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Epic Contributor
Creditaddict
Posts: 22,067
Registered: ‎10-23-2007
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Re: When/How to help teen establish good credit?


CribDuchess wrote:

dadembk wrote:
That's good to know about the Amex and setting a limit for them. I really thought I just don't want him carrying it to school, but away from school I'm ok with. When he starts driving I'll probably just have him carry it all the time.

So really, I can add him now to Amex and maybe another to spread a little diversity to his new profile.

Thanks,
dadembk

You have me curious as to whether you can set a limit on the Amex Zync since it is a charge card rather than a revolver.  I do not know if you can set a limit like you can with Amex's revolvers.  I wonder if anyone here knows whether you can?  That would definitely be a nice perk if you can limit him on the Zync.


Yes you can add him to Zync and set the limit just the same as a credit card on the additional cards... the other nice thing about Amex if he is someone that likes to get online and to log into the banks and will stay on top of it like that... as a cardmember of Amex rather it's yours or someone elses since they do issue different card numbers for each card, he can create a log in and log in... if you have set a limit, he will see only charge he has put on the account and his available credit and can link to his own bank account if he has one and pay it and all that stuff!!

and of course the back dating!!!

I think it's FANTASTIC to add kids now and hopefully teach them... the only thing to keep in mind is that when they turn 18 most likely they will have a credit score vs. someone with no cards being added for them... I turned 18 and had been on my parents card since I was 16 and Citi gave me my very first card on my birthday for $5k!

Amex is VERY likely to give him his own cards at 18 if he is on yours now.

Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
66 Cards and Counting :smileytongue:
Established Contributor
cashnocredit
Posts: 1,030
Registered: ‎07-18-2009
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Re: When/How to help teen establish good credit?


Creditaddict wrote:

CribDuchess wrote:

dadembk wrote:
That's good to know about the Amex and setting a limit for them. I really thought I just don't want him carrying it to school, but away from school I'm ok with. When he starts driving I'll probably just have him carry it all the time.

So really, I can add him now to Amex and maybe another to spread a little diversity to his new profile.

Thanks,
dadembk

You have me curious as to whether you can set a limit on the Amex Zync since it is a charge card rather than a revolver.  I do not know if you can set a limit like you can with Amex's revolvers.  I wonder if anyone here knows whether you can?  That would definitely be a nice perk if you can limit him on the Zync.


Yes you can add him to Zync and set the limit just the same as a credit card on the additional cards... the other nice thing about Amex if he is someone that likes to get online and to log into the banks and will stay on top of it like that... as a cardmember of Amex rather it's yours or someone elses since they do issue different card numbers for each card, he can create a log in and log in... if you have set a limit, he will see only charge he has put on the account and his available credit and can link to his own bank account if he has one and pay it and all that stuff!!

and of course the back dating!!!

I think it's FANTASTIC to add kids now and hopefully teach them... the only thing to keep in mind is that when they turn 18 most likely they will have a credit score vs. someone with no cards being added for them... I turned 18 and had been on my parents card since I was 16 and Citi gave me my very first card on my birthday for $5k!

Amex is VERY likely to give him his own cards at 18 if he is on yours now.


Amex is the best for adding kids as AUs.

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k

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