One of your parents will have to be on the account. Technically, I believe this would be a joint account.
You should also open a joint checking account with one of your parents (with you as the primary), since it's difficult to pay bills without one.
After you turn 18, it will be easy to have your parent removed from the accounts. (Your parents will probably appreciate that, too.)
You should also open a joint checking account with one of your parents (with you as the primary), since it's difficult to pay bills without one.
After you turn 18, it will be easy to have your parent removed from the accounts. (Your parents will probably appreciate that, too.)
You cannot enter into a legally binding contract. Your Dad can but you cannot. The legal age is 18, but he can cosign for a card with you, but it won't help you build credit.
It's not a debit card. It does require you to deposite money first, but you'll get the same protection that a credit card would give you (charge backs, etc).
Dissipate
Diamond Member
- Jan 17, 2004
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You are old enough to get the Visa Buxx card. As for credit history you don't need it at the age of 16, trust me. You are getting a little bit too far ahead of yourself in the world of finance. When you turn 18 in a couple years you can get a student credit card with a low limit and start building credit.
yukichigai
Diamond Member
- Apr 23, 2003
- 6,404
- 0
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Paying bills and such builds credit. If you purchase internet service or cable TV I think it will help build your credit, and there are a couple of companies that don't require you to be 18 to do that.
- Feb 16, 2003
- 26,108
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But would it build my credit history?
I think I'm going to call up a bank and a credit card company tomorrow?
yukichigai
Diamond Member
- Apr 23, 2003
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So that when you're 18 and want to actually use a credit card, take out a loan for a car, etc, you don't get raped on interest rates.
- Feb 16, 2003
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Well, there is no real reason right now except that from time to time on these forums I read about how people wished they would have had a better credit history.
Pretty sure i've had a credit card since i was 16, sure my limit was like $500 but that's a lot to a 16 year old. now i'm 22 and i have perfect credit cause i've been building it up for so long
Dissipate
Diamond Member
- Jan 17, 2004
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Uh, that's not because they have NO credit, its because they have BAD credit. In other words they were late in paying their credit card bills or loans. There is a big difference between the two. Having no credit is only a short term problem, if you have no credit all you have to do is wait until you are 18 and get a credit card, put a little on it every month and pay it off on time every month. Having bad credit is a whole other ball game and its not something you have to worry about at this point.
- Feb 16, 2003
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See, that's the kind of thing I want so then during and after college I have some nice credit history, I mean, since I'll be making such small payments and paying them off quickly, it won't hurt will it?
- Feb 16, 2003
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Calm down man, read my entire post, it's only a sentence.
about how people wished they would have had a better credit history
mugs
Lifer
- Apr 29, 2003
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It's not a credit card. http://www.visabuxx.com/learnmore/index.cfm
AgaBooga, don't worry about building credit... get a card when you're 18, you'll still have four years of college before you'll need to buy anything that you'll need credit for (car, house)
Good thing I didn't say it was a credit card...
Also, Amex has a similar program.. it's called "cobalt" or something iirc.
Yes it would. It'll be a joint account, so it will be recorded on your credit files and your parents'.
Why don't your use your parents' bank and apply for credit from that bank at the same time? If your parents are members at a credit union, that's even better for you. (A credit union is sort of a non-profit bank with membership restrictions, such as working for a certain employer or industry, or living in a certain city or county. I think that the majority of people are elligible for membership with at least one credit-union though. Usually, if a parent is a member, the child is automatically elligible.)
I strongly caution you to realize what you're getting yourself into, and the risk your parents will be taking at the same time. Understand how important it is to pay your bills on time, and that you're able to pay your bills on time (first, because you'll get charged a huge late fee by the credit card company--these days, many CC companies are charging late fees even if you're only one day late, and second, all it takes is one "30 days late" mark on your public credit files to mar your history and credit scores for the next 7 years).
I encourage you to read the Credit Education section at MyFICO.com as a starting point for understanding exactly what goes into your reports. (You may have noticed I refer to your credit files, reports, and scores in the plural form; that's because there are three different companies who keep track of your history, and several different types of scores generated from your files.) Take a look.
I'd still like to see something that says you can have a credit file under 18. It couldn't be possible because minors cannot enter into a contract...
Nope. You can get a debit card from PayPal though and it works as a MasterCard...but you have to have the funds in your PayPal account. That's what I use, and they give you 1.5% cashback for all purchases with it. I'm 17, so I use it for my online purchases.
mugs
Lifer
- Apr 29, 2003
- 48,920
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OK, he's asking for a credit card. Someone suggested this, which is NOT a credit card. I said it's a debit card, you disagree with me for reasons that have nothing to do with what he's looking for. Call it whatever you want, but it's still a debit card with some extra features.
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