Talking To Your Kids About Establishing Credit

This post is sponsored by Silver Money Services.

The other day, Maddie, my oldest and I were having a conversation about establishing her credit. As a junior in college, she knows that soon she will have to get out in the Big Girl World and she knows that in this day and age that credit is king. In the course if this conversation I was able to tell her about this new app called Silver. This app is available on both android and iPhone. With this app from Silver Money Services she can compare credit cards all at once- making it easier to find the best card her situation. If she has questions she can also ask them as well.

silver 1

Not only does it look for the best card for any particular person, it also will let her know which cards have the best deals on the market. With deals I mean those that have reward points, cash back, fee or no fees at all or the best balance transfer so she can prioritize which deals are the best for her. I personally would love the cash back and no annual fees deals but that is just me.

silver 2

There are two other awesome features about this app that I would be remised if I didn’t mention. One is that Maddie can apply from her phone to get a card. After she decides which card to get and she has it her hot little hands, if she ever has a problem with it she can call customer service directly from her app.

Of course any talk about establishing credit also has to come with some tips or warnings. So here a few important ones to share with your kids.

  • One card is enough.
  • Only charge what you can afford to pay.
  • Pay your balance in full every month.
  • Don’t even think about using those cash advances.
  • Stay under your credit limit.
  • Don’t allow your friends to use your card.
  • And lastly, don’t think that if you can’t pay that your parents will.

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  1. Great advice and good info! never to early to start stressing how important it is to establish credit, but how it’s just as important to control it and use wisely! Good stuff

  2. I so wish my parents talked with me about the dangers of having my own credit card. As soon as I was 18, they took me to get one and I went hog wild. It took me YEARS to pay it off.

  3. This is such an important topic and so needed. I know we have talked to our teens but round 2 is coming up soon with our jr high kids. I feel like talking about it early helps set a good foundation.

  4. My Daughter is older so, I don’t have to talk much to her about this subject… but my Grandkids are another matter.

  5. These are great tips. I learnt how to establish good credit at my first job when helping people consolidate large amounts of credit. It was an important lesson that is never too early to teach our own kids.

  6. I agree this is super important. It is never to earl to teach children about good spending habits.

  7. This is such an important conversation to have with your kids. It always amazes me how many young adults know next to nothing about finances.

  8. My son is in his first year of college and he has started to build his credit. It is so important to teach kids the value of their credit score.

  9. When kiddo gets older I hope she doesn’t make the same mistakes we did. I wish someone would have talked to me about credit when I was just out of high school.

  10. I wish someone talked to me about it as well when I was younger, my credit isnt that great.

  11. I really think that financial literacy is something that we should start teaching our kids from a young age.

  12. That’s really all great advice. My daughter is in her first year of college and she still just uses a debit card. With student loans ahead of her to pay she really doesn’t need a credit card right now and we’ve had that talk about it.

  13. I wish that I knew more about this when I was younger and out of high school. I got on the wrong track and I’m still fighting to get on the right track.

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