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Helping College Kid Establish Credit (1 Viewer)

James Daulton

Footballguy
Thought I'd share something we did for my son.  When he was starting his junior year in college we opened a discover card in his name.  Discover matches the first year cash back bonus for new members.  He didn't carry the card I did and I used it like I'd use my own credit card.  The limit started very low ($1k) but grew to $2.5k by the time he graduated.  When he graduated we gave him the card, two years of good credit history, and almost $1k in cash rewards on the card.  He's been good with the card in the intervening year and now has a credit rating of 760.  He'll have no problem getting very favorable rates when he wants to buy a car, house, etc.  

We're just getting ready to do the same for my daughter who'll be a sophomore in college. 

 
Discover IT is a good starter card. 

Regular chase freedom is a nice second one. 

Keep utilization low in month before a loan or card app.

 

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