The Credit Hack That Gives Your Child an 800+ Credit Score

BiggerPockets MoneyDec 30, 20213m 41s892 viewsScore 75
Growth & Marketing
beginner
credit score
authorized user
financial literacy
building credit
M

Summary

AI-generated

Learn a simple credit hack to help your child build an excellent credit score before they turn 18. This strategy involves adding them as an authorized user on your credit card, potentially gifting them an 800+ score without complex financial maneuvers.

Key insights

  • The positive impact of being an authorized user on a credit card can be seen on a credit report within a couple of months, even if the authorized user never uses the card.

Mistakes to avoid

  • Not teaching children about responsible credit card use can lead to them accumulating debt or damaging their credit score, which can have long-term financial consequences.

Tools & resources

  • The BiggerPockets Money Podcastpodcast

    The BiggerPockets Money Podcast provides information for personal finance journeys.

Frequently Asked Questions

Curated by Learn STR by GoStudioM · Summary & key insights generated by AI · Reviewed by editorial