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Reply to "Adding 18 year old as authorized user on credit card - yay or nay- for building their credit score"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]For helping our 18 year old to build a credit score is it better to add them as an authorized user on my cc or have them get their own card?[/quote] I am pretty sure adding them to your account will do absolutely nothing to build their credit score. It is still your account, not theirs, and you are responsible for making payments.[/quote] It depends upon each Credit card. Some include the authorized users when they "report credit scores" others do not. So investigate and find one that does. We opened a new credit card when our oldest hit 16/started driving. I'm on it and they are an authorized user. I then added the next kid when they turned 16. This way it has a lower credit limit than my normal cards, and if it's lost/misplaced I'm not cancelling the cards I use all the time. [/quote]
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