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A secured credit card is one option for students who are 21 or older, or who are 18 or older with an independent source of income, Rathner says.
“With these kinds of cards, you make a cash deposit after your application is approved, and that deposit becomes your credit limit. Use the card carefully — avoid charging more than 30% of the limit or spending more than you can afford to pay back,” she says. “After a few months, you may be eligible for a credit limit increase or an unsecured credit card.”
Another option is to be added as an authorized user to someone else’s card, usually one belonging to a parent. That’s the strategy I’m using for my aforementioned son, who just left for college. “If the card’s primary user is careful to manage their card well, the authorized user will benefit, because the card’s payment activity will be reported on their own credit report,” Rathner says. “But don’t tie yourself to a primary user who misses payments because that can affect you, too.”
A note to parents who want to add their students as authorized users: You’re responsible for paying the bills even if the authorized user made the charges, so set some ground rules about how much they can spend each month on your account, Rathner advises.Are you thinking about getting a pet? Or are you wondering what to do with your bitcoin? Send your money questions to me, and I'll tap my extensive source network and braintrust for expert advice.
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