Back to school CRAZY PLAN for helping your children build a great credit score. No one else will teach your kids how to be responsible with money but you. It is your job as a parent to teach them good skills.
Establish a MOM and DAD BANK. If your daughter wants to buy something, lend her the money and then sit down with her and create a weekly or monthly plan whereby you budget the payments, just like a credit card company would do. Expect your children to make mistakes and then penalize them just like a bank or credit card company would.
Once your child exhibits a good record with the MOM and DAD BANK consider getting them a credit card if they are a teenager.
If you are fearful they will abuse the card, then make sure they are only allowed to use it when you are present to approve or disapprove of the purchase. After the purchase is made and the statement arrives, sit down with them to explain the bill and how it works.
Teaching your child about credit is like teaching your children manners. It won’t happen overnight. It is better to teach them in the safety of your own home than to allow them to enter adulthood without a shred of knowledge about credit scoring and finances!