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Building your child’s credit (as a minor)

Building your child’s credit (as a minor)


Every one wants the best for their children. I at first had a hard time building my credit. I do not want my children to go through the same thing. Did you know you can actually build your child’s credit as a minor?  This is a crazy concept to me.

Demonstrate and discuss good credit habits 
One of the most important ways to help your children establish good credit it is to talk about how to responsibly manage credit. My 6 year old just asked me what is the difference between a debit card and a credit card. I then explained to him a debit card is money you actually have in your bank account and a credit card is money that is borrowed. I know he’s only 6 but I told him your credit score is basically your life and explained  how important it is to pay your bills on-time and not to borrow money you can’t pay back. Talking about it and actually doing it yourself can help your child to develop good credit habits.


Add your child as an authorized user on your account 
Your child can be an authorized user on your account. They do not need to actually have or use the card. You could potentially do this for your toddler. Or you could assist your older children with purchases and re-payment. This will slowly build up their credit over time.

Co-sign a credit card or a loan
This is a faster impact on your child’s credit score. The responsibility is still on you of course but I can’t say it enough educate your child on the importance of good credit habits ! You can also decide on a daily allowance depending on the creditor. Make firm rules with your child and see what apps are available to monitor spending.  This will impact your child’s credit score a lot faster than adding them on as an authorized user.


I posted some resources you can purchase below !
This post contains affiliate links: as I am an amazon associate 

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