How RICH people give their kids perfect credit scores! #creditscore #creditcard #money #rich #kids

For more in-depth finance lessons, follow @Your Rich BFF

[gabriellab]

My mom did this when I was a teenager for me. By my early 20s I had a top tier credit score.

[Yehitsknu]

Mom did this for me… I was 22 but it still worked because her credit score is in the 800s. I was able to purchase my first house with nothing down.

[LoveAndSnapple]

I knew about this a long time ago. Truth is, you need trustworthy parents who actually set out to do this...not parents who use your pristine good credit to ruin it before you even turn 18. A lot of people have experience with the opposite. You might not even have student loans, but from the moment you turn 18 your good credit is already shot.

[cocoXmarshmallows]

As the comments have confirmed, this can REALLY backfire if your parents aren’t on top of their credit.
I like what my parents did—they taught me about credit when I left for college and got me my own credit card. I treat it like a debit card—I buy everything on it, but pay it off every week. After five years of this, I now have a credit rating in the 800’s, and my parents never had to make credit decisions for me that I didn’t consent to.

[Lemonz]

Me from a country that doesn’t use credit scores: “Interesting…”

[broco]

My mom messed up my credit before I was out of high school. Who'da known good parents do it the other way around.

[kallyb]

This makes me feel a type of parental neglect I didn't know I received.

[holliev]

I love this advise for parents that know how to handle credit. My mom did something similar and it backfired. I'm not in my late 30s and JUST barely recovered from the bad snowball she started.
I think I'd recommend doing this when they were in their late teens and were able to make the choice for themselves, yes I'd like your help. Or no thanks I'll handle it on my own.

[skrsys]

I did this for my son when he turned 18. A month afterwards we checked his credit score, and it was 798. You don't have to do it when they are babies, you just have to do it on a card that you've had for a longtime. I had that card at that time for 17 years with a perfect payment history and a high credit limit which I paid off every month.

[gladlock]

I can confirm this is true. I added my sister (because I wanted to give her a card for emergencies) and voila, she had a 750 score at age 19

[moniquen.johnson]

My grandmother wasn't rich but she did this for all of her grandchildren. I am in my 40's and I am blessed because of her intelligence. 💞💞💞💪🏾✊🏾👑💯🤲🏾🤲🏾🤲🏾

[hey]

My dad did this for me with his Amex card, it became my “In case of Emergencies” card when I got older and was responsible enough to handle it. When I first began using my credit myself my score was 790. Do it, you won’t regret it as long as you’re responsible and don’t miss payments. Your child WILL thank you!

[Smulenify]

Shows how messed up the system really is and how those less privileged get even further behind at no fault of their own. The child needs parents who know about this, and who has (and maintains) a good credit score of their own. It's also really messed up how a parent could essentially ruin a childs credit score without their consent.

But obviously fantastic advice for those who have or are having kids!

[GTaichou]

This works for poor folks too. I'm a child of a single parent household, father skipped on child support, grew up on state assistance. I was added as an authorized user in case he neglected to feed us or abandoned us when we were in his care. Mom was ON TOP of her finances. My credit score is amazing now thanks to her card's age and history.

[aggiewitsend]

Other parents misuse their kids credit and leave them in the lurch. My father did this in the early 90s while my sister studied abroad. He was dead over a year before she finally found out. Sometimes parents cannot be trusted with their kids' finances. 😔

[lipsohlips]

My dad did this for me and I didn't even know until I applied for my first credit card and checked my credit score. Very grateful! 🤗

[alyshay]

My mom’s graduation gift to me was a credit score near 800, can’t thank her enough for that! It’s helped so much!

[whytheflick]

If those "you can afford your first house just like I did" articles were straight and honest 😂👌

[dcs]

My parents did this and it’s amazing! They gave me the card for emergencies and if I needed to pick them up something. When I turned 18 I had an over 800 credit score already. Definitely doing this with my kids in the future!

[RoguePanda]

My mom did this for me when I was 12. By the time I applied for anything myself as an adult, I had impecable credit scores. I’ve done my best to keep it that way too. Thank you momma! 💗