Reply #7: Parents often need to be pro-active about this.

[SheilaT]

When our oldest was still in high school and was going to be away for a six week summer program in another part of the country, we obtained a credit card for him in case he needed it for emergencies. We did it as a second card on a brand new credit card that was in my name, and I never used it, so that any and all bills would be his. It started out with a $500.00 limit, and the very first time he charged something, probably about $30.00 somewhere, and it was paid off, the limit was immediately raised to $1,000.00. It was frustrating, because even though he's a very responsible kid whose wants and needs are quite modest, I didn't want him having a credit card in his wallet with that high a limit.

I suppose the problem was that the account was really in my name, and that as an adult I good credit and a decent income, so easily qualified for the higher amount.

This son has since gone on to establish credit in his own name.

We need to start working with number 2 son in this area.