Brad Bishop wrote:Along a similar vein, I have two daughters. I could easily add them to my accounts or cosign on a loan for them or whatever. Instead, I've told them I won't do either and they should make their own way. They're both doing it, one through a secured card which will soon change to a regular credit card, and the other is just starting to dip her toe in the water.
I don't understand this. I would think there's an easier way to teach whatever lesson it is that you're trying to teach.
Why not give your kids the 2-5 year headstart on having good credit?
This is my first year using credit cards, but because my parents had me as an AU on their cards throughout college, I got accepted for the cards that I wanted off the bat. In 6 months (since opening my first card), I've gotten $2000+ dollars in points and rewards, and I get to fly home to visit my parents for free on Thanksgiving and Christmas. I will never be 18 again, and from this point forward in my life, I will always have a credit history. I understand (from reading) how to build up credit from scratch, but it's a valuable lesson at all. I will simply never have to go through that process.
I'm very lucky and appreciate that my parents did that for me, but I don't understand parents like you who are in the position to give such an easy and valuable headstart for their kids, and choose to hold their kids back.