My 21 year old son just applied for his first credit. It was a "preapproved" credit card from the bank he has dealt with for three years. He also used to work there as a teller. So, I asume they will give him approval. He is a full time student and makes about $15,000 a year. When will he have a file with the CRA's, or should he have one now? He has had no credit before, and has never applied before. I want him to keep on top of it, but there is no use in ordering a file that may not exist. Also, at what point will he have a FICO score? He wants to get a house in a couple years, and I told him now is the time to get started in establishing good credit. My first son has totally screwed up his credit. Never had a credit card, but many, many late pays on student loans, one defaulted student loan that was later paid off, landlord problems, etc. He has no positives on his report, only negatives. He refuses to even order his report now because he knows how bad it is.
First, your son is lucky to have you in his corner, helping him with his credit. I know many people wish their parents had taught/talked to them about credit. I would guess that the bank pre-approved him based on their relationship with him, and probably didn't check his credit. (Maybe they did a soft inquiry). I would also guess that he will have a credit history when he starts making payments. I bet your other son will see the success his brother is having, and will probably ask you to help him..... Good luck to him and his 'credit' future.
