FYI Making Teens Authorized Users on Your Accounts

[Appleman]

Also, now is a great time to introduce your son to budgeting. This may also help mold a positive relationship with money as compared to me in my youth (credit is free money). Congrats on giving you son a great head start.

Also, consider having them open an Acorn account and start investing in the market. I believe my daughter adds $20 a month to her account.

I have a younger child who is a spender, so she will be one who requires additional support to make good decisions.

[PandaGirl77]

Hello my fellow Panda Lover! Cannot wait to reach the level for customizing my picture! I didnt know about this AU option for children.  Assumed one must be 18.  So I went ahead and did this for my 17 year old a few months ago. So I have a cute beagle Discover It sitting in the drawer  

[PandaGirl77]

I love Discover, they are the first card I got after taking the plunge into credit again 15 yrs post BK!  That is the one I added my 17yo DS on to as an AU.  I plan to keep him much more wisely informed than I was at that age!

[Anonymous]

Congrats.  this is awesome.

really happy that the BoA card went through.  anytime i see "7 to 10 days" im like great, not only was i declined but they are going to kill a tree to let me know via mail how much i suck

[Gmood1]

@PandaGirl77 

Someone please correct me if I'm wrong.

I can't remember if Discover back-dates or not?

If they don't back date. The age of the Discover card won't have a positive affect on your DS's reports.

Amex is known not to back-date.

Capital one, Citi , BOA, Navy Fed, FNBO and Synchrony all back-date.

[Remedios]

Discover backdates. Most actually do. 

Honestly,  Amex is the only one I know that does not. 

[Gmood1]

@Remedios 

Thanks!

I haven't looked at my DDs reports lately. Couldn't remember if it did or didn't.

Some lenders don't report AUs at all. lol

[Jnbmom]

I never added my DD. She got her first card at 19 discover 1200SL and then she got her first navy card 3KSL.

Her scores are 760 across the board.

Disco is now at 1900 and navy at 6K, one student loan 1600 paid down to 800 utilization under 6%.

[PandaGirl77]

@Appleman  I havent heard of Acorn so thanks for that valuable tip! Im trying to encourage and support him in the financial area.  Hes taken personal finance in HS and now accounting courses.  I wish they had personal finance when I was in HS!

[jamie123]

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@Anonymous wrote:

I'm thinking of doing this for my 15 y/o. Did you pull your son's scores?

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I tried pulling my son's scores before he was 18 and they wouldn't let me because he was under 18. Pulled his scores a few months after his 18th birthday and they were all in the 780s! I'm quite sure a lot of his scoring is riding on my coat tails at the moment.