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renamariee
Posts: 13
Registered: ‎12-25-2013
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Re: At what age do you make your child an AU?

Just not something I think they need. It may be different if they didn't have their own card, but I wouldn't trust a teenager with access to funds like that. 


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elm84
Posts: 130
Registered: ‎09-13-2013
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Re: At what age do you make your child an AU?

My son is 2, and part of the reason I am building my credit up is because I want to be able to do things for him if needed. When he is old enough I would add him as a AU I think (Not sure about giving him the card, not there yet) But i would like to be able to give him a head start. Right now all cards are to him is something to take out of my wallet lol

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Whitneyy
Posts: 1,822
Registered: ‎12-25-2013
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Re: At what age do you make your child an AU?


renamariee wrote:

Just not something I think they need. It may be different if they didn't have their own card, but I wouldn't trust a teenager with access to funds like that. 


They would only have access to the funds if you issue them the card.

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my-own-fico
Posts: 1,308
Registered: ‎01-05-2010
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Re: At what age do you make your child an AU?


divedeep wrote:

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.


 

I see and value your point, but don't know if an AU card will help. There's no substitute for own funds and own card.

 

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BGoneDebt
Posts: 87
Registered: ‎06-10-2013

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

We started initially with a Bluebird card when my daughter was 13.  It made life much easier when she was going to the mall and buying more than just a t-shirt.  I was uncomfortable with her carrying a lot of cash.

 

We've since moved on to putting her on as an AU on a small CL ($500) card and made the Bluebird her "allowence card" (she can only spend what she has) versus the credit card which is for things we would be buying her (school clothes, books, etc.) which she sees the bills for and writes the check to pay. 

 

She's gotten *much* more responsible now with not just her own money (she like seeing the balance on her Bluebird card as much as she does her savings account) but also with the credit card.  She now shops for sales and doesn't run directly to Abercrombie since she feels like she's responsible for the charges.

 

It's working so far.

 

 


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Revelate
Posts: 9,758
Registered: ‎12-30-2011
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Re: At what age do you make your child an AU?

Momofbeth: that's a fantastic idea with the prepaid card.

 

If I ever have kids I'm so doing that, might even be brilliant for training wheels so to speak.

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CribDuchess
Posts: 659
Registered: ‎09-12-2011
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Re: At what age do you make your child an AU?

I've made my 17-year old son an AU/ACM on several of my credit cards.  It started two years ago when he was 15, I added him as an ACM on two of my Amex cards.  I've since made him an AU on my Cap One, my Discover, Freedom and CSP.  I'm trying to teach him about credit, responsibility, and of course, paying all charges in full each and every month to avoid interest.  He only carries two of the cards at any given time, currently he is carrying Freedom for restaurant spending and Wells Fargo for gas.  He always gets permission to use the card(s) before making any purchase.  Next year I will add him as an AU to my Sallie Mae card so that when he goes off to college, he can use the card for bookstore purchases and we will earn 5% back (up to $750 each month).

 

I admit I really like the convenience of him using credit, plus the rewards/cash back are an added bonus.  I'd much rather do it this way, rather than have to keep taking money out of the ATM and often have to break 20-dollar bills just to give him $10 or $15.

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Established Member
800scoreplease
Posts: 19
Registered: ‎03-24-2011
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Re: At what age do you make your child an AU?

For my daughter I waited until she was 18 and by that time she had been working  2 years  while in high school.  During college I added her as an AU on my amex (never gave her a card) and I also cosigned for her a Student Visa and BOA  with  a 1k limit.  I used this a  learning tool to teach her about credit and paying bills. the limit, I chose according to what my husband and I could pay back if she in the end turned out to be a disaster with money. The great thing about BOA was that because I was an AU I could see her account details so no need to worry about my credit being ruined for non payment. she is now 23 with a credit score of 750ish with a 16k auto loan NFCU 3% APR,  Amex Blue 4k  (never uses), NFCU Visa 10k  uses regularly and BOA 3k (old 1k card that she hasn't used in years) she only uses the NFCU  Visa.  so far so good I talk to her all the time about credit and money and I once overheard her explaining to her friend that store credit cards are a rip off and that there is no need for 5 to 10 store cards with high interest rates and 10 different bills to pay when you can have one major card with a nice limit,  low interest rate and one bill and can use it anywhere.  I am so proud of her.  




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wa3more
Posts: 125
Registered: ‎10-05-2012
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Re: At what age do you make your child an AU?

i agree with nottellin and rena.

 

My son managed cash and debit cards well. He's 25 now and does not even have a credit card.

 

My daughter is in college and is 20. She is the opposite of my son. She can't manage a debit card or stick to a budget.

 

I would never do an AU with anyone or co-sign loans. I would not advise a credit card for a young person until they can manage and hold on to cash and stick to a budget. Discipline.

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MT936
Posts: 721
Registered: ‎06-28-2014
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Re: At what age do you make your child an AU?

My parents added me as an authorized user when I was 17. I'm happy they did because I wouldn't be in the good credit standing I am today if they didn't get me accustomed to credit early 


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