Both kids met with our banker at Bank of America. The very young looking banker sat down with them separately and went over how to establish credit the correct way. They use and pay off their credit card monthly. They just use it for small things. The banker told them if they establish credit while in college when it’s time for a car loan etc. They will pay the 3% fee and not the 19% or more fee if they don’t have credit. That really resonated with them. My daughter set alerts and pays off things as she gets them. Both of them would rather pay off the card then let it sit there. It’s just there mind set and I am good with that.
Thanks for the info about the credit card. I helped D apply for one. Middle son has purposely been using a credit card for a couple of years now and has a surprisingly good credit score.
I have S17 on a Visa card with me through the credit union. He is on the waiting list for a paying job in his department at school and when he gets it, I will help him apply for the Discover card. He is pretty good with money. When he worked for the HS at age 16, he joined the NYS pension plan.
My daughter had a Discover card in college with a low limit. When she was a senior, I got her her own card on my Amazon-Chase visa account so she’d have a card for emergencies. After she graduated and worked for six months at a low-paying job, she applied for a Visa through TD Bank which had a promotion offering $200 cash back if she put $500 on it in the first six months. She got the card with a limit of $7k and her credit score is in the high 700s which I am sure she inherited from me.