Pulling FICO score, lower FICO score?

[IOBA]

Does pulling your FICO score lower your FICO score?

I am interested in doing the myFICO monthly credit monitoring.  (Just not there yet because I do not understand what my monthly premium will provide me.)

Does myFICO have a family plan?

[Lel]

---

IOBA wrote:

Does pulling your FICO score lower your FICO score?  No.  Pulling your own score never affects your credit score.

I am interested in doing the myFICO monthly credit monitoring.  (Just not there yet because I do not understand what my monthly premium will provide me.)

Does myFICO have a family plan?   No.  But do you really want your whole family drawn into our madness?

---

[IOBA]

Lol - yep!

It's important for them to understand how the daily choices we make affect the big picture and could affect us two years from now.  

My teenager already is asking questions about his credit report and score.  

Lol - in a way, I can thank him.  When he was really little, he saw his nana and his daddy always pulling money from the cash machine.  He thought you could always get machine from a building.  I would not do that.  To this day, I do not carry a cash/debit/visa card and am pretty clueless about how to use it.  He learned (at like age 2) that Mommy had to plan out her money.  If she did not have cash, then there was no spending.

The teen has managed his own checking account and savings account since he was 7.  He manages his cash/debit/visa cards very well.  Lol - I am not sure he knows how to use them at the bank.  Not sure he ever has.  AND he responsible manages his two credit cards.

On top of that, he's responsible for one of the utility bills (internet).  If he wants a cell phone, he has to pay for it.

We are still working on the whole lending money thing.  Don't lend money unless you are ok with never seeing it again.  (My mistake with letting someone use my cc was that they didn't keep their word and pay it back in a timely manner.  CC doesn't care - so I am held responsible.  Normally, not a problem, I could afford to pay it.  But now is not a good financial time.)

Yeah, let's educate the kids BEFORE they can make mistakes. 

[Anonymous]

I don't believe you can pull a FICO report for a minor.

[IOBA]

I don't know if you can or not.  I have not tried.

You can get a credit report for a minor.   

The important thing is he is aware and is becoming educated about how important being financially responsible is.   What he does today affects his choices tomorrow.

I have read threads from people who have said that in their younger years, they did not realize how important it was to pay bills on time, to make payment arrangements, to communicate with creditors, to avoid debt, or to manage their money better.  I am sincerely hoping that my teen will not have those hard lessons because he is learning NOW before it can become an issue. 

[haulingthescoreup]

When my youngest was starting down the road of establishing credit, I overheard her talking to her older sister about how long it took to get some age and good credit lines. DD#1 told DD#2 (ever so kindly), "Well, sometimes kids get on their parents' credit cards to do this, but you wouldn't want to do this with Mom's cards, because, well, you know, she has awful credit."

Thank you, dear.

[Anonymous]

---

haulingthescoreup wrote:
When my youngest was starting down the road of establishing credit, I overheard her talking to her older sister about how long it took to get some age and good credit lines. DD#1 told DD#2 (ever so kindly), "Well, sometimes kids get on their parents' credit cards to do this, but you wouldn't want to do this with Mom's cards, because, well, you know, she has awful credit." :D

Thank you, dear.

---

I don't know whether to giggle or cry. Tying yourself to my credit at one point in time would have been the KOD! There have been times when I am sure I didn't have a single good TL other than a perpetually bailed out SL managed by my oh so patient university. Bless them!

[IOBA]

I have been seriously debating about whether to add him as an authorized user on a my one good cc.  It would give him a good boost on his slowly (15 month) growing credit history.

Someone said that being an au is actually going to hurt your credit score.  Anyone know if this has merit? 

[Anonymous]

---

@IOBA wrote:

I have been seriously debating about whether to add him as an authorized user on a my one good cc.  It would give him a good boost on his slowly (15 month) growing credit history.

Someone said that being an au is actually going to hurt your credit score.  Anyone know if this has merit? 

---

Having an AU TL's report on your CBR could hurt your FICO's if it lowers your AAoA's, harms your UTIL or has reporting lates.