credit, in the long run if you put them on your credit cards?
if so,
and when is the right time to do it
2007-12-13 04:30:08 · 8 answers · asked by girl19 1 in Business & Finance ➔ Personal Finance
i have not done it yet- but thinking about it my parents never taught me about credit, and I screwed mine up young and just NOW at 26 getting back on track slowly
2007-12-13 04:36:35 · update #1
Their credit rating will be more affected by their first salary than their spending history on their parents credit card.
Credit is simply a way for banks to earn money. Never borrow on credit cards. Get a loan. The best form of credit is a mortgage since the object that is bought does not lose value over the long term. They earn less money from savings.
I would teach them about saving not credit - they will benefit more in the long run. Why not just give them an allowance paid into a savings account. That way you teach them to spend what they have now and not what they will have in future. (Because the future is never as reliable as now.)
2007-12-13 04:55:33 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Yes it does help. Everyone here is assuming that you mean that you want to give your children a credit card. I definitely don't think that you should do that. But listing your children as users on your card will help them begin a credit history even if you do not give them a card. In fact you don't even have to tell them that you have done it.
2007-12-13 04:46:56 · answer #2 · answered by Jay P 7 · 0⤊ 0⤋
First, give them an allowance and teach them how to manage the money they do have. Open a savings or checking acct that gives them a debit/ check card. At least that way, they learn to not rely on credit cards. Then, when they get to college, let them have a credit card.
Also share with them the problems you encountered because you didn't know how to manage your money. I had the same problem growing up and I'm just bringing my credit back to good.
2007-12-13 04:40:41 · answer #3 · answered by TwilightTwin2 4 · 0⤊ 1⤋
No, you are still the borrower and responsible for the loan - they are just "authorized users" on your account.
If you cosign a card for your child (at age 18), it will establish credit in their name; however, as cosigner you will be liable for the debt if they screw up.
2007-12-13 04:38:25 · answer #4 · answered by npk 7 · 0⤊ 0⤋
I agree with socks
2007-12-13 04:36:40 · answer #5 · answered by datsleather 6 · 0⤊ 0⤋
NOT THAT I KNOW OF... BUT IT COULD HURT YOURS DEPENDING IF THEY ABUSE THE CARD OR NOT.
2007-12-13 04:33:53 · answer #6 · answered by socks 2 · 1⤊ 0⤋
just don't do it you will be sorry.
2007-12-13 04:37:47 · answer #7 · answered by Union_Dooz 6 · 0⤊ 0⤋
no it will not help!!!
2007-12-16 23:10:14 · answer #8 · answered by mister ed 7 · 0⤊ 0⤋