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At what age do you make your child an AU?

Valued Member

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

I put my kid on my card with the least amount_300 when she turned 10, i keep the card but my main long term goal is for her to have good credit by the time she is18, she 11 now and i only give her the card when she goes away for soccer just for meals, but people have different situations.

drash
Message 21 of 76
Valued Contributor

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


Drash wrote:

 

I put my kid on my card with the least amount_300 when she turned 10, i keep the card but my main long term goal is for her to have good credit by the time she is18, she 11 now and i only give her the card when she goes away for soccer just for meals, but people have different situations.


 

I'm not sure it makes any difference whatsoever. If she starts at 18, it may well be exactly the same.

 

Message 22 of 76
Regular Contributor

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

If a minor doesn't actually use the card, what is the financial/credit benefit of having them as an AU.  Is their credit history created at the time of their AU activation?   Say if a 15 year old is an AU on a card for three years but never charged a dime, does that  person (now 18) have an advantage somehow with the credit bureaus over another 18 year old who has never been an AU?

Thanks.

Experian: 729 Equifax: 740 Transunion: 732
Capital One Mastercard: $0.4K, Capital One Quicksilver: $5K, Chase Southwest Premier: $7.5K, Amex Blue Cash Everyday: $24.9K, Discover It: $9.4K, Chase Sapphire Preferred: $16.9K, Citi Hilton HHonors Reserve: $7.7K, Arrival+ BarclayCard MC WE: $7.5K
Message 23 of 76
Super Contributor

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


Dalanar wrote:

If a minor doesn't actually use the card, what is the financial/credit benefit of having them as an AU.  Is their credit history created at the time of their AU activation?   Say if a 15 year old is an AU on a card for three years but never charged a dime, does that  person (now 18) have an advantage somehow with the credit bureaus over another 18 year old who has never been an AU?

Thanks.


Yes the benefit is the AU will have a file and scores vs a 18 year old starting out fresh with no file or scores 

After 6 months from the AU being added that person will have a credit history 

Of course under manual review a analyst would see that all accounts were AU's 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 24 of 76
Regular Contributor

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

I was just telling my mother the other day that when I have kids, I'm adding them as AU's early and teaching them about credit scores and money. No one ever taught me that. I was WILDLY irresponsible with money in college and shortly after. I overdrafted my bank account every single week. I haven't written a check in years because I got blacklisted from writing bad checks. It was bad. As I got older I always had a good income but I constantly found myself barely treading water because of overdraft fees and high interest. I'm 32 years old now and it has only been in the last year that I realized how ridiculous my situation was. A single person who makes over 100k a year with no kids should not be living paycheck to paycheck. 

 

I want to save my hypothetical kids from the mistakes I made. They'll probably be AU's at 13.


Hilton Honors $15,000 | AMEX Green | Chase Sapphire Preferred $9000 | Discover IT $6600 | Marriott Premiere Rewards $5000 | Chase Freedom $5500 | Barclaycard Visa with Apple Rewards $2000 | CapitalOne Quicksilver One $2000 | US Airways Dividend Miles $2400
Message 25 of 76
Valued Contributor

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


OHWWCB wrote:

 

I want to save my hypothetical kids from the mistakes I made. They'll probably be AU's at 13.


 

What's your plan for not having their pumping teenage hormones max out your cards? Smiley Wink

 

Message 26 of 76
Regular Contributor

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


my-own-fico wrote:

OHWWCB wrote:

 

I want to save my hypothetical kids from the mistakes I made. They'll probably be AU's at 13.


 

What's your plan for not having their pumping teenage hormones max out your cards? Smiley Wink

 


lol I'm not giving them the cards! And just like some other posters have said, once they're older we'll start talking about financial responsibility.


Hilton Honors $15,000 | AMEX Green | Chase Sapphire Preferred $9000 | Discover IT $6600 | Marriott Premiere Rewards $5000 | Chase Freedom $5500 | Barclaycard Visa with Apple Rewards $2000 | CapitalOne Quicksilver One $2000 | US Airways Dividend Miles $2400
Message 27 of 76
Member

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

Got my 16 yo daughter the AMX gold.  This has several positives for our situation.

1. Build positive and aging credit history since she'll have her own CC# and "member since."  

2. No more cash allowance since she'll be using this for ALL her personal, social, and school expenses.  Also can use for her gas money and medical expenses such as copays and out of pocket costs.

3. Frees me up a bit cuz I can send her for my errands and grocery runs.

4. Faster point accumulation!!!!

5. Able to set limits as needed but have not had to since she received her card 10 months ago.

6. Able to check charges daily to avoid costly surprises.

this might not be so ideal for everyone...great for us.

Message 28 of 76
Established Contributor

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

Good points made by chiquita
Amex PRG: NPSL | Amex Blue Cash Everyday: $15,300 | Navy FCU Cash Rewards: $19,500 | Chase Marriott Rewards: $7,500
Chase Freedom: $5000 | Discover It: $5000 | Barclays Extra Points: $5000
23 year old building credit since age 17. FICO: 783
NPSL
Message 29 of 76
Valued Contributor

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


chiquita203 wrote:

Got my 16 yo daughter the AMX gold.  This has several positives for our situation.

1. Build positive and aging credit history since she'll have her own CC# and "member since."  

2. No more cash allowance since she'll be using this for ALL her personal, social, and school expenses.  Also can use for her gas money and medical expenses such as copays and out of pocket costs.

3. Frees me up a bit cuz I can send her for my errands and grocery runs.

4. Faster point accumulation!!!!

5. Able to set limits as needed but have not had to since she received her card 10 months ago.

6. Able to check charges daily to avoid costly surprises.

this might not be so ideal for everyone...great for us.


 

Amex charge cards are the one AU exception (15 years instead of 18). See How early can I add my kids as AUs?
1) That certainly is a nice initial perk.
2) I don’t know if EVERYONE takes Amex…
3-6) Benefits mostly you!

Message 30 of 76