A Redditor recently discovered that their father had opened a credit line in their name 14 years prior to help them build credit. Although the account had only one missed payment, the existing balance was close to $3,000, leading to a concerning credit utilization ratio. Following the Redditor's discovery, they opted to remove themselves from the account. The situation sparked discussion in the comments, emphasizing the importance of responsible credit management and the potential benefits of adding authorized users to credit accounts if payments are made on time and utilization is kept low.
On the surface, it looks good. The credit line only had one missing payment over 14 years. If that missed payment was several years ago, then it won't have an impact on the original poster's credit score.
Adding your child as an authorized user to your credit card can be beneficial for them if you make on-time payments and keep a low credit utilization ratio.
Your credit history makes up 15% of your FICO score. This metric continues to bolster your credit score as your credit accounts get older.
Credit age was the father's biggest contribution, as a 14-year-old credit line is more than what the original poster could have developed on their own.
Collection
[
|
...
]