| Both my kids have a Visa card with our account number on it, but with their name imprinted on the card. The bill includes all 4 cards as they are the same account number; it is no different than when I have a card on my husbands account.
With American Express, the account is the same, but the account numbers are different. Again, one bill for all cards on the account. While these accounts are in my husbands name, the children will not be building credit in their name; they just have access to an account with a high charge limit! My 21 year old now has his own card in his name and is responsible for the payment. This card will help him build credit. We have let him charge some big ticket things that we would pay him back for; again this will help him in the long run as long as he remembers to pay his bills on time.
Another way to build credit is to make sure the utility bills (if they live off campus) are in your students name. My son has 2 roomates, but he wanted all the utilities in his name. By the time he is in grad school, I would think he will be able to apply for credit most anywhere. |