Help Your Child Student Accumulate Credit With a Low Limit Card
It is important to earn a solid loan because your life can be difficult without it. To help your adult child get credit, ask them for a low-limit credit card.
Forbes offers several different tips to help students improve their creditworthiness, and here is one of them:
Ask your child to open a credit card, but send the bill home…. You can help him by monitoring credit card usage. Start with a low limit card that can earn them bonus points as well, and be sure to redeem it in full to avoid those high interest fees.
There are other options for creating a loan from nothing . Secured credit cards can help, as can adding your child as an authorized user to your own credit card accounts. However, Forbes’ tip is a good way to get a loan without the temptation to spend. In other words, you can help your child get a credit rating without actually using the card . At the end of the day, it is worth learning how to use credit responsibly, but it is a decent option when you are just starting out.
For more details, navigate to their full publication at the link below.
3 Financial Tips for Parents Sending Students to College | Forbes