Credit ?

[kayaksteve]

Small personal loan with you co-signing could be an option to. Open a credit union account, Borrow a couple thousand and put it in the account with auto pay. It’ll pay itself every month minus interest and you or her won’t have to lift a finger

 

[buckmanmike]

When I was 18 my mother co-signed for my car loan. After a year I went to the bank and tried to get loan in my name only. The bank showed the loan was under her name and I was co-signer. All of my payments went to her credit. So be sure loan is in her name and you are the guarenteer.

 

[ucfireman]

Wont help with credit but a ROTH IRA is the best retirement saving opportunity in my pinon.
Save a little and out it in and let it grow (time is the key), tax free when taken out.

The credit card for gas would be a good idea. I would say just make sure she pays it from her account (get her a checking account, don't use a debit card, little protections from fraud). That way she sees her money going away and not yours. Would help with learning responsibility. Pay it off every month or as said above you pay the extra fees.

 

[snooker1]

My son got a Discover card (starting credit score was low 600) he had never had credit or financed anything. He did the paperwork and put up 300 dollars and he had a 300 dollar a month credit limit. He used it for gas only and after 5 months the reimbursed the 300 dollars and bumped his credit limit up to 500. At just over a year he has a credit score of 770 and a credit limit of 1500.

 

[Spotlite]

I’m wanting to do something to help my daughter establish some credit . She’s 18 and got a checking account and a decent savings account but nothing else . Never purchased anything with her name on it . She also has a little part time job making a couple hundred a week . I thought about maybe a Walmart credit card just for gas and make sure she pays it off every month . Just wasn’t sure , thought I may get some ideas from y’all . Thanks . Also she’s about to graduate and thought about a vehicle with mine and her name on loan .

Honestly, I added mine as an authorized user so I could teach them to be responsible. They paid me every Friday for their use of the account. If they goof up just yank the card and it doesn’t hurt their credit building. And, go to the bank and buy a $1,000 cd, turn right around and borrow $1,000 and let them hold the cd for collateral. There are no credit checks when you do that and they report it to credit bureaus as a credit payment history.

Did this for both of mine and my son in law. They just about break even in interest earned on cd and interest paid on loan. Didn’t need a co-signer because they put up a cd for 100% of the loan as collateral.

You’re in / from LaGrange? - Southstate Bank ?

I don’t bank with them but that’s where we pulled this off.

 

[Spotlite]

I’m 48 and never used a credit union . I’ll be checking it out . Same basic principle as a bank ?

Yes. Except you get better rates. My payroll is direct deposit, everything is on autopay. Debit card but I don’t use mine, I use credit card only. Checking account, savings, Christmas savings, etc just like a regular bank.

 

[Jim Baker]

Honestly, I added mine as an authorized user so I could teach them to be responsible. They paid me every Friday for their use of the account. If they goof up just yank the card and it doesn’t hurt their credit building. And, go to the bank and buy a $1,000 cd, turn right around and borrow $1,000 and let them hold the cd for collateral. There are no credit checks when you do that and they report it to credit bureaus as a credit payment history.

Did this for both of mine and my son in law. They just about break even in interest earned on cd and interest paid on loan. Didn’t need a co-signer because they put up a cd for 100% of the loan as collateral.

You’re in / from LaGrange? - Southstate Bank ?

I don’t bank with them but that’s where we pulled this off.

This is what I did.

 

[Danny Leigh]

If you have credit cards, add her to your accounts. You don't have to give her a card, but her credit will rise if your accounts are in good standing.

This!! We had the boys on our cards before they were 5. It's all a game. Checking and savings accounts as they got older and then finally their own CCs.

 

[Gadestroyer74]

I’m 48 and never used a credit union . I’ll be checking it out . Same basic principle as a bank ?

Best thing I ever did ! Helped my credit and establish a relationship with people that knew me

 

[Gadestroyer74]

Honestly, I added mine as an authorized user so I could teach them to be responsible. They paid me every Friday for their use of the account. If they goof up just yank the card and it doesn’t hurt their credit building. And, go to the bank and buy a $1,000 cd, turn right around and borrow $1,000 and let them hold the cd for collateral. There are no credit checks when you do that and they report it to credit bureaus as a credit payment history.

Did this for both of mine and my son in law. They just about break even in interest earned on cd and interest paid on loan. Didn’t need a co-signer because they put up a cd for 100% of the loan as collateral.

You’re in / from LaGrange? - Southstate Bank ?

I don’t bank with them but that’s where we pulled this off.

My wife added me as an authorized user my credit went up 80 points just adding me
Small credit card and join a credit union these three things will build credit it just takes time

 

[Robert28]

My son got a Discover card (starting credit score was low 600) he had never had credit or financed anything. He did the paperwork and put up 300 dollars and he had a 300 dollar a month credit limit. He used it for gas only and after 5 months the reimbursed the 300 dollars and bumped his credit limit up to 500. At just over a year he has a credit score of 770 and a credit limit of 1500.

That’s exactly what I did when I was younger. I still have the card actually and keep it open because it’s my oldest line of credit even though it’s only $3000 now (started $300 like yours).

 

[sea trout]

A credit card with a $500 limit builds credit pretty quick. Co-signing a car loan will help too

X2
Sign for her car loan together!
And teach her responsible credit card skills. Teach her how intrest works. Pay the minimum balance and she'll pay it for a long time. The minimum balance is there for a rainy month. Though it's good to pay a loan off fast, but buyin 40 bucks gas and payin it right off is not benificial to the card company and is slower to build credit score. But she don't wanna pay it off slow over time because she'll pay a lot of intrest. (Like when I was 20 I got my 1st credit card, a sears card, I went into sears and bought amp, cd player and subwoofers for my truck. I paid the monthly minimum balance and realized LATE I had paid for that stereo system like 3 times!!!)
Lenders like to see however, that borrowers are paying bills on time but that the lender still makes AT LEAST a little money.
That will build high credit score quick!

Congrats on her turnin 18!
I've enjoyed y'alls successful huntin pictures for years on here!!!

 

[antharper]

Great ideas everyone , thanks a lot !

 

[Bob2010]

If the banks still do them you can co sign on cash line. Cash lines are great because they don't typically expire. She can use it and pay it down over and over. This will build her credit. Also the cc thing is good. If she gets one with rewards and uses it on everything. Gas, food, fun, etc. Then pay it monthly to a zero balance. After several months she can call and get the limit raised. I do this with my company expenses. Best thing for credit building.

 

[Howard Roark]

My son got a Discover card (starting credit score was low 600) he had never had credit or financed anything. He did the paperwork and put up 300 dollars and he had a 300 dollar a month credit limit. He used it for gas only and after 5 months the reimbursed the 300 dollars and bumped his credit limit up to 500. At just over a year he has a credit score of 770 and a credit limit of 1500.

Did this for my son his sophomore year in College when he went out of state.

 

[buckmanmike]

Credit is hard to get for people that need it bad. Easy to get for people that dont need it.

 

[Darien1]

Ditto on getting her signed up with a Credit Union

 

[ryanh487]

You can add her as an authorized user to all of your cards and use one that you pay off monthly as well. My buddy's parents did that and he had an 800 credit score by the time he was 21.