9 Easy Steps Parents Use to Help Build Their Child's Credit Score Before They Turn 18!
By Kwanza Niida Green
Here are the steps parents are
taking to prepare their kids to buy a NEW car, move into their OWN
apartment and get a couple of credit cards and much more, all
before they turn 18.
Step:1 First,you will need to approach a close friend or relative
that has an excellent credit history to act as your grantor.
Step:2 The grantor will then call as many credit accounts as
possible in order to add you as a secondary card holder.
Step:3 When the applications arrive fill them out and then send
them back. Only fill out the applications that ask for the
secondary card holder's S.S.N. (Social Security Number).
This action will put a credit history on the secondary card
holder's credit report. Amazing!
Step:4 When the cards arrive in the mail in the secondary card
holder's name on behalf of the grantor immediately destroy them
because they aren't needed in the process of building your credit
Step:5 2 0r 3 months after the credit cards have arrived check your
credit report to see that the accounts have posted.
Step:6 After the cards start to appear on the secondary card
holder's credit report they then can start only applying for the
pre-approved credit cards that will come in the mail, for example:
Discover card or Visa etc. and a gas card in their name as the
primary card holder.
Note: You don't have to have a car to apply for a gas card.
Remember, it's just to show a good credit status because a
department store interest rate may be too high.
Step:7 Now when the pre-approved cards start to arrive in your name
as the primary card holder keep the debt between 15 and 30% in your
debt to ratio status and remove as many bad credit items from your
credit report as possible. This is how you "dress your credit
report" to qualify for new credit offers.
Also, after a credit history shows up on the secondary card
holder's credit report is when the grantor can take them off of
Step:8 Open a checking and saving account. Pay yourself monthly by
adding to your saving account.
Step:9 Also, then apply for another credit card (Master or
preferably Visa) from this same bank.
After doing this your credit report will show a good credit history
plus at least three good revolving accounts when it is checked by
financial institutions or car dealerships etc.
About the Author
Too many people aren't aware that a good credit status can be accomplished so much sooner.
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