Good way to start gaining credit.......

jbp-ohio · July 2014

As part of the plan my wife and I have to downsize when the kids are adults, my oldest stepson wants to buy the house we have now. He will have his journeymans card for a year or two by then, and he already has a big chunk saved for a down payment (1/3 of the way there). So, I had an idea to start him gaining a credit score.

Large gun shop an hour from here had a scratch and dent sale on safes. They also have 12 months same as cash thru a national bank. We went up and looked them over. Was looking at a Liberty at first. Well, it turns out they were also having a clearance sale on all Heritage safes. Found one he liked even better and it is a really nice safe. 3/8'' solid steel plate on the door, 75 minute fire rating, lifetime warranty on the whole thing including the lock, and it will be brand new in the box. Not a scratch and dent.

No pic yet, it will be delivered next Friday. Here is a couple pic I found online that are exactly like it................

5961e58c-4fc8-45f7-859d-8eec57849cd6_zps0989b174.jpg?t=1406856972

jbohio · July 2014

Nice looking safe! Good on ya.

Diver43 · July 2014

Looks good and a way to get credit started

Rimfire · July 2014

If he's buying the house doesn't your safe, and possibly its contents, convey with the property? So isn't he really buying you a nice safe?

jbp-ohio · August 2014

Rimfire wrote: »

If he's buying the house doesn't your safe, and possibly its contents, convey with the property? So isn't he really buying you a nice safe?

I already have a safe....... but not nearly as nice!

His is going into the family room in the basement and will be bolted to the slab. Unfortunately, I will have to take out the (24") door and the door frame for it to fit.

jbp-ohio · August 2014

Movers delivered it this morning. Just got the door back on his room that I had to take out frame and all to get the safe in. There were three guys who delivered it. One my size and two BMF's. I think the one guy could have carried it in by himself........

DSC01762_zpsc95d5b52.jpg?t=1407515910

Yes, his room has awesome decor!!!!

DSC01764_zps0c914e04.jpg?t=1407515870

jbp-ohio · August 2014

Getting a Hilti drill off my brother later today to drill for the anchors........

Jermanator · August 2014

You can put the kid on one of your charge cards as an "authorized user" (and not give them the card) to piggy back them on your own good credit and help them establish a credit history, but I like your idea better.