FAQs: How To Establish Credit For A Child
Now that you understand how financial literacy and building credit for your child can work, we’ll answer your outstanding questions.
Can I start building my child’s credit?
Yes, it is possible to start building a child's credit before they become adults. One good way to help them establish credit is by adding them to one of your credit card accounts as an authorized user. This can help them take advantage of your good credit.
Can I add my child to my credit card to build their credit?
Yes, in many cases, adding your child to your credit card account can help them build their credit. Some issuers allow you to add kids as authorized users as young as 13. That can give you several years of good credit history before they even become adults.
How can I check my child’s credit report?
It's important to regularly monitor your child's credit report, just like you should monitor your own credit report. Because identity thieves know that many children do not regularly access their credit reports, they can sometimes be targets for criminals. You can also consider freezing your child's credit report until they turn 18.
How can a minor build credit fast?
Building credit is not something that you generally can do quickly – instead, building credit is something that happens over time. As you regularly pay your bills on time and show that you are responsible with the credit and accounts that you already have, your credit score will generally improve. One way to help minors build credit is by adding them as authorized users to your own credit accounts so they can take advantage of your stellar payment habits.
