Earn Your Leisure GIVE YOUR CHILD A 700 CREDIT SCORE
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Jan 4, 2025 Learn how to set your child up for a successful financial future with strategies to help them achieve a 700 credit score by age 18. Discover the importance of adding children as authorized users on credit cards to build their credit history early. The discussion also emphasizes the differences between personal and business credit, highlighting how understanding these can benefit young entrepreneurs. Plus, insights into Dun & Bradstreet's role in establishing business credit empower listeners to navigate the complexities of credit management.
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Building Credit Early
- Add your children as authorized users to your credit cards at age 16.
- This gives them two years of credit history, enabling them to qualify for their own cards and loans at 18.
Business vs. Personal Credit
- Business credit uses a Tax ID, while personal credit relies on a Social Security number.
- Using a personal guarantee for business cards like Amex blends both, impacting your personal credit if you default.
D&B Number Importance
- Obtain a Dun & Bradstreet (D&B) number; it's free and essential for business credit.
- It helps you secure business loans, net 30 accounts and eventually establish true business credit separate from personal credit.
• HOW TO INCREASE YOUR CREDIT, BUILD BU...