Trying to build credit? You had better hurry up!
One of the best ways for a teenager to start building credit is about to end.
Having a parent add a child as an authorized user with their own SSN on a long-standing and high limit credit card has for years been an easy way to quickly build credit and start off with a high credit score.
Starting later this year only the primary credit credit card holder will get FICO credit for the account.
The authorized account holders were always given credit in the past as a benefit for college students to build their credit.
The reason for the change was because some people were renting out their authorized accounts to non-relatives who just wanted a quick and unfair credit boost…
I wonder how this change will affect everyone’s credit scores…