There's no law against it, but because minors can't sign legally binding contracts, no bank will give a credit card to a minor without an adult as a co-signer or primary account holder.
A child generally only needs to be 13 to 15 years old to qualify as an authorized user and start building credit, while some card issuers have no minimum age requirement at all (read about the minimum ages for each card issuer).
As we mentioned, a child can't open a credit account independently, but you may be wondering, “Can I add my child to my credit card?” Yes, a parent can add their child as an authorized user on a credit card, given the child meets the credit card issuer's minimum requirements.
If he used her Social Security number for the purpose of creating a new identity and leaving his old, bad credit history behind, that is fraud and is punishable by law. The companies he defrauded may choose to take action against him, especially if he defaults on his debts.
Adding a child as an authorized user can build their credit
Note: Some banks, like Chase and Citi, don't ask for an authorized user's Social Security number. However, credit bureaus can still match up the user's date of birth and address with a credit file.
If you have an IRS.gov account, you can request the PIN through the dedicated online tool. You'll need to verify your identity and do the same for your child to get a PIN for them. If you can't complete the process online, you might be able to apply for a PIN using Form 15227.
Children typically don't have their own credit reports. However, some minors might have one due to a few potential situations; it could be as harmless as them being an authorized user on a parent's credit card, or a sign of identity theft or fraud in their name.
Building credit for your child will put them on the path to a better financial future. Add your child to one or more of your existing credit cards or, if they are of age, consider jointly opening or co-signing a loan or credit card with them.
Greenlight reports activity from the authorized user to the credit bureaus, and that's a good thing for building your child's credit — as long as the primary user pays off the card's balance on time and in full each month. Authorized users may use a credit card, but they aren't responsible for making payments.
The truth is, there's no universal “starting credit score.” While the lowest possible FICO score is 300, this isn't where you start. Instead, if you haven't started using credit yet, you have no credit history and no credit score — also referred to as unscorable or credit invisible.
Whether your child is off to college or living at home, make sure they can access funds when needed. When you add a child as an Authorized User you can keep track of their spending in real time. Enable instant purchase notifications and receive real-time alerts through the Capital One mobile app.
You'll need to be at least 18 years old to sign a credit card contract; however, since the Credit Card Accountability Responsibility and Disclosure Act of 2009, getting an unsecured credit card before you turn 21 isn't easy. You'll need to show proof that you have a steady source of income to qualify.
Getting your child a debit card can be a great way to introduce them to the basics of money management, as long as you do so wisely. The minimum age to get a debit card with a checking account at a bank or credit union is 18, but kids as young as six can get a debit card when opening an account with a parent.
As a legal guardian, you can request a free copy of your child's credit report by completing the request form on annualcreditreport.com . This will help you access one free credit report per year from each of the three credit reporting agencies: Equifax, Experian, and TransUnion.
Because people under age 18 can't open their own credit cards, you can't technically open a whole new credit card in your child's name — but you can still add them to yours. Adding someone to your account turns them into an authorized user, which gives them many of the same perks you have as the primary cardholder.
Contact the three credit bureaus.
The credit reporting agencies do not knowingly maintain credit files on minor children. You can find out if your child may be a victim of identity theft by contacting the three major credit bureaus.
You can check for your child's credit report by submitting a request and supporting documents to Experian via mail or Experian's site. You should include: A completed request form. A copy of your government-issued ID, such as a state ID card or driver's license.
As you can see, credit card authorized users generally must be at least 13, but some issuers have different age requirements, and many don't specify any age requirements.
The Young Child Tax Credit (YCTC) provides up to $1,154 per eligible tax return for tax year 2024. YCTC may provide you with cash back or reduce any tax you owe. California families qualify with earned income of $31,950 or less.
A free kids' debit card that comes with both a physical and virtual card, Till Financial gives parents three methods to contribute funds to their child's account: weekly contributions, a percentage match on each deposit your child makes or parent-paid interest.
Consider a free security freeze
If you are the parent or legal guardian of a child under 16, you can place a security freeze on their credit reports. You'll need to provide proof of your identity and theirs and proof that you are their parent or legal guardian.
You can look on a past tax return for your child's SSN if you claimed the child as a dependent on a past tax return. Or you can contact the Social Security office to get a new card for your child.
Spouses and dependents are eligible for an IP PIN if they can pass the identity verification process. Once you have opted in and obtained an IP PIN online, you will need to retrieve your IP PIN online each calendar year as a CP01A Notice will not be mailed.