Open a credit card in your child's name and social security number?

Question

I was reading that your credit score greatly depends on the length of time you have had credit and that an account opened for 30 years or longer is key to getting you into the 800s. What do you think about opening a credit card in your baby's social security number so he/she will have a good start on the credit score when he/she is ready down the road. Is it even possible and is it too crazy to consider?

Answer 1

It's too crazy to consider. For one thing, it's illegal in most states - minors cannot sign contracts, therefore cannot obtain a credit card in their own name. For another, why would you want to raise your child with values that include abusing credit?

Start a college fund for your baby instead - a much better use of your time and energy! And with a good education and solid values around money and work ethic, your child will have no credit problems when they are an adult.

Answer 2

Credit Card For Child

Answer 3

Really, the world of credit changes so quickly that I would not bother. Besides, better the child learns the importance of all this first hand (opening their own account and the procedures, etc.) when they are old enough. It is NOT true that an account held 30 years is key to getting into the 800's. It's your total credit score from various cards and loans that is reflected not just one card. In addition, unless the card you are considering for your child is used with some regularity, then it will not reflect anything. Let the child worry about this when they are an adult. We did, they will, and so on.

Answer 4

It's fraud. But if you don't notify anyone of it; and your child doesn't, and you aren't messing up their credit. Go right ahead.

A credit card company just checks to make sure that the Social Security number is clean; they don't really investigate to get the persons real name or date of birth or employment information.

It's crazy. Yes. That's true. But I know people (specifically parents) who have done it because they had bad credit and wanted a credit card. They managed the account as to not overdraw and not be late with payments. They added their names as authorized users. After 2 years they closed the account and were able to get their own credit cards. Needless to say the child has pretty strong credit. He's about 19 now. They did this when he was 12.

The bank won't check. Use Capital One. They definitly don't check. Discover card, Diners Club, and Bank obtained credit cards (except capital one bank) check in some occasions to make sure the Date of Birth and Name are correct.

You can get a credit card with your sons social security number and YOUR name and date of birth. That way if you get caught; you can simply say you messed up when you were filling up the application and you'll only get a slap on the wrist.

Good luck.

Answer 5

That is called fraud. It is a federal offense to apply for credit using another person's identity. Also, if the creditor follows the law, they can't issue a credit card to a minor.

If you want to give your child a head start, make them an authorized user of a credit card when they turn 16. Most card issuers will allow you to set a limit of their card, so the child doesn't run up the bill, but it still shows a tradeline on their credit file.

My mom did that for me when I was 16. I'm 24 now, and I have an 806 credit score.

Answer 6

You can't get a credit card unless your eighteen. You can get your child a credit card under his name linked to YOUR acount, by that has nothing to do with his/her credit. Also, regardless of how long you HAVE the credit card, it won't do anything for you credit score unless you use it. In some instances (such as capital one credit cards I believe) the only amount that will be noted on your credit report is the highest amount you've ever used on your credit card, for instance, if you have a five hundred dollar credit limit card, but only use ten dollars a month, your credit report isnt going to be that positivly affected by it because the credit company will only report ten dollars as your credit line, not five hundred. Sorry, to crazy to consider. ALthough, thinking along those lines, if you allow your child to get his/her license as early as possible, then take away driving privalages, therefore leading to no infractions/accidents/points, when they are older and get insurance under their own names, it will be greatly reduced.

Answer 7

I vote for too crazy to consider. The credit must be used, so subsequently you are taking a chance on ruining your child's credit, let alone most lending institutions will ask if you are at the very least over 18... and I think your baby would not be, so right at the start you are not only falsifying information...not sure, but it could be a felony! Might want to rethink that one!

Answer 8

I think it is a terrible idea and it should be a crime. - In fact it may even be a crime - This kind of thing is becoming one of the most shocking kinds of identity theft. Parents who have ruined their own credit - open up accounts in the name of their children and proceed to mess up the child's credit before they are legally of age. And even if all payments were made on time, there is no good reason to do something this. One of the best lessons you can give your child is teach him to save money up for something he wants to buy rather than spending money before he has it.

Answer 9

Actually it's not a bad idea, except for the fact that it's fraud.

Anytime you use someone else's social security number and name to open an account it's identity theft even if it's your child.

Answer 10

I think it is not a good idea. Let your children develop their own credit as they need it. And encourage them to save before they spend in order to be able to afford the things they want and need.