TIPS FOR KIDS
Credit Card, not debit, can create an excellent credit score history for kids as well.
An investment guy at our credit union showed my children a print-out of a the credit check record sheet. On that financial record, every on time payment has a * in column. Also, paid in full is recorded.
This is what creates a Credit Bureau high score for users. He told my kids that the amount of purchase monthly didn’t matter. He even told them “just to purchase a pack of gum with their credit card !” as they will earn the same asterisk * paid on-time & in-full despite the small or large amount spent!
My kids also took out a “secured loan” [at least $200 loan held “secured” by credit union within their savings that they would be unable to be spent until loan paid off!]
In this way, my teens were able to earn a excellent repayment history for their “thin” financial record!!
your a good dad!