This is something we learned the hard way with my daughter. When she graduated nursing school and got a job, she was making more than I did right out of the gate. She was marrying a young man who had been working for a public utility for a couple years, worked his way up a little, and was making decent money. They went to try and buy a house that they could easily afford the payment on but couldn't get financed because neither had ever built any credit. The only way they could get financed was to have a VERY large down payment, which they didn't at the time. The moral of the story.........if you have a young one at home who is close to going out on their own, find a way for them to build some kind of credit ahead of time. With my son, we got a low limit credit card in his name. He puts almost everything on it he buys and then pays the balance when the bill is due to avoid interest. He's been doing this a couple years now so when he graduates he will have some sort of credit score.
This is the way... all parents of teens need to listen to this ^^^^.
