When I was 18, no one had taught me about credit or how it worked. I destroyed my credit within a couple of years. I didn't start successfully working on rebuilding it until I was in my 30's (thanks to you guys helping along the way). I went from a sub 500 to hovering about 650-705 depending on my CC usage. No late payments in about 3 years. Try to pay down my just over $4k credit line every month and not carry a balance. Never been late on my car loan since I got it 2 years ago and try to pay a little extra each month. I learned how important all this was way too late in life and want to make sure my son is on the right track.
My question is, my son just turned 18. But he's been an authorized user on 2 of my cc's for the last couple years. Credit Karma says he has a credit score of 717 (better than mine, lol) and shows my cc's on his account along with his student loan, but Experian's freecreditscore.com says he has a 640 and no credit history.
I was told adding him to my cc's would help build his credit. Apparently, I was mistaken? How is the best way to build up a good credit history for him? He's in college and I still help cover his expenses. He does have a small part-time job, but the only official thing in his name would be his student loans. Should he get a "student visa" from Capital One or Wells Fargo (our bank since 2003), or look into a secured credit card from Capital One, or a department store card like Target? What's the best way to get him on the right track and get him a solid credit history?
- I only say Capital One because I have 3 CC's through them and have always liked their service other than getting credit increases is crazy hard
Thanks
Submitted February 15, 2019 at 03:15AM by kaijusdad http://bit.ly/2SA2edz
