Requesting Credit
One of the core features of Parent.credit is the ability to request credit from your parents. This guide explains how to request credit, track your requests, and understand the approval process.
Understanding Credit Requests
What are credit requests?
Credit requests are how you ask your parents for money to make purchases. When you request credit, your parent receives a notification and can approve or deny your request. If approved, your parent will give you the real money, and the amount will be added to your card balance.
Understanding Credit Terms
- Credit limit: The maximum amount you can borrow
- Current balance: The amount you currently owe
- Available credit: How much more you can borrow (Credit limit minus Current balance)
When to request credit
You should request credit when you want to make a purchase but don't have the money on hand. This might be for things like school supplies, a small toy, a book, or something else you need or want.
Think Before You Request
- Do I really need this item?
- Is this a responsible use of my credit?
- Am I willing to complete tasks to pay for it?
- Will my parent likely approve this request?
Pro Tip
Be specific about why you're requesting money. Your parents are more likely to approve requests when they understand exactly what the money is for. For example, instead of just writing "toy," try "LEGO Star Wars set for school project."
Making a Credit Request
Choose an amount
Choose how much credit you want to request. You can choose from preset amounts or enter a custom amount. Remember that you can only request up to your available credit limit.
Stay Within Your Limit
“For example, if your credit limit is $200 and your current balance is $50, you can only request up to $150.
Add purpose details
In the "What's this for?" field, explain why you need the credit. Be clear and specific about what you want to purchase. This helps your parent make an informed decision about your request.
Send your request
Once you've filled out the amount and purpose, click the "Send request" button to submit your credit request to your parent. They will receive a notification and can then decide whether to approve or deny your request.
Tracking Credit Requests
View request status
After you submit a request, you can track its status in the ‘Credit Requests’ tab on your dashboard.
Understand approval status
Your credit requests can have different statuses:
- Waiting for approval: Your parent hasn't responded to your request yet.
- Approved: Your parent has approved your request and will provide the money.
- Denied: Your parent has declined your request.
What If My Request Is Denied?
If your request is denied, don't get discouraged. Talk to your parent about why they denied it. Maybe they felt the purchase wasn't necessary, or perhaps you've been requesting too much credit lately. Understanding their reasoning can help you make better requests in the future.
Receiving approved credit
When your parent approves your credit request, they will give you the actual cash for your purchase. The approved amount will be added to your card balance. You’ll need to repay it by completing tasks.
Remember to Pay It Back
Every time your parent approves a credit request, you're borrowing money that you'll need to pay back. Make sure you're prepared to complete tasks to reduce your balance. This teaches you the important lesson of responsible borrowing and repayment.
Credit Request Tips
Make thoughtful credit requests
Your parents are more likely to approve your credit requests if they see that you're being thoughtful about your purchases. Before requesting credit, consider if the purchase is a want or a need, and whether it's worth taking on debt for.
Be specific about your purpose
When explaining what the credit is for, be as specific as possible. Instead of "stuff," say exactly what you want to buy, where you'll buy it, and why you want it. This shows maturity and helps your parent understand the value of your request.