Should I Get My 18-Year-Old a Credit Card?
According to my credit report, I got my first credit card when I was 13 years old.
My mother made me an authorized user on her Kohl's store credit card account, and she never closed it. I might have bought a few pieces of clothing for myself in high school with that card, but I don't think I've even seen it in the last decade. And despite never using it and it only having a $2,500 credit limit, that credit card has been extremely beneficial to me as an adult.
Getting your 18-year-old (or younger child) a credit card can sound scary, but it can set them up for a bright future when it comes time for them to apply for more credit as an adult. Credit card issuers like to see a good credit history. So do mortgage lenders and insurance companies. Even cellphone and cable service providers look at credit reports. Getting a credit card early can give young adults a head start on building their credit, so that it's available when they need it.
Source: Fool.com
