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Hey guys, Im currently 23, and my sister is 17. She is going to college next year, and she wanted me to add her as an authorized user on my card. I have serveral cards with a credit limit totaling 21k ish. Should I add her, or should she apply for credit herself next year?
Thoughts? Comments?
Thanks!
@Pookubbq wrote:Hey guys, Im currently 23, and my sister is 17. She is going to college next year, and she wanted me to add her as an authorized user on my card. I have serveral cards with a credit limit totaling 21k ish. Should I add her, or should she apply for credit herself next year?
Thoughts? Comments?
Thanks!
Depends what she wants the card for and frankly how much you trust her.
If she just wants it for a credit boost and not receive the card then I'd probably do it but my sibling is even more conceintious about paying back debts to people than I am.
If she wants the card for spending, well that's a much different deal. Why isn't she asking your parents in this case?
@Revelate wrote:
@Pookubbq wrote:Hey guys, Im currently 23, and my sister is 17. She is going to college next year, and she wanted me to add her as an authorized user on my card. I have serveral cards with a credit limit totaling 21k ish. Should I add her, or should she apply for credit herself next year?
Thoughts? Comments?
Thanks!
Depends what she wants the card for and frankly how much you trust her.
If she just wants it for a credit boost and not receive the card then I'd probably do it but my sibling is even more conceintious about paying back debts to people than I am.
If she wants the card for spending, well that's a much different deal. Why isn't she asking your parents in this case?
Thats the thing, shes does'nt exactly know how to handle money that well.
But she needs to start somewhere!
My parents don't live in the US anymore, they gave up their residency and moved back to Taiwan. Therefore, my parents dont have any open cards.
I am currently taking care of her, and when she asked me to add her on my cc, I said we'll see. Wasnt sure what to do.
@Pookubbq wrote:
@Revelate wrote:
@Pookubbq wrote:Hey guys, Im currently 23, and my sister is 17. She is going to college next year, and she wanted me to add her as an authorized user on my card. I have serveral cards with a credit limit totaling 21k ish. Should I add her, or should she apply for credit herself next year?
Thoughts? Comments?
Thanks!
Depends what she wants the card for and frankly how much you trust her.
If she just wants it for a credit boost and not receive the card then I'd probably do it but my sibling is even more conceintious about paying back debts to people than I am.
If she wants the card for spending, well that's a much different deal. Why isn't she asking your parents in this case?
Thats the thing, shes does'nt exactly know how to handle money that well.
But she needs to start somewhere!
My parents don't live in the US anymore, they gave up their residency and moved back to Taiwan. Therefore, my parents dont have any open cards.
I am currently taking care of her, and when she asked me to add her on my cc, I said we'll see. Wasnt sure what to do.
Have the frank conversation with her about it, agreed she needs to start somewhere and there may be options (vis a vis Amex) where you can limit the AU's spending capability which might be precisely what she needs for now.
Tracking expenditures and payments, if you can give her the ability to make it work with your helping her, frankly it could be a huge win for her later. If it were my sibling in your scenario I'd try to find a way to make it work, but there'd absolutely be ground rules, in writing... even if it's probably not enforcable till 18 she might not know that .
@Pookubbq wrote:
@Revelate wrote:
@Pookubbq wrote:Hey guys, Im currently 23, and my sister is 17. She is going to college next year, and she wanted me to add her as an authorized user on my card. I have serveral cards with a credit limit totaling 21k ish. Should I add her, or should she apply for credit herself next year?
Thoughts? Comments?
Thanks!
Depends what she wants the card for and frankly how much you trust her.
If she just wants it for a credit boost and not receive the card then I'd probably do it but my sibling is even more conceintious about paying back debts to people than I am.
If she wants the card for spending, well that's a much different deal. Why isn't she asking your parents in this case?
Thats the thing, shes does'nt exactly know how to handle money that well.
But she needs to start somewhere!
My parents don't live in the US anymore, they gave up their residency and moved back to Taiwan. Therefore, my parents dont have any open cards.
I am currently taking care of her, and when she asked me to add her on my cc, I said we'll see. Wasnt sure what to do.
^^^^
Since you alluded she does not handle money well, the answer is no, do not make her a AU. She can apply as an 18 year old, like I did when i was a freshman in college. She will be responsble for her own failures and successes, hopefully you can guide her. I had no one but myself and my good sense and judgment and organization/planning skills to keep my head above water with credit cards.
@Revelate wrote:
@Pookubbq wrote:
@Revelate wrote:
@Pookubbq wrote:Hey guys, Im currently 23, and my sister is 17. She is going to college next year, and she wanted me to add her as an authorized user on my card. I have serveral cards with a credit limit totaling 21k ish. Should I add her, or should she apply for credit herself next year?
Thoughts? Comments?
Thanks!
Depends what she wants the card for and frankly how much you trust her.
If she just wants it for a credit boost and not receive the card then I'd probably do it but my sibling is even more conceintious about paying back debts to people than I am.
If she wants the card for spending, well that's a much different deal. Why isn't she asking your parents in this case?
Thats the thing, shes does'nt exactly know how to handle money that well.
But she needs to start somewhere!
My parents don't live in the US anymore, they gave up their residency and moved back to Taiwan. Therefore, my parents dont have any open cards.
I am currently taking care of her, and when she asked me to add her on my cc, I said we'll see. Wasnt sure what to do.
Have the frank conversation with her about it, agreed she needs to start somewhere and there may be options (vis a vis Amex) where you can limit the AU's spending capability which might be precisely what she needs for now.
Tracking expenditures and payments, if you can give her the ability to make it work with your helping her, frankly it could be a huge win for her later. If it were my sibling in your scenario I'd try to find a way to make it work, but there'd absolutely be ground rules, in writing... even if it's probably not enforcable till 18 she might not know that .
Alright, I'll bring it up to her before she heads off to college...
Thank you so much Your opinion really helped!
@youdontkillmoney wrote:
@Pookubbq wrote:
@Revelate wrote:
@Pookubbq wrote:Hey guys, Im currently 23, and my sister is 17. She is going to college next year, and she wanted me to add her as an authorized user on my card. I have serveral cards with a credit limit totaling 21k ish. Should I add her, or should she apply for credit herself next year?
Thoughts? Comments?
Thanks!
Depends what she wants the card for and frankly how much you trust her.
If she just wants it for a credit boost and not receive the card then I'd probably do it but my sibling is even more conceintious about paying back debts to people than I am.
If she wants the card for spending, well that's a much different deal. Why isn't she asking your parents in this case?
Thats the thing, shes does'nt exactly know how to handle money that well.
But she needs to start somewhere!
My parents don't live in the US anymore, they gave up their residency and moved back to Taiwan. Therefore, my parents dont have any open cards.
I am currently taking care of her, and when she asked me to add her on my cc, I said we'll see. Wasnt sure what to do.
^^^^
Since you alluded she does not handle money well, the answer is no, do not make her a AU. She can apply as an 18 year old, like I did when i was a freshman in college. She will be responsble for her own failures and successes, hopefully you can guide her. I had no one but myself and my good sense and judgment and organization/planning skills to keep my head above water with credit cards.
I agree with you as well.. I feel like she should go through with it by herself so she learns... Good point...
@Pookubbq wrote:
@youdontkillmoney wrote:^^^^
Since you alluded she does not handle money well, the answer is no, do not make her a AU. She can apply as an 18 year old, like I did when i was a freshman in college. She will be responsble for her own failures and successes, hopefully you can guide her. I had no one but myself and my good sense and judgment and organization/planning skills to keep my head above water with credit cards.
I agree with you as well.. I feel like she should go through with it by herself so she learns... Good point...
This. HOWEVER, you can add her as an AU and not give her a card. It will give her credit a boost for when she's ready to apply for her own cards, but still keep your balances safe.
Something that you could do is add her to which ever card you choose (the one with the least UTI and the one that you have had open the longest that you actively use would probably be the best as those are 2 of the 3 high impacts for one's credit.) and once the card(s) come in the mail, you keep them in your sock drawer or cut them up.
By keeping the card(s) yourself or by throwing them away, she will still be benefited by the card and you will not have to worry about her spending her money!
It's been 20 years.
I still haven't forgiven my brother for breaking my Gameboy.
I'll give him advice. I'll feed him. I'll let him crash at my pad. I will not AU him. Tough love.
...plus he got his Bachelor's in Finance...so...