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Question for the Money Doctors

Question submitted on Feb 23, 2020.


If I add my 35 year old to my credit card will it help his credit score even if he never uses it?


The way I understand the process, adding your child as an authorized user would aid them in building a credit file. It's reported as a new account on their file.  In addition, the account history will have an impact on their report.  However, you may also consider instilling the value in your child to pay cash for all purchases. Therefore, the need for a credit report would be reduced, but not entirely eliminated. The argument could be made that using this strategy could result in greater financial independence.

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