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Raising Brilliance

Source: Chris Jenkins / Olympia D

So, everyone knows that I have been bragging that Ladybug landed her first real job!  As a parent, I think it’s my job to set her up for a good future!  One of the ways to do that is to make sure your child is financially responsible…knowing how to save, invest and building a good credit history.  But how can you help your child build a credit history before they graduate high school?  Add your child as an authorized user on one of your credit cards that you barely use and carry a very low balance.  This can be done at the age of 15 or 16, depending on the credit card company’s requirements.  However, let me reiterate…this is a card that has a super low balance and you pay off every month.  The card that I added Ladybug to as an authorized user, I only use to charge a tank of gas once a month.  I pay off the card’s balance, except $3, each month.  This shows the credit card company that she knows how to manage her debt and that she pays on time each month.  By the time your child graduates from high school, they will have roughly 2- 3 years of credit history!  Simple and easy, right!! Keep listening to 105.3 RNB for more Money Matters tips!