Teach Your Child How to Build Credit | First Volunteer Bank

You don’t have to wait until you are 21 years of age to start building credit. Our team at First Volunteer Bank wants to help you establish good money habits in your student now so that he or she can have his or her credit score in solid shape from the get-go.

Boost Your Credit Young

When we talk to our children about money, we usually make sure the topics of budget, savings, emergency fund, etc. are all taught and ingrained in them to help them avoid the mistakes we made as children. Yet, we tend to overlook one topic—the credit score.

Without solid credit, we’d be unable to make two of life’s biggest, most monumental purchases—a house and a car. Yet this is something we all dream about at some point in our lives. Therefore, there’s no better time to start than in the teenage years when teaching your child the importance of having a strong credit score throughout life.

It all starts with that first job. While a job doesn’t equal a high credit score (or any credit score for that matter), it will allow your child to eventually establish credit since he or she is showing income earned. Plus, the longer the job history, the better chances he or she has of qualifying for credit in the future when it’s needed for big purchases.

You can also add your child to your FVB Credit Card as an authorized user. By doing this, you have more control of the credit card’s usage, which can help your teen maintain appropriate spending habits.

Remember, good habits start young. Therefore, teach your child the responsibilities required to be the user of a credit card, such as paying the bill on time, carrying a low balance and, optimally, paying your balance in full every month.

Contact First Volunteer Bank today to learn about our FVB Credit Card, which can help both you and your teenager begin establishing a strong credit score.