When should I start getting credit for my kids?

[moorecredit]

My oldest kid is 8 years old. When is it a good time to start worrying about his credit? Should I open a bank account? I hesitant about getting him a credit card because it seems a little risky if I forget to bank the annual fee or something.

any advice or ideas?

Robert M

[archer]

Actually, Rob, we're working on a "guide to the credit beginner" as a sub-section to our credit repair guide. It will include a section for students in high school and college, and even have a credit timeline that will show you when you should get credit, and when to avoid it.

The short answer is, you want to introduce credit as soon as possible, but not too much. Everyone should learn how to use credit responsibly, and understand how overusing credit can wreck your credit score, and life.

Open a joint savings account for your child when they're young and help them put money away. Eventually, opening a checking line and getting a line of credit that you monitor closely with them will show them how credit works.

Stay tuned, we'll have more!

AC