I have 2 sons age 21 and 23 respectively. I just added both as authorized users to some of my credit cards. Both boys are on my discover that was opened March of 2019. Then I have each son on a separate USBank card that were open in June, 2019. I added the oldest to a synchrony BP gas card so he would show 3 trade lines and have a gas card if he really needed it.
I did all of this around the beginning of April. I figured it would take 6 months for them to get a credit score. Checked each one via Experian tonight and both had scores for all 3 bureaus around the 720s.
All cards showing a zero balance. All have perfect payment history..
I did try to lock down their reports and got blocked for the eldest after failing the verification questions on EQ. EX also wouldn't let me do it online.
I'm a bit worried having their credit files established without being able to freeze them.
So do the scores seem in line with brand spanking new files? Any idea why I wouldn't be able to freeze them online? Will the scores improve with age? Will the relatively low CLs hurt them?
Disco has a 2k limit. The USBank cards have 300 and 500 respectively. The BP card has a 500 limit. So the oldest has 3000 in available credit and the younger has 2300.
Thanks in advance... neither needs to apply for anything any time soon... just wanted to get them launched fir when they need it... but don't want to do anything to screw them up, either.
Gonna assume she meant regarding brand new
@Remedios wrote:I don't know what you mean by "re-branding"
Requirement for score to be generated is an active account for six months.
Since your cards are older than six months, requirement is met and score can be generated.
CLs won't hurt them, but not having accounts of their own does "hurt".
Also, there is no credit mix since they only have AU revolvers.
Considering that a lot of lenders will ignore AU accounts when evaluating application, it's in their best interest to get an account (secured card to start) and go from there.
As far as not being able to freeze, I'm shocked you were able to view them in a first place. When my daughter reached 18, she had to prove to EX it was her to be able to access her reports. Locking her file after ID was received was simple.
If you made an error during verification questions, you can try later.
Sometimes they will allow another try at later time, but it's also possible they won't be able to until identity is established.
Since they are adults, you might want to consider letting them answer the questions, it's their report after all.
Thanks for the feedback. Yes, as @Brian_Earl_Spilner surmised, I meant "regarding". Sorry for the confusion.
As to why I don't have the kids do the verification themselves, my younger is special needs and I am his legal guardian. My oldest, while being smarter than most rocket scientists (he is getting his PhD in physics) and really doesn't want to have to worry about FICO scores etc. I know the verification questions were bogus (2 questions asked about a car loan and he is driving my old car and has never bought a car).
Again, not necessarily wanting to have them qualify for a mortgage. Just if they needed to rent an apartment or get auto insurance on their own (in the case of the elder) they have a score with which to start.
Thanks again for any feedback.
Yeah that's EXACTLY where my 20, 19, and 17 year Olds scores were after I added them to my Discover, Chase, and Amex accounts. It's a beautiful thing.
Thanks for the "sanity check" in terms of the starting score ranges. I think I was expecting them to be a bit higher since they have perfect payment histories and low utilization. Also, if it is anything like normal scoring, there was probably a penalty because they all showed a zero balance.
I'm thinking that I will get the oldest signed up for Navy and let him apply there and start building a relationship with them. Due to the younger son's special needs, I don't know that I'm ready to take that step yet. Not sure how it would impact his SSDI etc.
Take care everyone and thanks again for your feedback and shared experiences.
@Remedios wrote:
@designated_knitter wrote:Thanks for the "sanity check" in terms of the starting score ranges. I think I was expecting them to be a bit higher since they have perfect payment histories and low utilization. Also, if it is anything like normal scoring, there was probably a penalty because they all showed a zero balance.
I'm thinking that I will get the oldest signed up for Navy and let him apply there and start building a relationship with them. Due to the younger son's special needs, I don't know that I'm ready to take that step yet. Not sure how it would impact his SSDI etc.
Take care everyone and thanks again for your feedback and shared experiences.
My daughter's score was around 750 with only AU accounts, so maybe age of the accounts difference.
Anyway, when she got her own account, they went up between 17 and 25 points.
Her EQ is higher than mine 😐
Yeah, I'm humbled that theirs are way higher than mine!
Hopefully, they'll have learned from my mistakes!