Child authorized user

[FranknBeans]

Does adding a child at 16 as an authorized user help their score more than adding them at 18 or does it not matter since they don't get a score until 18.  I do not want them to have access to the card. Just want them to have the best score possible at 18 for car loans, rental, mortage, student loans and etc.  

[Anonymous]

I got my first credit card when I was 16. It was a department store that no longer exists called The Bon Marche. This was a long time ago mind you, and the credit application was very short. It only asked my name, address, phone number, and social security number. It did not ask employment or birthday. Because this was so many years ago, my credit card is no longer reporting on my credit report. But to this day, my credit report still shows the date my credit report first began reporting on me, and it was when I was 16 years old. So it is possible to have a credit report at 16. With regards to starting credit for your child, I think it's a clever and noble gesture. But I personally would choose not to do that. The reason being, if I ever accidentally made a mistake, or wound up in the hospital, or passed away, or countless other possible scenarios that could go wrong, I would regret terribly that I unintentionally harmed my child's credit.

[GatorGuy]

Amex would be the only one that would benefit your child more since they only start building history with the card once they are added. Otherwise with all other lenders, when they are added they get the full history of the card regardless of when they were added.

Helping your child's credit is great but most importantly teach them about how to manage money properly. Letting a teenager have access to a credit card for emergencies or a gas card can be a great start. Many lenders now let you cap the spending by AUs so you don't have to worry about them maxing the card.

[GatorGuy]

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@Anonymous wrote:

I got my first credit card when I was 16. It was a department store that no longer exists called The Bon Marche. This was a long time ago mind you, and the credit application was very short. It only asked my name, address, phone number, and social security number. It did not ask employment or birthday. Because this was so many years ago, my credit card is no longer reporting on my credit report. But to this day, my credit report still shows the date my credit report first began reporting on me, and it was when I was 16 years old. So it is possible to have a credit report at 16. With regards to starting credit for your child, I think it's a clever and noble gesture. But I personally would choose not to do that. The reason being, if I ever accidentally made a mistake, or wound up in the hospital, or passed away, or countless other possible scenarios that could go wrong, I would regret terribly that I unintentionally harmed my child's credit.

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You can remove your child as an AU and all the negative history of the card is removed as well. There is no need to worry about harming their credit.

[Jnbmom]

It's up to you never too early to teach our children how important managing money and credit . I know there are people that add their children when they are very young hoping to build that history , but as others have mentioned most lenders add history whenever you decide to add them except AMEX . I personally think it's overkill adding your young children .

My daughter turned 18 got her own discover . Then year later NFCU , I then added her to my Apple Card . She is now 23 and has scores in the high 700s, with the highest being 790 . 

[FranknBeans]

Thanks for the info. When I look at my account for American Express Authorized User its says 18 or older, but I've seen in their FYI pages it can be younger.  Guess I'll only know if I try.  

[FranknBeans]

My wife and I are authorized users on each other's cards.  I have removed myself on some cards.  Once removed, they still report on Experian and Transunion.  Equifax immediately removed them.  

[disdreamin]

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@FranknBeans wrote:

Thanks for the info. When I look at my account for American Express Authorized User its says 18 or older, but I've seen in their FYI pages it can be younger.  Guess I'll only know if I try.  

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I believe the minimum age with AmEx is 13. I added my youngest to my BCP when they were about 14, so it is absolutely possible to do it before they are 18 (that kid still hasn't hit 18 haha).

[GatorGuy]

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@FranknBeans wrote:

Thanks for the info. When I look at my account for American Express Authorized User its says 18 or older, but I've seen in their FYI pages it can be younger.  Guess I'll only know if I try.  

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When you goto the add a member page, usually the requirement for age is 13 yo with Amex. 

[GatorGuy]

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@FranknBeans wrote:

My wife and I are authorized users on each other's cards.  I have removed myself on some cards.  Once removed, they still report on Experian and Transunion.  Equifax immediately removed them.  

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You can request from the CRAs to have them removed. AU accounts do not stay with you.

Now if you have to go through this process make sure you never want that card back on your account because many people will have difficulty getting the account to report again.