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Credit builder for children

2,647 772 August 23, 2024 at 03:13 PM
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Looking for recommendations on what is best way to grow a juveniles credit. Was thinking of getting a credit card and making my kids authorized users with like a $250 or $500 limit. My kids are soon to be 16, 13 and 11.

Any recommendations are greatly appreciated.
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yotafan
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Joined Jun 2005
Let Sleeping Dogs Lie
> bubble2 8,616 Posts
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komondor
08-23-2024 at 08:04 PM.
08-23-2024 at 08:04 PM.
You can get the credit card in their name and just use it yourself if you want to actually build their credit score.
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Joined Jun 2005
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> bubble2 1,414 Posts
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NYExcuse
08-30-2024 at 09:30 AM.
08-30-2024 at 09:30 AM.
Quote from komondor :
You can get the credit card in their name and just use it yourself if you want to actually build their credit score.
Nothing like a little fraud/identity theft.
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Joined May 2005
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> bubble2 868 Posts
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meranamjoker
09-03-2024 at 08:28 AM.
09-03-2024 at 08:28 AM.
Quote from komondor :
You can get the credit card in their name and just use it yourself if you want to actually build their credit score.
child can not get credit card on their own name if they are below 18.
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Joined Jan 2014
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smihaila
09-09-2024 at 08:12 PM.
09-09-2024 at 08:12 PM.
Quote from yotafan :
Looking for recommendations on what is best way to grow a juveniles credit.
Teach them to always live within their means, be frugal, and save.
In this way, they will never care about banksters' "credit".
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Joined Nov 2005
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Dr. J
09-17-2024 at 02:54 PM.
09-17-2024 at 02:54 PM.
Quote from meranamjoker :
child can not get credit card on their own name if they are below 18.

Amex allows secondary card holders as young as 13. My eldest daughter has had a card on my account for over 2 years. I mostly got it so she can have a healthy relationship with money, and it also allows her spending ability if she needs it (never know when you might need money in an emergency). I am pretty sure the other cards I called were 15 or 16.
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Joined May 2005
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meranamjoker
09-17-2024 at 05:10 PM.
09-17-2024 at 05:10 PM.
Quote from Dr. J :
Amex allows secondary card holders as young as 13. My eldest daughter has had a card on my account for over 2 years. I mostly got it so she can have a healthy relationship with money, and it also allows her spending ability if she needs it (never know when you might need money in an emergency). I am pretty sure the other cards I called were 15 or 16.
yes minors can be be 'authorized users' but they can not directly apply and get a new card on their own.
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SumDuud
10-07-2024 at 06:01 AM.
10-07-2024 at 06:01 AM.
I got my oldest kid added as an authorized used on a card at 14 or 15, when he started driving I gave him the card as an 'emergency use only' card (he is a good kid and wouldn't abuse it, I also have alerts on my card for >$1 purchase notifications to address use and fraud). I believe I added him as an authorized user to a second card at 16 as well. When he turned 18 his credit score was like 740. I also added my second kid at 13 and he has just turned 16 and my youngest kid has turned 13 and this thread is my reminder to get him added. I got my kids GreenLight accounts and cards (free through USBank, though I paid for it for a couple of years) to help them undrstand money management in a card-based world.
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