What's up, everybody welcome back to the channel. First of all, thank you everybody. We have finally hit the two hundred two thousand subscriber like accomplishments on I'm gold. So I'm so happy that we have accomplished that goal.

So everybody. Thank you so much I'm doing the Amazon giftcard giveaway very soon, so stay tuned. I'm gon na be posting a video within the next few weeks on just making sure you've qualified, then I'll start to draw a link and then we'll go from there, but definitely gon na get that to you. Today's video, though, for anybody who knows me who doesn't know me my name is Walter.

This is my channel, the credit commercial channel. I like to put you on game today, I'm gon na put to us some game. I think there's some really crucial game that a lot of we don't learn this for school is, unfortunately, a lot of people. Don't talk about it.

I'm gon na put you on game, and this is um. This is free game. This is me giving it to you for free, I'm not charge enough for authorized users and how beneficial this can be for anybody. Whether you've already had credit history, whether you're getting started, because if you're somebody like me, my story, I didn't have credit.

I don't really have anybody to go to how to kind of start from scratch alright, but we want to make sure that sacrifice is not done every time. Somebody and your family's board. We have somebody that can actually uplift people, friends or family, so that's gon na be today's video authorized users the pros and the cons of doing it early. You can start all that good stuff make sure you like to subscribe.

This is gon na, be a really good video. Let's get into this one, alright, so authorized users so age requirement. Now this is going to depend on what bank that you're using some authorized user cards can that you start at age. Eighteen.

I know people who've had no children, don't authorized user cards and a company like let's say American, Express lets. You start at age, thirteen years old to add somebody when your credit card has an authorized user. Now, what is authorized user, let's kind of get into the basics? First, if you may not know what it is, it's a kind of make it really simple authorized user is somebody who may have a credit card with their name on it under your credit card account. So let's say I will also have a credit card account for ten thousand dollars right.

That's my credit limit. I put my brother or I put my girlfriend or somebody on my card. They get their own credit card with their name on it and they use it to make purchases, so I don't have to be there. I don't have to babysit them when they're making purchases, they have the purchase power to make purchases all the way up to that $ 10,000 limit, possibly if they wanted to, they have my account.

It's just the card is on their name. That's what authorized user' card is now here's the thing, though, I'm all responsible for the bill, since it's not in their name. So it's really important to make sure that you're added authorized users that you trust to help build. You know to help.

You know you got to make sure you trust them, because, if you're giving somebody the card and they're racking up ten thousand dollars, they're not legally obligated to pay you back, so you got to make sure it. I'm not saying this is gon na happen to you and make sure you're prepared at any given time that something can go wrong. You're gon na be responsible for the bill, so you want to make sure that that's a really big commitment that you're willing to take on okay. So that's what authorized user' card is so the first way is obviously one you give them a card they can use.

It to make purchases it's really good because and they use it to make purchases, but depending on what kind of cards you have, you know, you obviously get points for it and all that good stuff. So that's awesome for you and you know they get to make purchases and kind of really learn or kind of build their credit and now here's the thing they get to make the purchases. You know you might want to set up some time a payment arrangement. I listen whenever you, you know, obviously, whatever you pay whatever you spend, you want to pay me back when the bill is due.

Obviously, and you get the points and all that stuff depend on what the points are now here is a really big perk. We have two different situations: typically, we have a authorized user, the first authorized user pretty much, never had a credit card before, like I said I put my brother on my American Express card since he was about fifteen or fourteen years old. Okay, tremendous tremendous tremendous gun is gon na, be a tremendous help for him. I didn't have anybody that I did that.

For me I was 19 or 20 when I started just imagine when I was just imagine when I was 14 or 15 starting. I gave him a card and you know you can do this two different ways like I said you can give them the card with our name on us and charge it or, if you really just want them just to have it with our credit, you don't have To give them the card, the card typically comes to your address, so you can kind of keep the car to yourself. You can maybe even rip it up or something you don't have to give them the card. It can strictly be used for credit, booting purposes and my situation and one of my brother actually learned how to be responsible, because in a real world we did not.

You know, written, you know the real words not going to say: okay, Walters brother, we're gon na. Take your card from you, it's gon na! Let you build your credit. The world was gon na, be tempting you to make purchases the world world's gon na. Be tempting you to do this and do that and you got to be financially responsible in the younger.

You learn that I think the better, especially in this world, where credit is so necessary. Okay, so gave from the car. Those are the two ways you can do it give them the cardia don't either way it's gon na help them. I gave them the card or again to teach them how to be responsible.

Here's the benefit this can help build their credit. Now, how can this help build their credit, I'm depending on the bank and again a lot of these things are dependent on the bank, so some credit card companies again one that you start at age 13 like American Express does. Currently, you can sign somebody up as little as age 13, which is amazing, some companies, age 18. You have some companies that you want to always make sure you give a phone call to some companies will report to credit bureaus, which means, if you had a credit card for five years, and I you sign your friend up on your authorized user' cards every month.

Now that you make a great payment, that's gon na be reflected on their credit report. Okay, because they're authorized user' on your account, and you know all that great payment histories - and we reflected all the age is gon na, be reflected. That's awesome and you want that regardless, if you give them the credit card or you don't give them the credit card and you hold it, you can really have somebody benefit it's kind of like a piggyback for people that you know and that's when it's really best Effective and that's how you can put people on game for people who are in your household or in your family who don't have credit, and you want to help them, help them like this. You don't even have to give them the credit card.

This is really best effective, like I said, is mostly effective and more effective when we have somebody who doesn't have that much credit, because it's going to help them tremendously as opposed to somebody who's had credit, maybe messed up a little bit and you know United. You know now they're trying to get back on our feet out of the way it's good, it's gon na help them both out one. Is it's gon na be faster than the other one, because one has no mistakes and maybe the other one does. But it's okay.

It's it's er, it's not a marathon! I'm sorry! It's not a race. It's a marathon! All right! So get it there, get it they're good to credit up. That's the benefit! I can make sure you know the age requirements for the bank and make sure that the bank that you're trying to choose, let's report to the credit bureau for the authorized user'. If it doesn't report to the credit bureau for the authorized user', you don't want to get the card.

It's not going to be helpful. It's no point for the authorized user to use the card to benefit them at that point. It's really just benefiting you. As far as giving you more points and things of that nature, but it's not really helping them and when you add somebody as an authorized user, you really want to be helping them and again, like I said, you really want to make sure your you're, adding people That you trust everyone and give them a card.

You know one thing I like about American, Express that I know no other car company does I'm putting you on game American Express lets. You set a limit for that cardholder monthly when the statement sucker rolls over. So the minimum is $ 200 and I don't believe I don't know what the max is. The minimum is 200.

So when I had at my authorized ruse with my brother on the card, they asked me well, what do you want the limit to be at first? I just put it at a small 200 and then, as time got better and he got more responsible, and I seen that I could really he's really doing this he's awesome. I've increased it a little bit more obviously, and I keep a limit on it to kind of make sure he's within that limit, and this teaches him how to be responsible, because not every credit card you know has no. Mostly every credit card has a limit right. So I'm teaching him how to stay within that 20 percent utilization and all that stuff to really help him when he gets his own credit card in a real world to be perfectly fine and tip-top shape.

So that's what the authorized user does guys again. It doesn't cost the authorized user anything most of the time so like with the American Express gold card, it doesn't cost to add authorized user'. Some credit cards do charge like the Amex Platinum Card. You want to add an authorized user with a platinum card.

I think it's 175 for the first three people, but you most of banks. They don't charge it for this. You just want to make sure again into two things: one, the age requirement. You don't want to add somebody at age 13.

If they don't report at all. You know or a bit, I'm sorry you don't want to even try they don't don't even good to know. Do you know that they're not gon na add them just just don't even look and then also make sure it's being reported to the credit bureaus. I cannot stress that enough.

It is not reported to the credit bureaus. It is not beneficial to the authorized user and you're wasting their time now again to situations somebody who doesn't have credit versus somebody who does. If you are somebody who doesn't have credit. This is a really good method for you, because you are really putting yourself ahead if you're someone who has had credit, maybe messed up, maybe trying to get back on our feet, maybe an in rebuilding process.

It's okay, the best part about credit is, it can always be rebuild, it can always be recycle and it can always be restored. Credit is awesome, it can always be fixed, but it's gon na take a lot more than just an authorized user card for you to really see like I really like to be an 800 club. Again, it's gon na take more than that. It's gon na take.

You know paying maybe with ever you know with other credit cards if you have any debts and you charge-offs things like that, you may want to kind of try to get things removed from your credit report. There's a lot of things we can kind of get in this with a later time. It's gon na take more than just authorized user' card, but don't get discouraged because it does still help out if that makes sense. So that is my thing when it comes to authorized users again, I think American Express is pretty dope.

If you have somebody in your family, that's like 13 at the one you ain't even got to give him the card. Just add him on give him the car. When you feel like it give him the card, you know when you feel like it. I've already my opinion, though I gave it to them from the get-go once he had a part-time job and I see he could have actually afford to swipe with he.

You know to afford, he could actually afford it right. He could actually afford to swipe and pay. I gave him the card because the best thing you can do for somebody is to let them go out there and learn. Don't hold them back, don't Hotel, it don't hold their growth.

Let them be financially responsible, show them how to be financially responsible, because at the end of the day, that's gon na be the most rewarding thing to learn to make mistakes and all that stuff. Alright, so make sure you trust the personnel to make sure you trust the person that you're putting on if you do decide to give them a card, but that's my video for today. If you have any questions about authorized users, you definitely make sure you blow my comments up. Follow me on IG.

Follow me on Twitter and do whatever you got to do accent, questions I'll, be answering questions as much as possible thanks so much for tuning in. I hope you have yourself a great day:.