if i have my son added to my credit card, will it boost his credit score?

my son wants a credit card to boost his credit score. he just turned 18, with no credit history. i mainly use my american express card, and want to add him under. will his credit score be affected as well? or will it only affect me?

Public Comments

1. ya may be http://www.bestcreditcard.110mb.com
2. It will only affect yours unless you are getting a joint account. Be careful here, as he could ruin your credit.
3. Only for a short time!!! Why? A major change to the FICO® credit score formula was announced by Fair Isaac Corporation earlier this week. FICO scores will no longer factor authorized user accounts into their credit scoring formulas. Consumers who are listed as authorized users on credit card accounts will likely see a significant change in their credit scores when this modification takes place later this summer. For most consumers, this change will have a negative impact on their credit scores. Only consumers who are listed as an authorized user on negative accounts or accounts that have balances that are close to the credit limit will possibly see an increase in their credit scores. Adding a family member or friend as an authorized user on an existing credit card account has long been used as a way to establish credit. Many parents added their children as authorized users in order to help them build their credit history. However, credit repair organizations have also started using this system as a way to fraudulently sell authorized user account access to consumers with credit problems. This credit repair loophole was part of the motivation for the FICO score change. What this means to you: Once this change goes into effect you will no longer get any value out of being an authorized user on someone else’s credit card. It is quite possible that your credit scores could go down, significantly, because of this change. If you have paid to have your name added to someone else’s credit card as an authorized user it is possible that you are guilty of defrauding lenders. It would be in your best interest to have your name removed as soon as possible and stop doing business with these companies as they are violating federal and state laws. If you have been paid by a company to rent out your credit card accounts then you may be guilty of enabling credit fraud. It would be in your best interest to stop the presses. If you are getting married soon and were planning on closing your credit card accounts because you were going to be added as an authorized user on your spouse’s credit cards it is a good idea to rethink that move. If you are married and do not have any credit cards where you are the primary cardholder or a joint cardholder, you may want to open one or two in your name. Women will be disproportionately impacted (negatively) than men because more times than not, it’s the women who are added as an authorized user. Those of you who are new to this country or are a young person trying to establish credit (or re-establish credit), you may have to depend on secured credit cards or other non-prime credit products to establish credit.
4. Yes you have to make sure they actually add him on as one of the account holders you cant just give him a card with his name on it.Ofcourse as a former teenager who aboused my moms credit card I have to tell you that you are stepping into uncharted territory.Remember kids are way more impulsive than us and he might make a bad judgement call to impress a friend or worse a GIRL!I used my moms card to order pizza and call hotlines for video game answers.Be careful. But also if you give a little and he impresses you GOOD teach him good ways to maintain.Remember dont pay with credit if you cant pay with cash.
5. It depends if you have him added as an authorized user or a joint account holder. His score will only increase if you have him added as a joint account holder.
6. I would not do that if I was you. If something goes wrong he will be stuck with your debt or you stuck with his
7. Yes, It will, I just had my Mom add me to 2 of her credit card accounts as authorized user last month and they are on my credit report already and I was approved for my own first credit card. As far as him ruining your credit, do like I had my Mom do, CUT up the credit card!! Then he won't have a chance to use it....Do it soon though!
8. scorpio is correct...this trick of yours is soon to be abolished...