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Credit Repair for the Future, Part 2The future of credit repair and credit lies in your hands. Use credit repair services if you need them!It is also important to establish credit for your kids when they reach a certain age. Everybody has to start somewhere, and it might make their lives easier if they didn't have to start out paying a ridiculous interest rate on a credit card or auto loan just to build their credit.If your teenager has learned how to drive and is interested in purchasing a vehicle, do not buy him/her one. This will not teach your kids any financial responsibility. Have them work a part time job, or whatever they can do so that they can contribute to the purchase of the vehicle. Take out a loan and have them cosign on it. Walk them through the loan papers. Once the loan goes through and is approved, show them how both your their and your monthly payment contribute to the loan balance. How much goes to principal? How much goes to the balance? How much goes to interest? Explain to them what happens when they make a late payment and how it will affect their credit. |
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One of the more fundamental aspects of teaching your child good credit repair skills is explaining to them what credit can do for them. What is credit? What is a credit report? Show them a sample copy of a credit report and what they should be looking for (and what creditors look for) when examining it. This may seem mundane, but take them by the hand and show them all of the things that you have in your home that could only be obtained with credit. If they are interested in a car, tell them that a car cannot be purchased without good credit (unless you're independently wealthy of course).
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