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Authorized User account and children interesting article

Valued Contributor

Authorized User account and children interesting article

The Los Angeles Times on Sunday has column by Liz Weston.  Yesterday there was one called How Children can build good credit. scores..  The link is below

 

 

http://www.latimes.com/business/la-columnist-lpulliam,0,3082728.columnist

 

 

 

Something to think about.

 

Equifax My FICO score 814 11/29/2016, Discover TU FICO 807 12/29/2016 Citibank Equifax Bankcard FICO score 827 12/27/2016 Average of Accounts 13 years and no Installment accounts, 1 TU inquiry in 2015
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Frequent Contributor

Re: Authorized User account and children interesting article

Very strange that you posted this because out of the blue yesterday I was wondering when I could do this for my son. He is still a baby but I wondered at what age you could add them as an authorized user to get them a credit history.

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Valued Contributor

Re: Authorized User account and children interesting article

I would wait until  your child is near or at adulthood. The history of account transfers completely not just when you made the person authorized user on the account.  Secondly one the points of the article the child needs to build their own credit history. The parnets in the article had made their son an authorized user on their accounts. The son was declined for an auto loan because the credit history was not his own. In other words the son was not the one responsible for building the credit history on authorized user account.  

Equifax My FICO score 814 11/29/2016, Discover TU FICO 807 12/29/2016 Citibank Equifax Bankcard FICO score 827 12/27/2016 Average of Accounts 13 years and no Installment accounts, 1 TU inquiry in 2015
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