Pardon the ignorance but how does the tradeline show up on a credit report for an authorized user? Would it appear the same way it does for me? Anyone know if Chase Citi and Walmart report the lines to all 3 bureaus? They allowed me to put my 3 children on all my cards but I am wondering if it would help get them on their way. My 2 oldest just can't seem to get the hang of utilization. I am afraid they take after Mom on that one. 
I'll throw in my 2 cents here...
Earlier this year I was added to a BofA acct from 1993 w/ a 25k TL. I didn't see a large jump, but I had fairly low utililization anyway and average age wasn't an issue. It reports exactly like any other TL, except for the category "responsibility". Instead of "individual" it reads as "authorized user". As for now the 25k is included in the util, but when Fico 08 hits -- I'll have to look at going joint to save it.
It's a fun thing to wake up one day and see a 15 y/o acct w/ a high CL and 0 util just pop on your reports w/o an inq.
@Anonymous wrote:I'll throw in my 2 cents here...Earlier this year I was added to a BofA acct from 1993 w/ a 25k TL. I didn't see a large jump, but I had fairly low utililization anyway and average age wasn't an issue. It reports exactly like any other TL, except for the category "responsibility". Instead of "individual" it reads as "authorized user". As for now the 25k is included in the util, but when Fico 08 hits -- I'll have to look at going joint to save it.It's a fun thing to wake up one day and see a 15 y/o acct w/ a high CL and 0 util just pop on your reports w/o an inq.
So the work around would be to add the kids to the cards as joint users? FWIW I tried this morning to have them added to my Navy card and while they would be authorized users it wouldn't be reported since they had no financial responsibility for payment of the account. Hopefully Citi Chase and Walmart report on their credit reports. Not sure since I did those online.
@smallfry wrote:
@Anonymous wrote:I'll throw in my 2 cents here...Earlier this year I was added to a BofA acct from 1993 w/ a 25k TL. I didn't see a large jump, but I had fairly low utililization anyway and average age wasn't an issue. It reports exactly like any other TL, except for the category "responsibility". Instead of "individual" it reads as "authorized user". As for now the 25k is included in the util, but when Fico 08 hits -- I'll have to look at going joint to save it.It's a fun thing to wake up one day and see a 15 y/o acct w/ a high CL and 0 util just pop on your reports w/o an inq.
So the work around would be to add the kids to the cards as joint users? FWIW I tried this morning to have them added to my Navy card and while they would be authorized users it wouldn't be reported since they had no financial responsibility for payment of the account. Hopefully Citi Chase and Walmart report on their credit reports. Not sure since I did those online.
Yup, I'm a 36 y/o kid w/ total access to mom's accounts. And I'm amazed how AU TLs actually show up. BofA asked my mother for my name and address. And poof, within 3 days it showed up on my CR. One of my old addresses on my CR is her address. BofA stated that for me to go on as a joint it would be a hard pull and I'm watching those like a hawk at the moment.
And I'm amazed how AU TLs actually show up. BofA asked my mother for my name and address. And poof, within 3 days it showed up on my CR. One of my old addresses on my CR is her address. BofA stated that for me to go on as a joint it would be a hard pull and I'm watching those like a hawk at the moment.If the time comes and I need that card to help w/ average age or something, I'll bite the bullet. I just have too many things up in the air and due to hit late summer (new mtg, possible refi on current home, oldest acct turns 18, Fico08 implementation, etc.).
I don't have any experience with the companies you listed, but perhaps someone else can chime in.
Good luck!
@smallfry wrote:
So the work around would be to add the kids to the cards as joint users? FWIW I tried this morning to have them added to my Navy card and while they would be authorized users it wouldn't be reported since they had no financial responsibility for payment of the account. Hopefully Citi Chase and Walmart report on their credit reports. Not sure since I did those online.
@Anonymous wrote:I'll throw in my 2 cents here...Earlier this year I was added to a BofA acct from 1993 w/ a 25k TL. I didn't see a large jump, but I had fairly low utililization anyway and average age wasn't an issue. It reports exactly like any other TL, except for the category "responsibility". Instead of "individual" it reads as "authorized user". As for now the 25k is included in the util, but when Fico 08 hits -- I'll have to look at going joint to save it.It's a fun thing to wake up one day and see a 15 y/o acct w/ a high CL and 0 util just pop on your reports w/o an inq.
There's a big difference between kid-kids and adult-kids, who are assuming some responsibility for aging parents.
I would never put a kid-kid on as joint user. They get a BF or GF, abuse the account, and the bill is all yours. Also, you can't remove someone (including yourself) as a joint user. They're there forever. The only way to get rid of them is to close the account entirely. I suppose it's even possible that they could add BF/GF as joint users themselves, since your kids would have equal status in the account.
I'm AU on DH's card, and I'm not going joint until (and unless) FICO 08 finally starts and is used by a lender that I'm interested in. I'm waiting until I see a score drop from losing that account before deciding whether to make the switch. With the pace that this sort of thing happens, I figure that I'll have plenty of my own longest history before this starts!
Anyway, AU only, not joint, if you want to help out your young kids to get them started. BTW, all three of mine did fine with establishing their own credit without any AU's, so it's really not needed.
They are not getting any of the cards.
Ha! Make 'em sweat.
@smallfry wrote:
They are not getting any of the cards.
Does Navy FCU allow minor accounts? If so, if they start some sort of account now, then when they're 18, they'll probably be in great shape to get their own cards.
DS started his credit with a WFNNB/Express store card (not recommended!), but I added both daughters as USAA members, and they were off and running that way. Someone else, NASA I think, has teen accounts, although they do have that stinky pull-all-three reports thing.
My son is in the Navy while only my youngest daughter is still a minor. Lots of work ahead for me I'm afraid since Dad is an idiot.