You can share your credit history with your children and help their credit reports.
Q. I’d like to help my kids with their credit. They are 14, 18 and 21. If I make them an authorized user on one of my cards, will that help them? Or what do you suggest?But you need to consider what the move could mean for your own credit.
As long as you can control how they spend on the card, it can help their credit, said Jody D’Agostini, a certified financial planner with Equitable Advisors/The Falcon Financial Group in Morristown.“You can also teach them great life skills such as paying on time and living within a budget,” she said.she said.
“A debit card is essentially pay with cash, while the credit card is borrowing money to pay for something with interest accrued if not paid on time,” she said. “It is helpful to show them how interest can quickly add up if not paid on time.”on a car loan or lease or their first apartment, D’Agostini said. You should be sure that they are mature enough to pay on time, however. If not, your credit could be hurt, she said.
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