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

They could call their bank and see if they could remove themselves as an authorized user in that case. matched

There are some risks. matched

I mean, it's really hard to get around these days without a credit card. matched

More than 80% of adults had a credit card last year, and 65% of adults who had a credit card were between the ages of 18 and 29, according to the Federal Reserve. matched

So it's a lot more common to have a credit card, especially at a younger age these days. matched

But let's say you were a kid who was an authorized user on your parents' credit card, matched

And so you're able to qualify for a credit card with a much higher limit than you're used to. matched

Some financial advisors worry that that could incentivize that kid to spend more than they can afford. matched

It could be really helpful. matched

So a high credit score could help you be approved for an apartment a lot faster. matched

It could help you get a more competitive interest rate on an auto loan or even a mortgage. matched

I've talked with parents who were authorized users when they were younger, and they've said that it really improved their credit score and it helps them qualify for apartments for 4% or lower interest rates on mortgages. matched

And for other things, too, like car loans. matched

So they're doing it because they saw the benefit it had for them when they were younger, and they want that same benefit for their child. matched

It's a lot harder to get around today without access to credit. matched

In some cases, people are charging customers who want to pay in cash. matched

So for a lot of parents, this is a way to extend a little bit of freedom to their kids and give them the opportunity to still go out and spend while also being able to monitor that activity. matched

I've spoken with some parents who impose credit limits when they do give their teens these credit cards. matched

And that allows you from your phone to see exactly what your kids are spending money on, how much they're spending, and potentially cut them off if they're spending too much. matched

For one, they should see if there are any age minimums associated with putting their kid on as an authorized user with their bank. matched

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