. #2
    CeCe Sweet
    Guest

    Default 18 year old

    I got my son to start his credit at King Sized or one of the online stores that offers instant credit. They gave him a $500 credit card to use on or off line.

    CeCe










  3. #3
    Lucy Anderson
    Guest

    Default 18 year old

    He should pay cash for things like cars. Don't encourage the use of credit

    at all.



    Absolutely do not co-sign anything. If he needs credit for getting into an

    apartment, usually he can make up for that by having the cash for first,

    last, damage deposit (or pay a little more on the deposit). Utilities

    usually can be opened with a deposit. Nothing else in life needs a credit

    history (which is really an "I love debt" history).







    On Fri, Aug 8, 2008 at 11:34 AM, Anggie Thompson <anggiet@gmail.com> wrote:



    > Another question for 18 year olds. How is the best way for them to

    > start a credit history without me (mom) co-signing?








  4. #4
    Lucy Anderson
    Guest

    Default 18 year old

    Please, please do not encourage a teenager to get a credit card.



    On Fri, Aug 8, 2008 at 1:15 PM, CeCe Sweet <CeCeSweet@yahoo.com> wrote:



    > I got my son to start his credit at King Sized or one of the online

    > stores that offers instant credit. They gave him a $500 credit card to use

    > on or off line.

    >

    > CeCe

    >

    >

    >






  5. #5
    Suzi McMullen
    Guest

    Default 18 year old


    Not every young person abuses credit. My 21 year old has one card with a low credit limit and she always pays it off before she uses it again. She is now paying her car payment too and getting a pretty good interest rate because she has handled herself well. I don't know what my 23 year old has. But I recently saw her filing system and it looks like she is very organized. She bought her first vehicle on time last year and I believe she is doing pretty well. My own husband always pays off his items within the same as cash period.

    Credit is not a huge SIN for crying out loud. It's only abused by some of us (me included). Some people abuse alcohol or food or sex. I abuse credit. But I accept myself, warts and all. It's not because the credit is wicked. It's because I am weak. BUT, I pay my bills and I have never struggled to do so. I enjoy hard work and get a sense of satisfaction when I pay my bills. I just hate to see people so militant against it just because some people struggle. It's like saying all gambling is wrong because some people get into trouble or all alcohol is wrong because some drink too much or we shouldn't be allowed to arm ourselves because some people shoot others. Personally, I hate drinking and I don't own a gun and I very RARELY spend 20 bucks or so in some slot machine like once every few years. I would never run around spouting off against other peoples liberties.

    I believe all people should strive for a decent credit rating because life will demand it at some point. How a person handles their bills even decides the rate a person pays for car insurance and what type of a job they can get these days. To have zero debt means to have a very low credit score. So why tell a kid they should work hard, go through school and then once out they don't qualify for a decent job because they have a low credit score?

    Suzi



  6. #6
    Suzi McMullen
    Guest

    Default 18 year old


    They can put 250 dollars into a capital one credit card or other company secured card. The credit limit would start out like 300 dollars or so. The 250 dollar deposit will earn interest. As the child buys on the card and pays it off, their score will increase. After a couple of years the deposit plus interest will be refunded to them.

    Dell is pretty lenient once they have some sort of history.

    Suzi
    [quote]
    ----- Original Message -----
    From: Anggie Thompson
    To: Budget101_@yahoogroups.com
    Sent: Friday, August 08, 2008 1:34 PM
    Subject: Budget101.com : 18 year old






    Another question for 18 year olds. How is the best way for them to start a credit history without me (mom) co-signing? My son does not have a good track record so far with paying for his car (money loaned from his grandma) & cell phone (on grandma's plan), so I absolutely will not co-sign for anything.<BR clear="all">
    --
    Anggie
    Fight Breast cancer......no one should die from it
    http://anggie-ggslife.blogspot.com/







  7. #7
    Lucy Anderson
    Guest

    Default 18 year old

    Dell also charges 30% interest. Capital One is a close second.... Why would

    you do this to your child?



    On Fri, Aug 8, 2008 at 2:17 PM, Suzi McMullen <smcmullen@kc.rr.com> wrote:



    > They can put 250 dollars into a capital one credit card or other

    > company secured card.










  8. #8
    Suzi McMullen
    Guest

    Default 18 year old


    It's only 30% if the min. payment is paid and a person has bad credit. I am at 21%. I have been paying over twice the monthly minimum for years. I pay it on a bi-weekly automatic draft and occasionally I increase this amount. I never pay it off because I've purchased numerous cameras, computers both used and new, lots of computer gadgets, Christmas presents for others, inks etc. At the rate that I pay it, it's probably more like 15%. That's not the end of the world. Once again, there are living human beings working at dellthat earn a paycheck from my purchases and interest paid.Many of the purchases that I make through Dell end up being used in my business. But even if it was pure pleasure, it allows me to get what I want and make payments whichI enjoy. They have great customer service, fast shipping, and if handled correctly it allows a person to have a high credit limit that doesn't need to be maxed out, which helps the credit rating. They've raised my credit limit so often that I couldn't ever max it out or even use half of it if I wanted to. I don't know what made you think it's 30%.

    Suzi
    [quote]
    ----- Original Message -----
    From: Lucy Anderson
    To: Budget101_@yahoogroups.com
    Sent: Friday, August 08, 2008 6:33 PM
    Subject: Re: Budget101.com : 18 year old





    Dell also charges 30% interest. Capital One is a close second.... Why would
    you do this to your child?

    On Fri, Aug 8, 2008 at 2:17 PM, Suzi McMullen <smcmullen@kc.rr.com> wrote:

    > They can put 250 dollars into a capital one credit card or other
    > company secured card.





 

 
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