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Rinoki21

Joined: 09/27/2001 Posts: 3998
Likes: 427

What's this?

Our credit union sets up a card with escrow to cover the limit…


Kid’s bank account - no co signing.

Park X dollars in escrow, open visa with X credit limit. No minimum age and you are building credit history.

We did that with both kids their senior year of high school so we could talk frequently about balances, making payments, etc. before they left the house for college.

Made a big difference when the kids needed to actually take out a loan for a home in their early 20’s.

Some of their friends, in basically the same financial situation, had just been using their parents’ CC and reimbursing on the side, but not building credit history. They are still living in apartments today.
[Post edited by Rinoki21 at 03/02/2022 9:40PM]

(In response to this post by Brown Water)

Posted: 03/02/2022 at 9:39PM


+1

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Current Thread:
 
  So how do I go about getting my 20 yo daughter a credit card, so she can -- Brown Water 03/02/2022 4:32PM
  Thanks everyone ** -- Brown Water 03/02/2022 9:44PM
  Our credit union sets up a card with escrow to cover the limit… -- Rinoki21 03/02/2022 9:39PM
  You can get her a Crypto Credit Card! -- UTPr0sim 03/02/2022 8:15PM
  Find one with decent rewards from her bank. They know your -- hoosnowahokie 03/02/2022 8:07PM
  Can she just get a low limit card? In college I got my first cc... -- WestyHokie 03/02/2022 6:07PM
  I just signed up with Amex to add a card for my -- No Clue 03/02/2022 5:55PM
  Don’t a lot of credit unions have starter programs? -- Gator Hokie 03/02/2022 5:34PM
  Wells Fargo has a college card. My son has one only for housing related -- RhinoVT 03/02/2022 5:11PM
  2nd the WF option -- VT Pops 03/02/2022 5:28PM
  Should have done it when she was 16, but you can't go back in time! ** -- VT Pez4Life 03/02/2022 5:07PM
  Time flies ** -- MEHOKIE 03/02/2022 5:03PM
  We have rules, sir. ** -- GretnaHokie 03/02/2022 4:37PM
  As you wish... -- Brown Water 03/02/2022 4:38PM
  BW is Russian ** -- Stork 03/02/2022 4:50PM
  I certainly like a nice Black Russian ** -- Brown Water 03/02/2022 4:51PM
  She doesn’t need a credit card. Tell her to get an Only Fans account. ** -- RoswellGAHokie 03/02/2022 4:41PM
  I could see a NIL being offered ** -- TheNuke 03/02/2022 7:29PM
  MVP! ** -- Guy LeDouche 03/02/2022 4:40PM
  I'm surprised you didn't decide to do this -- VTHokie2000 03/02/2022 4:40PM
  Walk her around a college campus on a nice sunny day. ** -- vthokieq 03/02/2022 4:35PM
  Co-sign for a card at your bank? ** -- RoswellGAHokie 03/02/2022 4:34PM
  Did that last summer, plus connect the accounts online -- Vienna_Hokie 03/02/2022 4:38PM

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