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re: Debit/Credit Cards for kids
Posted on 5/22/24 at 8:18 am to CubsFanBudMan
Posted on 5/22/24 at 8:18 am to CubsFanBudMan
From what I understand, you can add him as authorized user to credit card. He will obtain your entire credit history from that card. To where his oldest account might be older than him. But he would also have your spending power too with the credit limit. As long as you teach him limits/responsibility and pay the bill in full this might be a good idea for him to establish credit history. I’m considering same thing for my son around his age
2
Posted on 5/22/24 at 8:49 am to DaBeerz
quote:
From what I understand, you can add him as authorized user to credit card. He will obtain your entire credit history from that card. To where his oldest account might be older than him. But he would also have your spending power too with the credit limit. As long as you teach him limits/responsibility and pay the bill in full this might be a good idea for him to establish credit history. I’m considering same thing for my son around his age
I have a capital one credit card with a relatively small credit limit that I can add a child as an AU. It does not allow me to enter SSN for anyone under 18, so I doubt it will start a credit history for my kid. I have been thinking about how to get a credit history started for my kids though.
Posted on 5/22/24 at 9:08 am to DaBeerz
quote:
From what I understand, you can add him as authorized user to credit card. He will obtain your entire credit history from that card. To where his oldest account might be older than him. But he would also have your spending power too with the credit limit. As long as you teach him limits/responsibility and pay the bill in full this might be a good idea for him to establish credit history. I’m considering same thing for my son around his age
I did this with my kids to help with their credit when they turn 18, but no way I'm letting them use my cards with large limits.
BTW, it did help with my daughter's credit, she had a 790 score at 18. She also got approved for good cash back cards on her own at 18 with good limits because of it
This post was edited on 5/22/24 at 9:26 am
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