My 18 year old credit score is 702, I just checked yesterday.?

Question

He wants to increase his score, but he only has a sprint account and a citibank Visa card. What should he do? Open more accounts? Pay off these, keep them opened and then open more accounts? I will not ever let him get behind, should he be unable to pay his bills.

He has a job and he graduated 12 th grade last month- 5 months early! He has worked since he was 14 also.
I did put him on one of my CC accounts, I think that is why they gave him a Citibank Visa.

Answer 1

PIGGYBACKING: Despite its' virtually
unlimited potential, piggybacking is
not used by nearly as many consumers as
it should be. It's easy, effective,
and extremely fast. Unfortunately,
it's mostly used among parents and
siblings while those who can really
benefit stay in the dark.

How it works. Almost every credit
card or credit account will allow the
primary account holder to add on (at a
later date) what's known as an
"Authorized User" or "Secondary Account
Holder". In most cases, when this is
done, the entire account history
(retroactively) gets posted to the
authorized users credit report
regardless of their current age or
credit history!

For example. If it's a credit card
with a $10,000 limit which has been
paid as agreed for the last 10 years,
then that complete history will be
posted to the authorized users' credit
report. I once saw a clients' credit
report who used this technique with his
mother. He was only 24 at the time and
he had a $15,000 Gold credit card on
his report with history going back 11
years! I laughed as I thought to
myself that this kid would have had to
be approved when he was 13 years old
for this account to be his!

As you can see, this strategy is
usually only used by parents and their
children and in most cases with no
regard to the benefits the children are
reaping credit wise! In fact, in
recent years, due to its'
effectiveness, this technique has led
individuals with excellent credit
scores to "rent out" authorized user
accounts on one or even multiple credit
cards in return for a fee! I once
recall seeing an ad in USA TODAY for
just such an opportunity. Like most
good credit loopholes, I'm sure this
methods' days are numbered much like
what may be the case with...

Terry Price is the founder of Consumer
Education Group which publishes the
Credit Secrets Bible (in print since
1994).

For more information on the CREDIT
SECRETS BIBLE you may visit:

http://gaby1221.niesong.hop.clickbank.net

Answer 2

Just let him keep doing what he is doing. A 702 score is a good score. Opening too many new accounts can effect his debt ratio which could cause his scores to drop. Don't pay his accounts off. Closing the accounts will hurt his credit. The way to raise his score is to keep his credit active and continue paying his payments on time every month. If he does this, he will go from a very good score to an excellent score. He's off to a good start establishing a good credit history.

Answer 3

You may want to add him to another one of your accounts as a co-applicant that way it reports for him the same it does for you. A major loan like a Car loan also would help. Phone's really don't help your credit, they only count as inquiries. Truly you should have 3 lines of major credit open. He could even try to take out a small personal loan just to establish a good payment history on something more long-term, even if it's paid off early it will show good to the credit beaureu. Be careful though because too many inquires may lower the score.

Answer 4

This is something free he can do and it will improve his credit score:

Go to this website:

https://www.optoutprescreen.com/?rf=t

It's supported by the three credit reporting companies (Equifax, TransUnion and Equifax). He needs to do the opt out electronically for five years (go to the bottom of the page and click). He is considered less of a credit risk to the credit companies so it improves the score usually within 30 plus days. It's helped my family and friends obtain better loans.

Answer 5

His score is already higher than the national average but I bet his accounts are still pretty new he has to be careful and not have too many accounts open because just as fast as it went up it can go down what will solidify more is length of accounts in good standing if you really want to help you can put him on the accounts you have had the longest in good standing but you have to put him on as a joint holder on the account.

Answer 6

Go to www.suzeorman.com

she has good information for this type of thing. I wouldnt get too much credit just yet. Keep making regular payments on the items he do have.

Answer 7

awesomeeeeeeeeeee

Answer 8

get a job