Establishing Credit at a Young Age: Set Your Kids up Right
In this episode, Troy Millings speaks with credit expert Shonda Martin to discuss the crucial topic of establishing credit at a young age. Shonda stresses the importance of setting children up for financial success by adding them as authorized users on credit cards at 16 or 17 years old, ensuring they have an established credit profile by the time they turn 18. She emphasizes that simply turning 18 does not automatically grant a FICO score and outlines the necessary credit history requirements for it.
Shonda also delves into the misconception regarding the impact of adding children to credit…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.