I am looking to apply for a credit card where I can add an authorized user with a cap on the limit that the authorized user can use. What are your recommendations?

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Q: I am looking to apply for a credit card where I can add an authorized user. In addition, I would like to be able to put a cap on the limit that the authorized user can use. My Experian FICO score is a 693, what are your recommendations?

A: The right credit card offer for your situation really depends of what you intend that authorized user to do with their account access.

For instance, adding an assistant to your business account so they can buy office supplies might require a very different account than one you'd use for your college-age student to carry in case of emergencies. In addition, your credit score hovers just below the invisible line many lenders use to make relatively quick decisions. Therefore, I'll recommend a few credit cards from banks that may be able to look past your current FICO score.

Adding a family member for household expenses? Capital One® has one of the most flexible approaches to issuing new credit cards among all major banks. Once the account is open you may add an authorized user to your account but access is revocable at any time, which can help keep that user’s habits in check.

Sending a child off to campus? Discover it® for Students allows parents and children to share an account, which can be helpful if you're concerned about what your child's buying when they're not at home.

Heed one more note of caution before adding a new authorized user to your credit card account. A score of 693 suggests you may have encountered some financial challenges over the past few years. Remember that activity on your new credit card could affect your authorized user's FICO score. While you can set purchasing limits for your authorized user by day or by transaction, you'll still need to keep an open line of communication to manage your overall account together.


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