Benefit of adding a minor as an AU?

[Kforce]

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@dragontears wrote:The real world effect of adding a minor to a card is that when they turn 18 and can legally enter into contracts is that they will have a credit score and an easier time getting some kinds of credit.

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^^^ This

[addision]

We added my daughter to three accounts (Amex, Chevron and credit union) when she was 16 as AU. Soon after she turned 18 she had a 760 score. Immediately, she applied for and go a CITI, Cap 1 and Schools First CU card. She is very conscious of her spending and hates credit cards but knows their value.

After 1 year, when she was 19 she went to the credit union to get a loan on a car she was buying from me and the credit union employee was shocked at how she could have such a good score and a number of accounts at her age. The CU gave her a good rate based on her score. Not the lowest rate, but a good rate and she did not need me as a co-signor.

I am very thankful we can do for our kids what my parents could not do for me with credit. It was just a different time back then, I can't even remember if they had scores.

[Anonymous]

Good info everyone, thank you for the replies.

[lhcole77]

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@Anonymous wrote:

Good info everyone, thank you for the replies.

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So are you wanting to add a minor you know as an AU?

[Anonymous]

Not in any real rush, just trying to get smart on the subject.  I've got a 9 year old son that I want to ensure starts out on a far better (sooner) credit-building path than I did.