An illegal alien from Guatemala charged with raping a child in Massachusetts. An MS thirteen gang member from Al Salvador accused of murdering a Texas man of Venezuelan charged with filming and selling child pornography in Michigan. These are just some of the heinous migrant criminals caught because of President Donald J. Trump's leadership. I'm Christy nom the United States
Secretary of Homeland Security. Under President Trump, attempted illegal border crossings are at the lowest levels ever recorded, and over one hundred thousand illegal aliens have been arrested. If you are here illegally, your next you will be fined nearly one thousand dollars a day, imprisoned, and deported. You will never return. But if you register using our CBP home app and leave now, you could be allowed to return legally.
Do what's right. Leave now. Under President Trump, America's laws, border and families will be protected.
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There's the importance of having credit at a young age. Like you said, one of those factors is the credit age, right, and so if we're getting credit at twenty twenty three years old, we've missed some years that we actually could have to talk about the importance of establishing credit at a younger age, maybe talk about authorized users and things like that.
Yeah.
Absolutely, So for the parents out there, I recommend every parent, if you can, if you have a credit card that you know you're not going to you know, pay later or whatever, and with good history, I recommend to add your child at no later than seventeen.
Now.
Now, if your child is eighteen, obviously you can add them. But adding your child from the ages of sixteen through seventeen will set them up for when they turn eighteen, they'll already have an established credit profile. Most people don't realize that you do not have a FYCO score just because you turned eighteen. You have to have six months of credit history with at least two accounts before FICO will issue.
You a credit score.
Right, So, as opposed to just starting at eighteen and building your own credit, if you have a parent, a responsible parent that will put you on their credit card prior at least six months prior to your eighteenth birthday, you'll already start off, you know, a little ahead of the pack, right, so, as opposed to getting those entry
level credit cards. Sometimes you can get quality offers because it's really easy to get a seven hundred credit score, especially if you have no collections or you haven't messed up your credit yet, it is super easy to get
seven hundred. So adding, if you have the opportunity to be an authorized user on a family member's card and if you share an address with them, it's better because nowadays the anti abuse laws affects out effects trade lines authorized users, and so if you have the same address or the same last name, you'll be more credited for those accounts right or for the yeah, for the authorized user accounts setting once you turn eighteen though, because this
is the mistake a lot of parents make. They'll put their child on their credit card at like fifteen, sixteen, whatever, and then whenever they turn eighteen, the child will have like a seven hundred credit score, and as opposed to making the child or having the child apply for their own accounts, they just kind of lean on lian on mom's card or mom's credit history and think that it's
going to take them far. And that's where they run into the situation of having a high credit score but not a lot of credit, not a worthy credit credit borrow wing right, So you need to make sure that when that child turns it turns eighteen. Like on my children on their eighteenth birthday, we're going to be applying for a credit card on their eighteen birthday. Because the earlier, the earlier, the better. Apply for a credit card. Please
apply for a credit card before a student loan. That's just like a side note, that's one of the things, that's one of the mistakes that I wish that I can catch with a lot of people. Having a credit card be your first established account. Your credit age is going to be reliant on that account. The great thing about credit cards is they can be open forever. Like there is no end date to a credit card unless you choose to close the card or the bank chooses
to close the car. Whereas a loan, every loan has a term date. Every loan will end eventually. So when your credit age is based on a loan, once that once that account closes, yeah, yeah, your credit is going.
To be affected drastically.
Right. So if you have your first established account as a credit card, that's sort of like a safety blanket for your credit age. And so make sure at eighteen apply for a card. It could be a It can be a secure card, it can be a subprime card. Whatever. Apply for a credit card and then start to build your own credit history because authorized users can only take you so far, and not very far.
Nowadays, it's a quick fall.
Because you did bring up closing cards, and I know a lot of people as they're trying to fix their credit like, all right, well I paid it off, let me close it. About how that could negatively affect.
Yeah, it could.
My rule of thumb when it comes to closing credit cards is if you have if the credit card has an annual fee and you're not getting any increases and the it's just not worth it to keep it. There will be there will come a time where you'll probably want to close that card. When you close that card is super important.
Number one.
If you are applying for anything, any large purchase like a car or home within the next six months, it's not the time to close that card.
Close it after you get your car, your home, whatever.
The only time I would suggest you closing the credit card is if you if you know, like I said, six months free of any applications, and also make sure that you have another card before you close that card, Like do not like I see people all the time like I just hate this card, I want to close it, etc. And it's just like that's going to do more harm than good. I have a two hundred dollars Capital one card that I've had since college. That card is still open.
I haven't gotten an increase in years. I don't even care to use the card. I keep it open. Specifically because credit age. An aged credit card is the most beneficial thing that you can have on your credit report, that like the most and it's one of those things that's like the gift that never never stops giving because every single three to six months that a car ages, it's going to add more to your credit and also your fical points. So keep that in mind.
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An illegal alien from Guatemala charged with raping a child in Master An MS thirteen gang member from Al Salvador accused of murdering a Texas man of Venezuelan charged with filming and selling child pornography in Michigan. These are just some of the heinous migrant criminals caught because of President Donald J. Trump's leadership. I'm Christy Noman, the United States
Secretary of Homeland Security. Under President Trump, attempted illegal border crossings are at the lowest levels ever recorded, and over one hundred thousand illegal aliens.
Have been arrested.
If you are here illegally, your next you will be fined nearly one thousand dollars a day, imprisoned, and deported. You will never return. But if you register using our CBP home app and leave now, you could be allowed to return legally. Do what's right. Leave now. Under President Trump, America's laws, border and families will be protected.
Sponsored by the United States Department of Homeland Security, I'll.
Close the car, and unless you have to, if you have a car that you don't use, put a subscription on it. I have Netflix, like use one, use pick one of your subscriptions that you probably have coming out of your bank account. Assign those to each of you know, each of your credit cards so that it can have usage, so the bank will not close it due to non usage.
So what about putting your child on the credit card?
Yes, as a child, Yeah, for I.
So the one of the things that people think that makes some difference is if they add their child at like twelve or thirteen. That doesn't make it regardless if you add your child at twelve or if you add them at seventeen, it will not make a difference in terms of the effect that it will have on their credit reports.
That's a misconception.
However, me personally, I would suggest, like I said, adding your child at like seventeen when you when someone asks their child at thirteen, to me, it just that's a that's that's what seven years seven eight years until they turn eighteen, and that's a lot of room. It leaves a lot of room open for a mistake. What happens if you get a lay payment on their card, and now your child's credit will be a f before they
can even establish credit. So we never know what can happen, right, so I just for I just recommend, like I'll personally, I'm adding my children at one day turn seventeen. As long as you have six months before they turn eighteen, they're fine.
I was a beneficiary of that, so I was added to my mom's I told the story before, but I was added to my mom's American Express card at six seventeen. And so now even when I get the cards, it'll say members since eighty five, even though I was born in eighty two, but my credit history goes back that far, so it's over thirty seven years. So every time I get a new card, it gets averaged into that. Yeah, so I think when I mean that's a blessing, it
was a blessing, and that it's still a blessing. Actually I still have the card because I just want that history because sure that thirty seven years plus a one they average, it makes it like sixteen years of credit age. So I'm like that works perfectly.
In American Express is a huge relation bank like indeed, man having a long stand of relationship with them, you can get anything.
This is true.
But we talked about the number seven hundred, and it's key, and I don't want people to you know, some people may not have seven hundred, but it feels like that's the goal. But there are people like, what are the numbers that in the range that people should be trying to get to seven hundred.
Seven to fifty? I know we got some eight fifties out there.
Yeah.
So I'm a little different when it comes to credit scores, right, because I know the scoring model and how much your credit profile matters. Most people don't believe me when I say I had over one hundred thousand dollars in credit card limits before my score was seven hundred, right, And it was simply because I learned how to set up my credit profile that will that far past my credit score.
There's a lot of time there's a lot of people who have over seven hundred and still can't get approved for over ten thousand dollars twenty thousand dollars right because their borring power does not match their score. So I don't ever recommend a specific score. What I will say is, like I always say, a healthy profile will translate if you people need to focus on their credit profile more, meaning making sure you don't have any lay payments. If
you do have lay payments, try to rectify those. If you have collections, try to try to rectify all of your credit issues.
Make sure that you have at least.
Four accounts open at all times, like after you begin to build credit. There should never be a time where your credit profile goes below three open account or goes below four open accounts any time. Regardless, you can have an eight hundred credit score. If you do not have at least four accounts open, any application that you do, you're going to get what's called an empty profile penalty, right, and we don't see this as consumers.
We can't see this on our credit score or our credit report.
However, when it comes to lenders and how our credit reports are assigned and how they translate over to their system, if you have less than three accounts open, four accounts open, then regardless of your score, you automatically penalize. You're automatically moved moved down to a lower tier of borrowing power, multiple tiers rather, So that's going to be more important.
Making sure you're not applying for a let's just say an American Express card if you have just opened up two other credit cards in the last six months, right, So those are the things that.
Speaks more to like your approval.
Now when it comes to score, if I had to say, I would say six.
Eighty and above.
You pretty much with a healthy profile, you pretty much can get anything since eight six eighty and it's super And the thing is, it's so And I know this probably sounds far fetched to a lot of.
People, but it's so easy to get a six eighty.
Like I actually tell people, if you don't have at least a six fifty, then usually one of three things are the case you had a recent collection within eighteen months, a recent aid payment within twenty four months, or you have high utilization, Because as long as you don't have those, you at least you should at least have a six fifty, just in terms of how your credit scores, how our credit scores are allotted.
An illegal alien from Guatemala charged with raping a child in Massachusetts. An MS thirteen gang member from Al Salvador accused of murdering a Texas man of Venezuelan charged with filming and selling child pornography in Michigan. These are just some of the heinous migrant criminals caught because of President Donald J. Trump's leadership. I'm Christy nom the United States
Secretary of Homeland Security. Under President Trump, attempted illegal border crossings are at the lowest levels ever recorded, and over one hundred thousand illegal aliens have been arrested. If you are here illegally, your next you will be fined nearly one thousand dollars a day, imprisoned, and deported.
You will never return.
But if you register using our CBP home app and leave now, you could be allowed to return legally. Do what's right. Leave now. Under President Trump, America's laws, border and families will be protected.
Sponsored by the United States Department of Homeland Security.