The Moneyist: ‘It’s a mother thing’: My kids are authorized users on my credit cards. They’re 25 and 29. Will it hurt their credit scores if I remove them?

by | Apr 15, 2023 | Stock Market

April is National Financial Literacy Month. To mark the occasion, MarketWatch will publish a series of “Financial Fitness” articles to help readers improve their fiscal health, and offer advice on how to save, invest and spend their money wisely. Read more here.Dear Quentin, When my kids were younger, I added them as authorized users on my credit card. I did this in case of emergency, and to jump-start their credit. They are now adults, 25 and 29. My son has his own house and credit card and has a decent credit score. My daughter tries to live a very simple life, farming and living in a tiny house. She is not interested in getting her own credit card. 

It might be time for a conversation about removing their authorization from my card. I am looking to find an optimal time and I want to minimize the impact on their credit scores. Note that I never carry a balance unless it is their purchase and can be moved to a fixed payment plan. They send me the money monthly until it is paid. I suppose one option would be to keep them as authorized users forever, but someday I won’t be here, and that may not come at the best time for them. Yes, I actually think like this. It’s a mother thing. In any case, what would be the best option, recognizing that they are individuals and the plans may be different for each of them? Helicopter MomDear Mom, Your children are fully functioning adults. Th …

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