history?
2007-02-01 22:23:10 · 8 answers · asked by beach_babe971 1 in Business & Finance ➔ Credit
Only if they are 18 or over.
2007-02-01 22:26:41 · answer #1 · answered by TE 5 · 0⤊ 0⤋
1) I have never heard of this "co-applicant" on a credit card. I know that you could order an extra credit card on your credit card for your spouse or children. If you do that (and maybe that is what you are talking about?) then you would be responsible for what they charge.
2) I assume that you are describing where the child (under 18) signs up for a credit card and you are a co-signer. If the child has some income and is willing to pay the bill, you may want to consider it. However you need to think of the fact that since you are a "co-signer", if your child charges too much and never pays the bill, you (and your credit) will be affected. You will be responsible to pay the bill and your credit score may go down.
3) I am not sure if it is possible for someone under 18 "to build credit" as, according to the law, minors cannot enter into contracts with adults. Therefore, I find it highly unlikely that it will build credit and since the co-signer would be ultimately responsible for any unpaid (or late) bills, I do not think your child's credit would be affected.
4) If all this sounds crazy to you (and you don't want to be a co-signer), you may suggest to your child that he/she buys a pre paid credit card. These can be bought at many stores.
2007-02-02 06:42:25 · answer #2 · answered by Scott 6 · 0⤊ 0⤋
Generally, the credit card companies are going to want personal information of any co-applicant. And if your child is underage, and unemployed, chances are they are not going to approve them as co-applicants. Basically what you're doing when you have a co-applicant is that you're saying this person will cover the amount borrowed if the primary card holder does not make the payments.
I think establishing credit soon in life is important, and using credit wisely is also a good thing to teach. Unfortunately, all the deadbeats of the world have made it harder to obtain credit, especially to those starting out with no credit history.
Best of wishes!
2007-02-02 06:30:38 · answer #3 · answered by C J 6 · 0⤊ 0⤋
Please DO NOT DO THIS. I'm a loan officer and have seen horrible things happen from this particular situation. You will be responsible for what the child charges on the account and this could lead to your credit score being demolished. I know you have good intentions and I'm sure your child does as well.....at first. I have seen good responsible kids get caught up in the credit card spending game and steal their parents bill and continue charging which, in turn, ruins their parents score. This leads to thousands of dollars lost on the ability to get a good rate on a loan or just a loan in general. If you want to teach him how to spend, get a prepaid credit card and allow him to use it adding more and more on it as he/she demonstrates they can spend responsibly. Besides it's not hard to establish credit when you turn 18. It's takes very little effort and time. A lot less time than you will spend repairing your credit
2007-02-02 10:49:13 · answer #4 · answered by Brian K 2 · 0⤊ 0⤋
Wait until they are 18... then open for them a checking and savings account..... Then get them a college credit card and teach them how to take care of their finances before getting the credit card... don't overspend... pay always on time... and it will be no problem... then they can upgrade their credit card to a regular one and later on to a high limit one and they will have a nice credit history in a few years to be able to buy furniture, their house, etc....
2007-02-02 06:35:59 · answer #5 · answered by CRA 3 · 1⤊ 0⤋
You can get them a card--but they have to be at least 18 to get the credit... Old enough to enter into a legal binding contract.
2007-02-02 07:41:29 · answer #6 · answered by cutienoz 3 · 0⤊ 0⤋
No. Get them a credit card at birth and pay for things with it every now and then and make sure you consistently pay it off every month.
That way, when your kid turns 18, their credit will be 750+. That's what my parents did for me, and now I own multiple properties that I rent out and I work only because I like what I do.
2007-02-02 06:58:26 · answer #7 · answered by Anonymous · 0⤊ 1⤋
if theyre not over 18 then its pointless cause theyll have perfect credit anyways as long as they have a job
2007-02-02 06:31:55 · answer #8 · answered by bufsabre666 2 · 0⤊ 0⤋