Hello: I want to build my children's credit ratings, even though they are only 4 and 2 years old. If I were to add them both as authorized minors on my credit accounts, wouldn't this instantly start building credit for them? By the time they reached 18 and can get credit on their own, wouldn't they both have 14+ years of credit history already established? If this indeed will work, do I need to make small charges on the account every few months to avoid it from being closed?
Would they have 14 years of experience in responsible management of credit? Are you prepared to monitor their credit reports for over the next decade to ensure their credit offers do not go astray and result in identity theft and the opening of fraudulent accounts? Could you be sure you will not file for bankruptcy and possibly cause them problems removing negative information?
why not just add them when they are 18 - they will still receive the "whole" history of whatever card you add them to whether it be 20 years or 2 years.
Re: Re: Adding Minor kids to Credit cards I agree with Jenz. Add them when they have 18yrs old or so. ur accounts will be reported immediately with the whole history. So dont worry until then.
Re: Re: Adding Minor kids to Credit cards What if something happens to your credit within those 14 years. ie., layoff, hospilization, etc to effect your credit. They would in turn have your credit.
