How Some in Gen Z Enter Adulthood With High Credit Scores

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.8 • 1.6K Ratings

🗓️ 23 July 2024

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

More teens are entering adulthood with an established credit history after spending years as authorized users on their parents’ accounts. J.R. Whalen is joined by WSJ personal-finance reporter Oyin Adedoyin, who explains the pros and cons. Sign up for the WSJ's free Markets A.M. newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:15.0	Learn more at Anthropic.com slash Claude.
0:18.0	Here's your money briefing for Tuesday, July 23rd. I'm J.R. Whelan for the Wall Street Journal.
0:29.0	Members of Gen Z are more likely to have been listed as authorized users on their parents credit cards.
0:35.1	And in many cases, that's given them a head start and tackling some of the financial responsibilities
0:40.2	of adulthood.
0:41.2	Let's say a kid is signed up as an authorized user at 13.
0:44.0	If that parent never misses a payment on their account and they keep the utilization low,
0:49.0	that kid could have over 10 years of good credit history by the time they graduate college.
0:55.0	We'll talk to Wall Street Journal Personal Finance reporter O'Anadoyan, after the break. Meet Claude, the AI Assistant by Anthropic.
1:14.7	Claude can help with any project from brainstorming your campaign to building software.
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1:24.6	Join teams around the world already working with Claude.
1:27.3	Learn more in Entropic.com slash team. More parents are adding their children to their credit card accounts.
1:39.0	Wall Street Journal Personal Finance reporter O'ian Adadoyan joins me.
1:43.0	Oian, why are parents doing this?
1:45.0	They're basically adding their children as authorized users on credit cards that they already have.
1:51.0	And so this enables them to, in cases receive a separate card with their child's name on it that they can choose to either give to them or hold on to while they build their credit.
2:01.0	This is something that's really becoming a lot more common.
2:04.6	More than 690,000 22 to 24 year olds had an authorized user card attached to their
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