Author Topic: Adding children as AUs on credit card  (Read 418 times)

jamagin

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Adding children as AUs on credit card
« on: November 15, 2017, 07:28:27 PM »
Is there any reason that I should not add my 1 and 4 year old boys onto my credit card as an authorized user? I would like to build their credit and figured that starting now would give them an excellent long credit history.

Revelry

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Re: Adding children as AUs on credit card
« Reply #1 on: November 16, 2017, 05:33:15 AM »
This is totally unnecessary and increases their exposure to identity theft.

1. Adding an authorized user to your account will show on their credit report within one or two billing cycles.  Removing them as AU will consequently remove the account from their report; it's not a permanent record like it is on yours, the account holder's.  So just wait until they're older and ready to apply for a loan and then add them.
2. Age of accounts is only about 15% of one's credit score.
3. In 14 years when your sons credit score MAY matter the scoring model will be significantly different.
4. That is 14 years of unnecessarily having their SSNs, date of birth, and other PII floating around the credit bureaus and banks.  Do you think Experian and TransUnion and the others are doing so much better protecting our info than Equifax?

jamagin

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Re: Adding children as AUs on credit card
« Reply #2 on: November 16, 2017, 10:47:27 AM »
Thank you very much for the info! I will hold off for a long while then.