Oyin Adedoyin

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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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WSJ Your Money Briefing · How Some in Gen Z Enter Adulthood With High Credit Scores · 23 Jul 2024 podcast

No age limit. matched

So you can pick what year you want to sign that kid up. matched

Some parents have done it. matched

Other cards have an age limit, and that can range anywhere from 13 years old to 16 years old. matched

Most banks don't report the information of an authorized user to credit bureaus until that kid is 18. matched

Parents are really doing this for kids to give them a head start in their credit history. matched

So let's say a kid is signed up as an authorized user at 13. matched

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. matched

And that's going to help them get more credit card accounts with higher limits and other rewards and other perks. matched

Yes, exactly. matched

The kid gets to essentially piggyback off of the parent's credit. matched

That's why a lot of parents are doing it. matched

Part of the reason is, of course, to also have some kind of emergency spending for kids. matched

But the other added benefit is by the time they're old enough to establish their own accounts, they've got a little bit of a head start in that way. matched

So that's the other side of things. matched

And a lot of credit counselors worry about this when it comes to authorized users. matched

Just as a parent's good credit can help their kid, a parent's bad credit could negatively affect their kid's credit score. matched

Let's say a parent starts out with good credit, but then they have a series of missed payments and maybe their utilization increases for some reason, maybe expenses start to increase. matched

That could ding their kid's credit score as well. matched

Yes, they could. matched

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