I thought it would be cool to get a credit card but there was one problem - I didn't have a job. So what did I do, well I did something a little unethical I guess. Say I guess because it was really unintentional. Here's what I did: I used my mom's info and back then they didn't verify anything. I sent an application in for a Spiegel credit card and I put my mom's name and info on it. I also put my name on the application as an additional card cardholder. I waited paitently to see if the application would go through. A few weeks later a letter from Spiegel finally arrived. I felt the envelope first to see if there might be a card enclosed. I opened it to only find one card in the envelope and it had my name on it. My name, not my mom's name but mine. I didn't know what had happened. But there it was a Spiegel credit card in my name..I was now in "hogs heaven". That was my official entry into the Credit World….one that would later fill me with many regrets and bad choices. My initial intent was to be able to buy a few clothes with the card when I found a job and not let my mom know about it. It wasn't the best of plans I'd have to admit, but what can one expect from a seventeen year old. I tried to impart a few words of wisdom to my kids before they began their journey into the Credit World. “I said sons, the world is set up to screw you over and I suggest you put on full body armor and brace yourself for impact.â€
And what did your mom do? It's really hard to teach kids these day, I have three and if they want something and I say we can't afford that they tell me, "well go get some money out of the bank machine" lol
I was so ashamed of my actions that I never told my mom what I'd done. I did find a job later on and used the spiegel card to start building credit. I paid my bill off at a later date and closed the account.
I'll get a card when I'm 18 next month, but I'll only use it when it's not possible to use debit. For example buying stuff from the web is easier when you have a credit card. I don't want to get into dept, it's like crack, you do it when your young and you spend the rest of your life trying to free your self from it.
Kids really don't understand how the system works. You might have to sit down with them and explain step by step what you have to go through on a day-to-day basis to earn that money that's in the bank machine. If you have already tried that, then maybe a program geared toward teaching kids about money might help. I believe Robert K. the author of Rich Dad, Poor Dad has a program out for kids, it might be worth checking out.
I've learn the hard way that it's best not to use a credit card to buy just stuff. It should be used for things like education, medical emergencies or for making money. Today most banks issue debit cards with a visa or mastercard number printed on it, thus eliminating the need to have two types of cards. One important thing though, that card is tied to checking account. I can recommed one on-line credit card right now that has a 14.9% rate on it for people just starting to build their credit file. HSBC and it has a annual fee, which is taken out immediately, so you start with a balance. I would adivse you to do your homework first, before stepping out into the credit world unarmed.
Ok, thanks for the advise I don't want dept but there are a few advantages to credit cars in Canada. For example, debit cards won't allow automatic withdrawals, credit cards do. My attitude is, don't buy something you can't pay for. Delayed gratification is the most satisfying.
10! Omg...w0w kid thats alot of credit cards...the most credit cards I have ever known someone to have is 6 and he owns got slammed bad...10...w0w
Giving a kid a credit card without first educating him is like a kick in the face that leaves a scar for life. EDIT: opps lol, I though you mean't age. I was like 6? wtf are the parents thinking lol.
Getting my credit score into the 700's is my goal right now and I want to get my credit reports. I heard there is a government agency that allows you to go through them to get all three credit reports at one time (Free). Anyone know the name of the agency?
I've got at least 10 credit cards myself, it's only a number If used correctly 'you know intelligently' it can be a good thing. Illegally obtaining a card, and or spending too much money I'm sorry is your own fault, no body elses.
Been down that road when I was younger. Got my silly self in debt for over 15k a couple of times. I learned my lesson and that lesson is to never use a credit card for anything that you don't have money in the bank to cover it.