Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
…But it says to do so, one’s account is immediately closed? That gives me pause — as normally a closed card is no good for your credit — unless they are really reinventing things and then I’d wonder why they didn’t call this out.
They close the account and report a new one as co-owner with the higher limit. What’s so hard to understand?
 
I'm interested in getting my son as a participant on my card. He's 25, graduated from college, living with us, and unemployed due to Covid slamming his field. He has part time work for maybe 20 hours/week at minimum wage, has about $10k in the bank and is unable to qualify for a credit card on his own. If I put him as a participant on my Apple Card then he can supposedly build a credit history despite not being responsible at all for any payments at all on the card. I'm struggling to see how that gets you a credit history unless they can track his credit spending and his corresponding contributions to the card's payments. Can anybody enlighten me please?
 
Re: Mick-Mac

Rather than reinventing the wheel here, I'll point you to an article that is a good primer on managing credit scores:

 
I'm interested in getting my son as a participant on my card. He's 25, graduated from college, living with us, and unemployed due to Covid slamming his field. He has part time work for maybe 20 hours/week at minimum wage, has about $10k in the bank and is unable to qualify for a credit card on his own. If I put him as a participant on my Apple Card then he can supposedly build a credit history despite not being responsible at all for any payments at all on the card. I'm struggling to see how that gets you a credit history unless they can track his credit spending and his corresponding contributions to the card's payments. Can anybody enlighten me please?
He becomes a co-owner on the card and your payment history becomes his. Just the same as adding your wife as a co-owner on a card, the card history gets reported to both credit reports.
 
Credit cards are superior to other forms of payment when used properly. I have 5 credit cards and generally net about $50 per month in cash back, all while paying zero interest.
And for you there's millions of people not using them properly, which is the entire problem.
 
I love how apple rebranded the 'Authorized User' and people are acting like it's some revolutionary thing... haha.
This is different than simply being an authorized user. If someone is removed as an authorized user, like say from a divorce, the credit history is removed for the AU’s credit, possibly causing a significant ding to their credit file. With this, both cardholders are responsible parties for the credit line and the it will remain on both reports.
 
I'm a little unclear on the credit building benefit for a participant vs. a co-owner.
Does a participant still get a benefit, assuming the card is well managed? Or does one really need to be a co-owner to get help a child get one's credit history built up.
 
  • Like
Reactions: DoubleFlyaway
He becomes a co-owner on the card and your payment history becomes his. Just the same as adding your wife as a co-owner on a card, the card history gets reported to both credit reports.
so - you're saying "participant" does not help build a credit score? He needs to be co-owner? (I had same question for my sons, both over 18, and trying to ensure they get this credit building benefit)
 
Register on MacRumors! This sidebar will go away, and you'll see fewer ads.