Does she have any accounts in her name, like a phone account. I know when i was younger, i got declined for a mobile phone. They told me go get a credit card, but small items on it and repay it straight away, that will give her a credit rating. At the moment she would not have a credit rating at all.
Nothing. Her Mobile phone is prepaid and all utility bills are in mine and her dads name. She actually giggled and said that she doesnt even have a mobile phone plan yet she has her own CC!
I would be asking to speak to someone more senior in the bank. I think that's appalling.
I am thinking of doing that when she goes in to pick up her card. I do think though it has to do with the fact the the repayments on a credit card are a lot less harsh than a personal loan just as NapCat has said.
Maybe im being an overprotective parent and should let her have this responsibility. We are definitely getting the amount lowered though when she gets the card. At least she is less likely to get in trouble with a $2k card over a $4k card.
I am still shocked though about this whole scenario. Well on the bright side, she will have her car fixed up and I wont have to worry about her being out and her car not starting.
Its crazy how banks work these days as I was chatting with DD BF just this morning and he has just been approved for a $20k car loan but couldnt get any more than $1k for a CC yet he has been working FT for 2 years on well over $900pw.
Very weird!! But I will ensure my daughter is armed with all the right info in order to avoid trouble. Between us though, I would jump in and make the monthly repayment if she got in trouble. Would hate for her to stuff up her credit rating so young. I wont be telling her that though and she already said that she applied for an extra card for me and will be leaving her card with her dad once the repairs are done. The card is linked to her bank account so she can easily transfer money directly over to the card in order to make repayments.