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Credit card for teens???
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<blockquote data-quote="klmno" data-source="post: 554062" data-attributes="member: 3699"><p>I thought I'd heard experts say that, too. But I think I remember asking about that once at a bank or walmart and hearing that it did not because it didn't show any repayment if it's paid up-front. I don't know but this is thru a major CC company so I would assume that if there are no issues for a year or two, they'd probably off an entry level CC to the teen at some point. I don't like the idea of cosigning for him for anything within the next few years but I might not have any choice.</p><p></p><p>It won't be for a car though- I planned this out! Since Plan A fell thru with the bankruptcy 2 years ago, E will get my old car to drive. He won't get it put in his name unless he chooses to go straight into the work force instead of college and is able to support himself plus pay for auto insurance- then I'd sign it over to him- or I might confer with an attny on how to have him "buy" it from me in a way that helps him build up his credit. Now, I just bought a new car that he actually picked out (it's a nice compact- not an expensive sports car). It is being financed for 5 years- longer than I wanted but that's the price I'm paying for the BK. Anyway, E will be 22 when it's paid for. If he goes to college, he'll get this one turned over to him when he's out of a 4-yr college and with a job, able to pay his insurance. I'll sign it over to him and he will only have to worry about paying back low-interest student loans, not a car payment. Then I'm done helping him with transportation, my BK will have fallen off my credit report and my credit will be rebuilt! I'll take this old car back, sell it for $500 or whatever, and buy what I want for me! And E will be building up his own credit by paying back low-interest student loans. That's the Plan A right now-....now can someone get him to make up his mind and tell me if he still plans to go to college or if he really means that "warning" that he plans to just leave and go across country to "find a job somewhere" when he turns 18 and is out of HS? (notice: I'm not signing my car over to him and he will not have permission to borrow it to move across country.)</p><p></p><p>on the other hand, at the rate he's going right now my old car will be sold, he'll be lucky if he can even make it until he's 18yo without getting locked up again.</p></blockquote><p></p>
[QUOTE="klmno, post: 554062, member: 3699"] I thought I'd heard experts say that, too. But I think I remember asking about that once at a bank or walmart and hearing that it did not because it didn't show any repayment if it's paid up-front. I don't know but this is thru a major CC company so I would assume that if there are no issues for a year or two, they'd probably off an entry level CC to the teen at some point. I don't like the idea of cosigning for him for anything within the next few years but I might not have any choice. It won't be for a car though- I planned this out! Since Plan A fell thru with the bankruptcy 2 years ago, E will get my old car to drive. He won't get it put in his name unless he chooses to go straight into the work force instead of college and is able to support himself plus pay for auto insurance- then I'd sign it over to him- or I might confer with an attny on how to have him "buy" it from me in a way that helps him build up his credit. Now, I just bought a new car that he actually picked out (it's a nice compact- not an expensive sports car). It is being financed for 5 years- longer than I wanted but that's the price I'm paying for the BK. Anyway, E will be 22 when it's paid for. If he goes to college, he'll get this one turned over to him when he's out of a 4-yr college and with a job, able to pay his insurance. I'll sign it over to him and he will only have to worry about paying back low-interest student loans, not a car payment. Then I'm done helping him with transportation, my BK will have fallen off my credit report and my credit will be rebuilt! I'll take this old car back, sell it for $500 or whatever, and buy what I want for me! And E will be building up his own credit by paying back low-interest student loans. That's the Plan A right now-....now can someone get him to make up his mind and tell me if he still plans to go to college or if he really means that "warning" that he plans to just leave and go across country to "find a job somewhere" when he turns 18 and is out of HS? (notice: I'm not signing my car over to him and he will not have permission to borrow it to move across country.) on the other hand, at the rate he's going right now my old car will be sold, he'll be lucky if he can even make it until he's 18yo without getting locked up again. [/QUOTE]
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