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<p>I have watched her show.</p>
<p>I think that she’s a moron.</p>
<p>Thanks jym626 - I will hit the phone again on Monday trying to talk to Equifax. If I have no success I will ask for your help! our CC family is such a great wealth of knowledge and resources!</p>
<p>Bceagle, You are mixing apples and oranges and it seems you misunderstand what I said. HOPEFULLY they have no credit history. Otherwise they may be the victim of identity theft. </p>
<p>As for the other issue, your ds can and SHOULD open his own checking account. Now.</p>
<p>D1 opened a credit card with BofA when she was 16. BofA gave her $700 credit limit because she has a checking account with BofA. She managed it very well on her small income. Just recently checked her credit score and it was 700+.</p>
<p>Roman, paying it off in full won’t hurt your credit… I would guess my credit rating at your age was higher then everyone else my age at that time… Still probably higher then people my age. You don’t have to tell me how to build credit. I’m just simply saying buying things you don’t have the money to pay for in full each month is a recipe for disaster. Five dollars interest or not, its a waste.</p>
<p>fender, when did I say paying it off in full would hurt your credit? When did I tell you how to build credit? I simply said that if you can’t pay it off EVERY month- it’s not the end of the world. You can pay that $4 or $5 in interest and it’s going to be ok. It’s better to pay that than to NOT have the credit card, which was your alternative. </p>
<p>New graduates are probably going to rack up some debt (buying work clothes, relocating, etc) that they’re NOT going to be able to pay off in full right away. And that’s OK. It’s still worth it to have the card and get those things. When I got my most recent job, it took something like 5 weeks to get my check. If I didn’t have a credit card, I would not have been able to get work clothes (as I was broke… from not having a decent job…) and therefore would not have been in very good standing with my boss. Yes, it took me about 2 months to pay those clothes off because I didn’t yet have a check, but that $3 in interest was well worth it.</p>
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<p>How so? Have any specific examples?</p>
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<p>Couldn’t agree more. It’s sad some kids these days have to rely on mommy and daddy to do things for them and can’t figure out things themselves.</p>
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<p>I’m sure that you could do a little googling around and find out for yourself.</p>
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<p>I’m pretty sure that he can figure things out on his own.</p>
<p>Last year, he made a few trades worth +six figures. Can your typical mommy and daddy do that?</p>
<p>What do you think his commission should be?</p>
<p>Strongly suspect you are teaching him about investing, BC, and it sounds like he is learning. But if he is doing successful trading, then definitely cut the cord. Maybe his commission should be privacy, autonomy and independence. Like thumper, my s’s had their own savings accounts since they were 13 and opened checking accounts in HS. They got gas station credit cards in HS and have built up their credit. Older s’s credit is over 700 also (possibly over 800, IIRC) and has purchased 2 cars, one with his own credit (took a loan from a credit union) and one with cash. We paid for and cosigned on neither. We haven’t cosigned on any housing for them, and both lived off campus for part of their college careers. They’ve handled getting the utilities, paying the deposits, all the bills (with their roommates), etc. Older son does investments as well. But doing investments alone is not enough to encourage then launching of our kids, IMO. I cannot imagine comingling my and my kids income in a checking account. They would not want that, and they whould not want us monitoring their spending at this point. And I agree with that. They are adults. </p>
<p>As for gredit cards, SInce the laws changed in around 2009, its much harder for minors to get cards in their own name. Mine also got credit before they were 18, but that was before 2009. Was that true for your dau too, Dr. Google? In what year was she 16? Here’s an interesting article about the cutback of college credit card offerings. [Credit</a> card marketers drop out of college campuses](<a href=“http://www.creditcards.com/credit-card-news/college-student-credit-cards-new-law-1279.php]Credit”>http://www.creditcards.com/credit-card-news/college-student-credit-cards-new-law-1279.php)</p>
<p>jym,I think she got her checking account sometimes before college, not sure when she received her credit card, but I think probably before 2009. She started college in 2008 so that must be the year.</p>
<p>If your dau got the cr card at 16, as you said in post #44, that would have been well before the credit card act of 2009 (since she started college in 2008). And she is probably about to graduate. Congrats! Whats next for her?</p>
<p>I think my memory is kind of fuzzy. I think she must have opened her BoA at 16 and got credit card at 17 or 18.
What’s next, she is about to graduate in May, we purchased a car for her and put her as a cosigner to build her credit.</p>
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<p>Son was trading tens of thousands of dollars at 13. I gave him John
Murphy’s book on technical analysis to read and I showed him how to
annotate charts and watch streamers.</p>
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<p>Different strokes for different folks. I guess that our family has
a lot more mutual trust in each other than the typical family.</p>
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<p>The credit card thing is not a big deal. Son has a good-paying job and
a lot of cash. We could give him a lot more. We could give our
daughter her own account with a lot of cash too so that she could get
a credit card. She will be applying for jobs very shortly and she
should have a steady income with whatever we start her out with.</p>
<p>And its not about trust. Its about control. Its because we trust our kids that they have control over their funds and credit cards and checking accounts without our needing to have our hands and noses in it. You want to control your kids, you go right ahead.</p>
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If you open an account in her name and dump some cash into it, she will have some evidence of having cash (no history, just a new account), but still no credit history. And that, combined with no job, will not make her very credit-worthy to a credit card company.</p>
<p>Trust has nothing to do with sharing an account. imo, it’s just lazy not to get your own account. It’s his money, it should go in his account. I literally can’t think of a single person I know who deposits money into a parent’s account. The thought to do that has never crossed my mind. My parents both have access to my account as I often give/loan them money so it’s obviously not a matter of trust.</p>
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<p>Yeah, right. They have access to all of our funds and we’re exercising the control.</p>
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<p>My wife, her sister and my mother-in-law had shared accounts. Maybe it’s part of the culture where she came from.</p>
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<p>If you allow your kids access to all of your financial resources, are you showing trust?</p>
<p>Back to topic, for those who want to discuss credit cards for new graduates, they WILL have so show credit worthiness. This may include a history of good credit, guaranteed income stream, as well as savings/checking accounts with a history of good balances. </p>
<p>And FWIW, several of our/our kids accounts had been linked, for convenience sake (transferring funds to them, etc), so there is access to moving money in both directions if anyone really chose to do that (trust and responsibility is there all around) but they have their OWN accounts. As it should be. If its a cultural thing, well, thats a different matter. But I’ve not heard anyone here of any culture talking about having that arrangement (adult child’s income gets deposited into parents account) .</p>