First time credit for my daughter? - 07/19/23 08:10 PM
Well my daughter turned 18 a week ago, and is starting OSU in a month. So we figured we should get her credit history going. We applied for a first time credit card, for first year college students, and she got denied. WTH.
Don’t understand what happened, she makes $14,000/yr. So we would have understood maybe a $500/$750 limit but no. Our bank would give her one, but they needed $2,500 in a savings account that has to stay there, with a $50 annual fee. A personal loan of $1000, would also have to be backed by her checking account which has $12,000 in it, no way.
How does an 18yo get credit? How did you go about helping your kids get started without feeling like something shady is gonna happen.
Don’t understand what happened, she makes $14,000/yr. So we would have understood maybe a $500/$750 limit but no. Our bank would give her one, but they needed $2,500 in a savings account that has to stay there, with a $50 annual fee. A personal loan of $1000, would also have to be backed by her checking account which has $12,000 in it, no way.
How does an 18yo get credit? How did you go about helping your kids get started without feeling like something shady is gonna happen.