How to start building credit???
Hello, If you have a checking account try your bank. you must have at least three months of good credit to qualify for a car. They also have first time buyers program, where you may get away without a co-signer. Alot of credit companies are anxious to supply college students with credit. You will find applications in the dorms, the library, at stores around town. And before you know it you may have 10 credit cards and become in debt. But don't get to excited start out slow. Your young. One card is sufficient. Negotiate your percentage rate, and Pay your bill off every month once you establish the credit. Don't get carried away. You will need your credit post graduation for employment, home and Auto. So please be careful. And if you cannot afford a certain brand of vehicle don't get it, keep your payments at a reasonable level, under 250. Good luck. Pay your bills, and pass your classes. You'll be fine.
Why don't Hispanics get any credit for having any part of the start of hip-hop?
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Earned income credit question?
How much can a family of 5 (two married parents and 3 children) gross and still get the earned imcome tax credit. Looking on the IRS website, it says the amount for have one child, then for having two kids (I think its $36000.00..gross). BUT I cant find what the cut off for a family with 3 kids would be. Does anyone know?? Thanks
Should kids be allowed to own credit cards?
Here in UK it is unlikely that anyone under 18 would have their own credit card, because, with a few limited exceptions, a minor cannot be held legally responsible for a debt.In theory a minor could be a second signatory on an adult’s account, but most credit card companies require any additional cardholders to be 18 or older. One reason may be that cards could be used to purchase alcohol, knives or other age-restricted goods. At present companies like Amazon use a credit card as proof of age to sell these by mail order … if the customer has a credit card they are 18 or over, and that is their due diligence covered.Debit cards are another matter. Many banks will issue debit cards to kids linked to savings accounts. The youngest I have seen is for customers age 7+, but the more usual minimum age is around 12. There are also pre-paid debit cards which a parent can load with cash, typically between £10 and £500, and which can be used to buy goods in-store and on-line. These can be imprinted with the child’s name and have a signature strip. I suspect that this will be more common as we go cashless.For travel abroad on school trips, pre-paid cards loaded with US$ or Euros are a safer way to carry your holiday money than cash, and it saves the staff having to responsible for cash or try to find a bank to change traveller’s cheques. When I took a group of kids to USA, admittedly twenty years ago, it was a nightmare because even in Washington DC different banks would only cash American Express, or Thomas Cook or Visa checks, so we had to take groups of kids and their passports to several different banks, and the tellers seemed bemused that kids had their own checks. These days I would recommend pre-pay debit cards which can be used in shops as well as to get cash.
What is the best first credit card?
Capital one has a card for building credit. I have one and so do many others I know. Have never had a problem with them in 3 years Something else everyone can do. Take a paycheck to the bank and buy a CD. Then see a loan officer and take out a secured loan against the CD. The minimum amount is usually from $500 to $1000 for 12 months. This is exactly how I started. I recommended the same for my kids and many other friends and family. You get a very low interest loan plus earn interest on the CD and you still have the money when the loan is paid back. The payments are reported to the credit bureaus which helps build your credit. Talk to your bank about this.
Are kids more perceptive than we give them credit for?
You are so right! I remember as a kid , pretending I did not know what adults were talking about when it came to sexual matters. If I did not get the full jist of it , I still knew what they were talking about, but pretended I didn't! I also remember asking questions of the adults, sometimes I would get a truthful answer as I don't know but most of the time the answer , was not satisfactory at all. some of the answers seemed awfull dumb to me and later as an adult found out the adults did not know the answers any way. That is why they did not tell me what I wanted to know!
At what point would you start charging your children rent? Do parents typically only ask for rent when they want their children to move out?
I’ve read a couple really good answers, and one scenario sticks out. Have them pay rent after they become 18 or graduate High School. If they choose to continue to go to college, let them know what their boundaries are if they want to live as an adult in your house.Rent can be whatever amount you think is fair (obviously the $1200 that they may be expected to pay in a 1 or 2 bedroom apartment is unreasonable, but a couple hundred a month to apply to food and utilities is not too much to ask for.Choosing to not charge anything at all is the prerogative, though it does not give the child any understanding of how to budget when they finally go out on their own. Without having put anything into their name, they will also have no credit history, which they may need to get loans or deposits waived, etc., in their upcoming adult life when they are finally on their own. I worked with a woman who was over 30 years old, had a great job history, but lived with her parents and had never had any financial history built up. When she tried to get a loan, she was told she had no credit.She had to have her parents put one of their utilities in her name, just for that little bit of credit history. They’d thought they had been doing her a favor, but they had been holding her back instead. Innocently, but holding her back regardless.When your kids are no longer in High School, and are no longer your legal responsibility (18) to care for, a discussion about rent/utilities needs to be opened.
When should kids start learning about investment's and maintaining their credit score?
A)I think it's good idea to talk about investment as soon as they understand basic finance . I wish I'd known about stocks and bonds when I was 15 , I'd spend less time playing videogames and learning how to invest. Financial literacy is an important skill most elementary schools don't teach unless the student is taking business classes.B) I think the credit score lesson comes later on when they receive their first credit card . Showing them the ropes can have a good impact on their credit score . Simple tricks such as paying on time and keeping utilization low . Also explaining how missing one student loan payment can drop your credit score by 200 pts can come in handy . Explaining how important it is to have a good credit score .C) Overall it's best to teach kids when they are going to use it . Our brains have a funny system that if we don't use the knowledge we simply forget ,so to maximize efficiency it's best to teach them when they will use the knowledge.