Need advice for adding my 17 yr old as an authorized user

[Gmood1]

Opening a $500 shared secured loan would also help her credit. Having a good credit mix helps strengthen the file.

[Anonymous]

I made my daughter an AU on two of my cards when she was 15. I also gave her the cards and discussed credit with her and how it works and how she was to use the cards. Well over a year now and she's done great, not a single surprise purchase and she has shown perfect responsibility. I wanted her to have one once she was driving and such for unexpected expenses just in case.

Never needed it like that yet, and I'm proud of her usage and or lack thereof. Plus it is only helping her credit score which I sure would have been grateful for when I was starting out. 

[wilmer007]

yes opening up a $550 SSL from Alliant Credit Union is a great way to help her build easy credit since it's a SP (though the lady on the phone told me there was NP). i was approved for it on tuesday and the next day i had already made a payment for $475 and the remaining $25 will stay for 5 years and i send $2.50 every 6 months through the automatic BoA payment i set. as long as you have $520 you'll be able to take $475 back right away after you make the big payment.

heres a guide on the SSL:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

[lg8302ch]

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@Anonymous wrote:

I made my daughter an AU on two of my cards when she was 15. I also gave her the cards and discussed credit with her and how it works and how she was to use the cards. Well over a year now and she's done great, not a single surprise purchase and she has shown perfect responsibility. I wanted her to have one once she was driving and such for unexpected expenses just in case.

Never needed it like that yet, and I'm proud of her usage and or lack thereof. Plus it is only helping her credit score which I sure would have been grateful for when I was starting out. 

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I like that idea very much.  With the informaton on the proper use of credit cards it gives an aproach to learn to use cards  kind of under control. It needs a bit of trust from the parents and gives the children a way to proof responsability.  Kudos !