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Valued Contributor
Posts: 1,103
Registered: ‎04-03-2014
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At what age do you make your child an AU?

At what age do you give your child a credit card as an authorized user (say, you limit that card line to $300); I'm thinking I'd do it when they are 15 (start of high school)?

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myFICO 3B Report (as of 4/30/16): Experian: Score 8: 786; Mortgage Score 2: 809 Equifax: Score 8: 801; Mortgage Score 5: 809 Transunion: Score 8: 796; Mortgage Score 4: 796
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Valued Member
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Registered: ‎03-19-2011
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Re: At what age do you make your child an AU?

 

I would offer up that it's better to provide a strong foundation on how to live on what you make and not get into debt at all.

 

That means get a job, open a checking/savings account, and use the debit card.

 

IMHO!

 

Good luck!

 

 

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Valued Contributor
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Re: At what age do you make your child an AU?


NotTellinYou wrote:

 

I would offer up that it's better to provide a strong foundation on how to live on what you make and not get into debt at all.

 

That means get a job, open a checking/savings account, and use the debit card.

 

IMHO!

 

Good luck!

 

 


^^^^

I don't necessarily agree with not getting into debt since what debt gives us is Leverage, the ability to have/control something today instead of tomorrow whether it be a car, home or education. For example, school loans, if I saved up for school tuition for a Bachelor and two Master degrees which I have now at 40, I probably earn so little with a HS diploma that just only Now I'd afford to start college and be done by 49 years old or so, then start earning more more if I can compete for a job with the 20 year olds.

 

But what school debt (all paid off) is allow me to have a higher paying job earlier than sooner and pay off that loan. LIkewise for a car to get to a job, or a home.

 

BUt bad debt like frivolous spending or a nicer car when you can;t afford it, etc I concur with you ..avoid it.

Credit Cards: AmEx Platinum (NPSL), Citi Prestige ($25.5K), Simmons ($5.5K), IberiaBank ($14K)
Personal Lines of Credit: U.S. Bank ($5K), Wells Fargo ($11.2K), Citibank ($11.8K), PenFed CU ($25K), LA Financial CU ($20K)
myFICO 3B Report (as of 4/30/16): Experian: Score 8: 786; Mortgage Score 2: 809 Equifax: Score 8: 801; Mortgage Score 5: 809 Transunion: Score 8: 796; Mortgage Score 4: 796
Jumbo Mortgage: 3.75%
Moderator
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Registered: ‎12-30-2011

Re: At what age do you make your child an AU?

[ Edited ]

I'd add them as an AU as soon as I was legally able to.

 

Whether I give them the card or not is dependent on a lot of other things, but I suspect if I ever do have teenage kids I'll be able to set boundaries where required.

 

I've lost major ground in my life by having a cash-based existence (which a debit card is, I wore the numbers off), that I'd attempt to expose them to what I consider the right way of doing things as soon as possible.  Beyond the usual platitudes a goal is to raise kids who are more successful than you are, this is one such axis where they should be educated to do better than I did.

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 693, TU 4 742, EX 2 702, EQ 8 722, TU 8 757, EX 8 737 (5/13/17)
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Established Member
Posts: 22
Registered: ‎04-16-2014

Re: At what age do you make your child an AU?

I actually just did this with my daughter on one of my older cards. She's 15. I don't plan on giving her the card, but have used it to start an ongoing conversation about debt, credit, the mistakes I've made in the past, and how to avoid them. So, in essence I believe in starting her with an understanding of the responsibility and self-control it takes to have a credit card. Especially since it's something my parents never did - and learning the hard way can be devastating. The fact that giving her the AU history helps her in the long run is just a bonus that I am willing to offer to her as her parent. Teaching is the main goal.

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New Contributor
Posts: 60
Registered: ‎03-14-2012

Re: At what age do you make your child an AU?

I put my son on as AU when he was 14, the card had only a $500 limit at the time but has since increased to $1000.  He has had his own checking and savings account since he was 13 and proved himself responsible with what little money he had in there at any given time.

 

In the 3 months since giving him the card he has shown continued responsiblity with usage... it has never been used without my prior knowledge and approval.

 

Initially I put both the checking and the credit card in his hands for my own convenience.  I don't carry cash and I needed a quick and convenient way to make funds available to him when needed.  I'm glad I did as it has opened up a number of conversations with him regarding the family finances and money management.  He knows where the money goes and has developed a new respect for why I work and what money means and where it goes.  My daughter still says... where is your card mommy? (she's 5 and still has no concept of we can't afford it right now lol).

 

The next step for me is to put a portion of the monthly child support I receive from his father into my son's account and help him create a reasonable percentage budget that includes housing, transportation, food, personal necessities, and entertainment.  He will be responsible for writing the necessary checks and paying his portion of expenses.  Since he is less than a year away from being able to get his driver's license in our state I want him to be familiar with budgeting and paying bills that have a direct impact on him before I consider signing off and handing over the keys to a vehicle.


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Valued Contributor
Posts: 1,587
Registered: ‎08-30-2012

Re: At what age do you make your child an AU?

I'm making my girls read the rebuilding section when they turn 16-17.

 

<when you quit LOL'ing>

 

Seriously. I never had anyone help me learn the right way to handle credit/debt at that age and I think THAT age is the most important. You can seriously screw stuff up quickly if you don't have the knowledge.

 

 

 

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Registered: ‎06-21-2007
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Re: At what age do you make your child an AU?


madmann26 wrote:

I'm making my girls read the rebuilding section when they turn 16-17.

 

<when you quit LOL'ing>

 

Seriously. I never had anyone help me learn the right way to handle credit/debt at that age and I think THAT age is the most important. You can seriously screw stuff up quickly if you don't have the knowledge.

 

 

 


ITA.  I had my first job and bank account at 16 and had no clue what I was doing. Lots of overdrafting when I was 18-20.  If I knew then what I know now!


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Valued Member
Posts: 33
Registered: ‎12-25-2013
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Re: At what age do you make your child an AU?

When they're out of the house and paying for a card on their own. I would never allow my child to be an AU on a card I had. [But I'm not a parent so maybe I see differently.] 


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Moderator
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Registered: ‎12-30-2011

Re: At what age do you make your child an AU?

[ Edited ]

renamariee wrote:

When they're out of the house and paying for a card on their own. I would never allow my child to be an AU on a card I had. [But I'm not a parent so maybe I see differently.] 


Am curious, but why so?  Don't have to give them the card.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 693, TU 4 742, EX 2 702, EQ 8 722, TU 8 757, EX 8 737 (5/13/17)
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