2007-09-16 12:59:01 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Start with a savings account. Since you are too young to sign a contract, you can't to get a credit card on your own. So just keep stuffing money in the bank and that will prepare you for the time that you can get a pre-paid card in the future.
-MM
2007-09-16 13:06:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You won't be able to start building credit until you turn 18. The reason for that is that any contract you sign before the age of 18 can not be held as a legal contract. Therefore, no company would willingly give you credit becasue they have no way of legally getting the money back if you default. They could take you to court, but because you signed well under the age of 18, it can't be legally enforced and the company would lose a lot of money.
2007-09-16 13:09:59 · answer #2 · answered by dougzinboston 4 · 0⤊ 0⤋
I don't know about 15 year olds but I'm 17 and my parents have a credit card that they use under my name so that my credit builds up.
2007-09-16 13:05:56 · answer #3 · answered by B 3 · 0⤊ 0⤋
A fifteen year old can always open a savings account at the bank, and begin to pay in small amounts - gifts of money given at christmas, birthdays etc. Some day it will still be on record that at even this early age, this person was diligent and fiscally responsible, showing an awareness of financial obligation. It goes to the character of that young person, and will always appear favorably on that person's total financial history.
2007-09-16 13:10:52 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It is really best that you do not enter the credit arena. At least until you are gainfully employed. Having someone co-sign with you only builds the cosigners credit and does little for you.
My strong advice is to park your cash in a good money market fund so that it can grow. Get used to saving and don't forget to tithe.
The credit arena is fierce and it is only for those that manage money well.
God Bless.
Carlos Cruz
2007-09-16 13:21:43 · answer #5 · answered by Anonymous · 0⤊ 0⤋
a million. do no longer think of credit enjoying cards are the thank you to do it. 2. shop funds and tutor which you have funds interior the financial corporation. 3. in case you shop, you do no longer choose credit except you're procuring a house. 4. Pay funds for a vehicle; purchase a minimum of a 2 3 hundred and sixty 5 days previous vehicle once you purchase one. It loses lots of its fee the 1st 2 years which you get a much greater useful deal.
2016-11-14 15:30:12 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Until you're 18, you don't. A person under the age of 18 cannot legally enter into a contractual agreement. This means that you can't borrow money (or lend it, for that matter), and if you can't borrow, you can't build credit.
2007-09-16 13:07:08 · answer #7 · answered by Anonymous · 0⤊ 0⤋
they cant! because in order to build credit you need a credit card in your name or begin paying some kind of bills and for all that you have to be 18
2007-09-16 13:06:51 · answer #8 · answered by sportyarteest 2 · 0⤊ 0⤋
They don't.
2007-09-16 13:05:28 · answer #9 · answered by Judy 7 · 0⤊ 0⤋