At what age should I make my child an authorized credit card user?
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When is a good time to add your child as an AU?
Does credit piggybacking have an age limitation?
What limit should I put on the CC?Thanks
That would depend on what your goal is
Why do you want to make your child an authorized credit card user?
Do you want to teach your child about using credit?
Do you want to educate your child about money management?
Or do you simply want to give your child’s credit score a jump start?Depending on what your gals is, you can start around the age of 13. Personally, I prefer giving my child a credit card as part of money management program. I give my kids all of their monthly allowance to a special credit card account.
My parents added me as an AU when I was 17. It gave me a small boost, but I think I would have been better off if they did this when I was 15.
My kid is 14 and is already on my CC account. But I did this only for her score to start building. I keep that card with me and don’t plan to actually give it to her before she turns 16.
Does it build credit history for her even if the card is not used?
Yes. 6 month after adding my kid as AU the credit history is showing on her report, and her score is getting better with time.
Of course that under manual review an analyst would see that all accounts are AU’s, but still, credit score wise, it’s working great.
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