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[Music] good afternoon and I hope all of you guys are having a great week today we're talking credit cards and authorized users before we get too far into the weeds I'm gonna start giving a few personal updates in each video if you saw some of my original videos I was in a sling on my right shoulder I'm now two months post folder surgery and I can finally do this pretty impressive right second update we just signed the lease on our rental property in Danville that we analyzed in our deal deep dive and we now have great resident moving in on May 1st this episode is actually guest starring my neighbor behind us here as you can see they're playing fetch with their dog so if you don't want to watch me or listen to what I have to say then just watch the dog play fetch but now let's going to start talking about authorized users and authorized user means that you can have a credit card in your own name but on someone else's account so you can use the card make purchases as if it were your own but you are not primary account holder so this just means that you do not apply for the credit card as the authorized user somebody else does well my parents gave me a credit card when I was 16 for gas I had no idea that I was actually an authorized user on my mom's account no my parents are responsible with their credit this allowed me to build my credit score throughout high school if my parents had been irresponsible with their credit while I was an authorized user on their account and that would have negatively impacted my credit score which defeats the whole purpose of adding someone as an authorized user in the first place so if you're worried about making late payments or you're irresponsible with your credit then do not add anybody as an authorized user I actually know people who get paid to add others as authorized users on their account if you have bad or no credit then they would absolutely be worth it to pay somebody with good credit to have you as an authorized user a practical application of this is to give your child a credit card if you are already paying for some of their expenses such as gas or website you can set strict guidelines make sure they don't abuse their newfound spending power yes there are a few risks with adding someone as an authorized user to your account the first being you are the one ultimately responsible for the charges on that count so let's say you take my advice and you get your kid a credit card to spend off for our gas money or lunch money but they decide they want shopping spree instead at the end of the day you're the one on the hook for that no you can overcome this by setting strict spending guidelines with your authorized user and actively monitor their spending the second risk is this can't affect your credit utilization ratio if your authorized user isn't making big purchases and they're only buying gas or loves money then it shouldn't be an issue but if your authorized user is a frequent spender then you do need to account for this to make sure you're staying below that 30% credit utilization ratio you may be wondering if there's an age limit on when you can add someone that's not the res user it varies company to company but more often than not there is an age limit you should really only add someone as an authorized user when you fully trust them and their ability to control their spending that's all I have about authorized users I highly recommend this strategy if you have kids or you're trying to build your credit thank you guys for watching I would be afraid [Music]