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my son is 16 can he have or get a card in his name? he does not have a bank account. |
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Date:
May 13, 2007, 5:03 am |
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my son is 16 can he have or get a card in his name? he does not have a bank account. |
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Answer:
Only people who are already 18 years old have the right to apply for a credit card and be approved. Thus if your son is now only 16, he can't become a cardholder. Nevertheless that doesn't mean he can't start his credit history. First it is recommended that you open a cheching or a deposit account for him. This is important as it will prove his ability to deal with money. Besides he may become an authorized user of your or another person's card. In this case he will not be financially responsible for the account and will not be liable for any charges. However the information (both positive and negative) will be reported on his history as well. Most banks do report authorized user's information. So, he must take it seriously and make all the payments on time. If he uses the card in a right way his score will be improved and when he comes of age he'll be able to get the best credit cards. |
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