Oyin Adedoyin
speaker
1,572 appearances
36 recordings
1 series
first heard Mar 2023
last heard Feb 2025
Oyin Adedoyin’s voice in public audio — every appearance, attributed to the second.
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They were in a much healthier position to get credit cards and get access to more credit.
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And banks took notice of that.
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So lending standards loosened a bit during the pandemic.
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And young people also got access to credit cards.
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Part of that is just because of the Internet.
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It's a lot easier to mobile bank today.
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Most people who belong to a bank have that banking app on their phone, so they can easily, with the touch of a finger, extend their credit limit or apply for a new credit card.
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The internet has really democratized financial literacy.
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You're seeing all types of people from various socioeconomic backgrounds getting on the internet, on Instagram or TikTok to share how they paid down all their loans, how they were able to invest their money, how they're planning to save for retirement.
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WSJ Your Money Briefing · How Some in Gen Z Enter Adulthood With High Credit Scores · 23 Jul 2024
podcast
Let's say a kid is signed up as an authorized user at 13.
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If that parent never misses a payment on their account and they keep the utilization low, that kid could have over 10 years of good credit history by the time they graduate college.
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They're basically adding their children as authorized users on credit cards that they already have.
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And so this enables them to, in some cases, receive a separate card with their child's name on it that they can choose to either give to them or hold on to while they build their credit.
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This is something that's really becoming a lot more common.
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More than 690,000 22 to 24-year-olds had an authorized user card attached to their file last year.
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That's compared with 285,000 consumers who were the same age a decade ago.
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And that's data from TransUnion.
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Well, interestingly, it depends on the credit card issuer.
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Some issuers and banks don't have an age limit.
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So you can sign your kid up for an authorized user card as early as... There's no age limit?
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Showing 341–360 of 1,572 · page 18 of 79
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