My first house is paid for, and my oldest daughter and her husband are living there now. I added her name to my credit card, which is paid in full every month, but otherwise she hasn’t established any credit. I have been paying the utilities up until now, but they are going to take them over.
One way to do that is with something called a “credit builder loan,” which is offered by some credit unions and at least. Essentially, the applicant borrows a certain amount, which the lender puts in a savings account or certificate of deposit. The borrower can claim the money after making a certain number of payments. The payments are reported to the three credit bureaus, contributing to her scores.
She also could apply for a credit card on her own, to supplement the one you added her to. If her credit isn’t yet good enough to qualify for an unsecured card, she could consider getting a secured card that gives her a line of credit equal to the amount she deposits with the issuing bank.A couple of years ago, I was forced to receive a windfall by the sale of a company in which I held stock.
. You can appeal the increase if your income dropped in the meantime because of one of the following life-changing events:
Teach them to pay thier bills.
Teach them before they are adults.
Kick them out and make them get jobs and responsibilities
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Source: CNBC - 🏆 12. / 72 Read more »