An Authorized Credit Hack!
A lot of the credit lessons that we learn in our community tends to happen after we have been declined for a card. It’s impossible to be approved for a line of credit when you have little to no credit. I was baffled when I was told that bad credit is better than no credit. But how are you suppose to acquire a credit card when you have no credit? It took me enrolling to college & applying for cards at a career event. I was instantly approved for 3 cards. The down side was I didn’t fully understand how credit cards worked & the cards I was approved for had very low credit limits & extremely high APR’s.
My mother did not know about credit cards & wasn’t able to provide me lessons on how to preserve my credit. I was out aimlessly swiping my heart away not knowing the damages I was doing to my financial footprint.
Let Me Let You In On A Little Secret
Imagine your 18 yr old applying for a line of credit fresh out of high school & being blessed with a 750 fica score with no effort. In my opinion, the is one of the GREATEST gift you could give your child. This is truly a key to open up financial doors that were not available to us. The advantages of adding an offspring as an authorized user is endless. With this power, they are able to purchase a vehicle with a lower interest rate or have higher chances of being approved for a business loan. With minimal effort, you can add your children as an authorized user to any credit card account that is in good standing.
Simply log into your account & look for the option. Once you have them added, a card with their name will show up in your mailbox. I find it a best practice to just dispose of the card to prevent it from ending up in the wrong hands. All you have to do is just continue being a responsible card user. You can add a child as soon as they get a social security number so at any age, they can start building credit.
If you need more detailed information, I’ve added a video below from Water Your Soil. He’s a YouTuber who speaks of setting your kids up for success.
🤎🖤Black Love ✊🏿 Black Power ☮️ Black Peace to my 🌡 Community.
