⭐ Kiki's Year Long 🌶️

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sdm111 said:
I've been my daughter's financial advisor lol
Starting her on her journey to great credit.
We did the bank accounts, secured credit card she just started using it
She text me last night she had her first credit score increase! 22 points
Makes a dad proud. She's on her way I told her whatever she does dont screw it up and DEFINITELY DONT let anyone else mess it up but I didn't say mess lol.
Anyway just wanted to share thats what happens when dads are happy
Have a good evening
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Yeah we did similar with DS1 and 2! We started by co-signing the loan for DS1 to do the engine in his car and had him make payments on it for over a year and then we refinanced it in our name. He was then able to take out some credit cards and he uses and pays the balance off every month (very responsibly) and he’s put close to 10K in savings by living at home. His credit score is awesome!!!!
DS2, we co-signed his car loan to get him started. Just opened the mini’s first checking account so still have a couple years to help him get started!
 
muddy75 said:
Yeah we did similar with DS1 and 2! We started by co-signing the loan for DS1 to do the engine in his car and had him make payments on it for over a year and then we refinanced it in our name. He was then able to take out some credit cards and he uses and pays the balance off every month (very responsibly) and he’s put close to 10K in savings by living at home. His credit score is awesome!!!!
DS2, we co-signed his car loan to get him started. Just opened the mini’s first checking account so still have a couple years to help him get started!
Click to expand...
I was just thinking about opening the mini a real savings account at the bank.
I think this talk is a sign that I need to go ahead and do it.
 
Kiki said:
I was just thinking about opening the mini a real savings account at the bank.
I think this talk is a sign that I need to go ahead and do it.
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Chase just started a new account type for kids called Chase First banking. It’s attached to my accounts and I can set up an “allowance” deposit chore lists etc. can also allocate how much he can spend anywhere, put in savings, and take out at atm. You may want to look into it!!!
 
muddy75 said:
Yeah we did similar with DS1 and 2! We started by co-signing the loan for DS1 to do the engine in his car and had him make payments on it for over a year and then we refinanced it in our name. He was then able to take out some credit cards and he uses and pays the balance off every month (very responsibly) and he’s put close to 10K in savings by living at home. His credit score is awesome!!!!
DS2, we co-signed his car loan to get him started. Just opened the mini’s first checking account so still have a couple years to help him get started!
Click to expand...
Great!!
I had to explain the whole compromised bank account debit card credit card stuff. I told her how important it is to look at your accounts quite often even when not doing anything with them. I've had mine broke into twice. I know how much of a burden it is to get straight
Something for Kiki too if you open him up one pay attention to it and not just deposit money without checking on it
 
muddy75 said:
Chase just started a new account type for kids called Chase First banking. It’s attached to my accounts and I can set up an “allowance” deposit chore lists etc. can also allocate how much he can spend anywhere, put in savings, and take out at atm. You may want to look into it!!!
Click to expand...
I was just looking at my bank.
Two options.
One he can't touch the money until he is 18. The other he can.
I think I'm going to go with the one where he can.
 

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