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How does my 18 year old son obtain credit. He is still in HIgh School but works two jobs. |
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Date:
March 1, 2007, 5:55 am |
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How does my 18 year old son obtain credit. He is still in HIgh School but works two jobs. |
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Answer:
Many credit cards for students require good credit. If your son doesn't have credit yet, he should take pains to establish a savings or checking account that will serve as collateral for a secured credit card If his income is enough, he can get an unsecured credit card, but it's characterized by rather impressive fees and rates that cover the bank's risks of credit. One more variant, which also proved to be reliable, is co-signer credit cards. A person with good credit applies for a card for good credit and waits for the approval. Then he signs your son up as a co-borrower. So he gets access to a good credit limit and gets a chance to accumulate points to his credit score. You or some of your son's relatives, possessing good credit, can become the co-signer. |
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