My son is 19, just got a really good job and now needs a car, he has no credit at all. My credit is in the rebuilding stage, I am quite sure I would be no help cosigning with him, but what about making him an Authorized user on My CC, I keep it under 30% and am never late on it. Will my credit affect him any or will the finance companys look at just that card? Trying to get him out of having to pay 20-30 % interest on a buy here pay here just because he is starting out. Thanks for any advise, Joe
If you're never late and keep your CU ratio under 30%, adding him as an AU to your card will help establish his credit (especially if your card has some good history to it). Your actual credit scores will have no effect on his, but the addition of the card itself to his credit reports should help.
I have seen someone that has blank credit report get added to an authorized user account that was 5 years old and it gave them an780 credit score. Only the history from your credit card account will show on your sons credit report. Try to keep the balance on your credit card 10% or less of the credit limit on your card. Thank you! Heather with BoostMyScore.NET
