2007-01-19 15:09:48 · 11 answers · asked by Charles V 1 in Business & Finance ➔ Credit
Open a checking account and use a debit card, that will get you some credit habbits established. You should be able to open a free checking account at 16, you won't need your parents to help at most banks, but it might be a good idea to include them for advice of what would be the best type of account for you. Also you may want to start a savings account if you do not already have one.
2007-01-19 15:16:27 · answer #1 · answered by Em C 5 · 0⤊ 2⤋
You don't. First you have to be 18 to legally be a party to a contract such as a credit card.
Second. You are 16, enjoy it. There will be penty of time later to get into debt and be stressed out. This is like you saying when can I go bald, get dentures and have a hip replacement surgery? I hope you can appreciate the humor, if not show it to your parents, they will laugh.
Kidding aside, if you are resonsible and trying to learn about finances that is great and you should do it. Suggestions:
1. Talk to your parents. Get them involved.
2. If you are resonsible, be honest, you can open a student checking account with an ATM card only, NOT a debit card. Find a bank that will do this. Again an ATM CARD ONLY.
3. If you think you can not manage a checking account, open a passbook savings account. Check with small local banks or savings and loans, they should have the product.
2007-01-20 07:00:26 · answer #2 · answered by Gatsby216 7 · 0⤊ 0⤋
The only way to establish credit at 16 is to have someone add you to their credit card account as an additional card holder. Keep in mind that their activity on the account will be reflected on you so if they run into problems, you will as well.
2007-01-19 23:14:10 · answer #3 · answered by TaxGurl 6 · 0⤊ 0⤋
You have to be of legal age to establish credit card accounts - usually 18
2007-01-22 20:05:41 · answer #4 · answered by Sweet Lady Mom 2 · 0⤊ 0⤋
Sorry, my friend, but a 16 year old is not old enough nor mature enough to handle any credit. You should be operating on a cash basis like all of us other "in debt" people wish we had done. Also, you have to be 18 to establish credit unless you have a co-signer.
2007-01-20 15:21:04 · answer #5 · answered by Amy 1 · 0⤊ 0⤋
You have to be 18 to get any credit.
2007-01-19 23:12:47 · answer #6 · answered by Sara 6 · 0⤊ 0⤋
Yes open a bank account and savings account. Than stick 100,000 in CD's and buy 300,000 worth of silver, WHAT KIND OF STUPID ADVICE IS THIS for a 16 year old
2007-01-19 23:19:12 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Unfortunately, contracts (including credit) are not enforceable with minors in most states so they cannot collect if you default (so they rarely go there) . . .
BUT , if you are somehow and entrepreneur with verifiable income in the over $25K / year range, they might make an exception.
What is your annual income ?
2007-01-19 23:20:31 · answer #8 · answered by kate 7 · 0⤊ 0⤋
you can't get your own credit card till your 18 but it might help if your parents get you a checking acct. I think their name would have to be on it since your underage but I'm not sure how it works.
2007-01-19 23:13:15 · answer #9 · answered by uknowme 6 · 0⤊ 0⤋
Getting a credit card with your mother's signature. By the time your eighteen, you will have a good credit.
2007-01-19 23:14:53 · answer #10 · answered by Anonymous · 0⤊ 2⤋