Being the oldest of the three siblings, I want to make sure that I can help younger sisters succeed in life. What better way to do it than to help them build credit? Now there are different ways for younger people to build credit, but I felt that this was the easiest way and the risk of destroying my credit would be zero percent.
How did I pull it off?
I made them an authorized user of my credit card.
Now some of you may say, “There is no way I’m letting my younger brother or sister become an authorized user. That could ruin me forever!” To completely minimize the risk, I made them an authorized user without giving them the credit card.
Have the company send the card to your address then cut it up. So when you use the card, it looks like its your sister or brother using it. Every time you pay in full, it shows up like they pay in full and on time. I have done this to both my sisters and it has worked like a charm. So to recap here with some awesome bullet points:
- Make siblings authorized users
- Do not give credit card to new authorized user
- Spend and pay on time as usual
- Watch in amazement as your sister and brother’s credit grow
Thats it! Real simple and painless. Hope this helps out those newbies out there in a small way. This technique also works if you’re a parent trying to help your kids build credit as well.
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