Unestablished or damaged credit will result in loans with terrible terms higher interest and fees , or outright loan denial. Only if his parent or guardian is on the account with him. I was able to use that opportunity to explain how credit works.
1. Building Credit
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The biggest reason most parents will help their children with a first credit card is the desire to help them "build credit." While establishing a credit history is a valid reason, it's definitely. Greenlight is the only such card that allows parents to specify in advance the specific stores where kids can spend, said co-founder and chief executive Tim Sheehan. The Greenlight card runs on an app that both parents and kids use, and kids can send a spending request through the app for their parents to approve — or not — with a click. The Catch of credit for young adults: you can't get a credit card because you don't have any credit but you can't build enough credit to qualify because you can't get a credit card. It's more difficult for young adults under age 21 to get a credit card on their own since Federal law now requires.