Establishing Credit Q & A

Hello Mike,
I have a son that is 18, and I would like to help him get some credit established. I have read that authorized user accounts don’t help your credit score anymore. Is this true, if so what do you suggest I do to help my son get some credit established? He will be attending college this fall as well, so I know he might be in need of some credit cards for emergencies.

Lina Carter

Hi Linda,
This is a good question. Because of the changes due to fraud in the credit repair industry, the authorized user account credit score process affects those that are really trying to help out a family member. I personally don’t agree with the change, but because someone else was breaking the law, it messed it for those that were not. The quickest way for your son to establish good credit score report is to apply for some secured credit cards. If he is going to be a student he can apply for student credit cards as well. I would recommend getting a couple of these cards, in the works as soon as possible. The secured credit cards depending on his credit will require between $200 and $300 in a bank with the credit card company. Once you son has showed around 6 months activity with the credit bureaus, he should get some credit scores at that time.

Mike Clover

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