How to build your kid's credit before they turn 18

Core Insights - The article discusses the importance of building credit for children, emphasizing that an early start can lead to a more stable financial future [2] Group 1: Understanding Children's Credit - Children can indeed have a credit score if their name is associated with a debt-related account [3] - Parents often overlook their children's credit scores until they need to secure loans or apartments, which can lead to poor credit outcomes if not addressed early [3] Group 2: Strategies for Building Credit - Adding a child as an authorized user on a parent's credit card can help build their credit history, as the account details will appear on the child's credit report [4] - It is crucial to select the right credit card for this purpose, ensuring that the parent's credit history is positive to avoid negatively impacting the child's score [5][8] Group 3: Monitoring and Protecting Credit - Parents should regularly check for credit reports in their child's name to identify any errors or fraudulent activities [9] - For children over 13, parents can request credit reports online, while for those under 13, requests must be mailed to credit bureaus [10] Group 4: Educating Children about Credit - Teaching children about credit is essential to ensure they understand how to manage it responsibly as they grow [11] - Financial education can begin as early as elementary school, incorporating activities like role-playing and using debt payoff calculators to illustrate financial concepts [12][13]