Building credit history for kids

[Raiden]

Bit random but iv'e searched online and its not clear.

My niece who does not live with us wants to get a car on HP in the future and I said you better build up your credit history now so you can get a descent rate when the time comes. And it will help you get a mortgage later in life.

Shes only 19 and we tried to get a credit card and got declined a couple times. I said to her I trust you so I could get you added on to one or my cards or I could get one out? Trouble is because our surnames are different and we live at different address would it build up her score if my address was down and not hers? I can change the address online with a card but the trouble is I do get a annual statement and I didn't really want her parents knowing because I know what there like. Let me borrow your card ill pay you back.

 

[lisaclio]

I think any type of pre payment credit card can build her credit rating up. That Martin money saving tips guide has it on his site on how to build it up. Also make sure she's on the electoral register as this is a must when trying to obtain credit... and also to vote. There is no point u putting her on yours as I think because u are the account holder it's your credit score that will be affected no one else's.

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[RAF_S7]

I would advise her not to "shop around" for a credit card, as every application and rejection will be recorded on her credit scoring with all the reference agencies (Experian and Equifax being the two main ones)

She can get a free scoring at either of these two agencies, which will give you an indication of why she may be getting declined.