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Credit score for daughter

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    Credit score for daughter

    Sort of an interesting item this weekend, my daughter who recently graduated from college and has a fairly decent job wanted to buy her first new car so I went down to the Honda dealership with her to help. Honda was also offering 0.9% financing so I assumed I might have to co-sign in order for her to get the lower rate.

    Although she's only had one Visa credit card for a couple of years, when they ran her credit report it came back at 765. More then enough to get the 0.9% rate on her own. Although I'm happy she has a good score, I'm sort of surprised that someone with little history would have a score like that.

    As for the loan itself, she put down a large down payment so her payments are only $164. per month for 4 years.
    Last edited by Drake3287; 07-17-2017, 02:32 PM.

    #2
    Good for her.

    My daughter is 21 and her score is right around 800. She's had her own credit card since she was 18 (paid in full every month) and one student loan taken out last year that is nearly paid off. She hasn't applied for any other credit but I'm sure she would get the best rates.
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.

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      #3
      Was she an authorized user on any of your cards? That is usually the trick to getting higher credit scores. It helps establish a longer credit history and that track of good payments can go a long way in boosting up your child's credit score.

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