I keep getting credit card offers for my minor children. Wouldn't this be a good way to build their credit rating, by getting them a card and only using it a few times a year, and never carrying a balance?
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sperrier
ANSWERS: 4
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When I asked the same question at my bank, I was told that you can't start accruing credit until you are over 18. To get a credit card beforehand, you would need to co-sign with an adult.
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If you want to help your children, you should put them onto your credit card as an authorized user as well as you have low utilization and a history of paying on time.
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No, because their credit standing would be reflected falsely, it would be your credit standing. Shred the offers and do not get any card in their names.
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NO. Legally, no one under the age of 18 can have a credit card, loan or anything else where they are legally responsible for paying the funds back. Children do not need credit, nor do they need credit cards. They need to go out into the world, get a job, start paying bills, etc., before even considering credit cards of any kind. Kids have sense whatsoever of the responsibility and consequences of credit; heck, many adults can't grasp the concept. What you'd be doing is simply putting them at risk. (My opinion)
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