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Authorized user question

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Anonymous
Not applicable

Authorized user question

Hello everyone, I'm new to the board, and I have a question about being an authorized user on someone else's card.

If I get on someone's card, do I also take on their credit history, or just the history of their card useage? I know I shouldn't sign on if they don't regulary keep their card under 25% or so, but I trust them, and they are very responsible with their card. I am going to get my own card within a month, but I wanted a higher score so I could get a better rate when I do apply.

Also, @ how many points on aveage should I expect my score to go up, and how soon will it show on my credit report?

Thanks for any advise you can provide.

Message 1 of 32
31 REPLIES 31
ADARPegasus
Established Contributor

Re: Authorized user question

First Of All Welcome To The Board!

 

You will get the entire history of that card on your credit and also it depends on what FICO model is used. The 08 model will count the authorized user card and the newer FICO system does not. But my score increased dramatically with a 12 year old authorized user card that my Grandmother added me on in 2014 it went up about 60 points because all of a sudden. I had a payment history. Whats on your credit now?

Transunion - 788 05/16
Experian - 745 05/16
Equifax - 740 05/16
Message 2 of 32
chally
Regular Contributor

Re: Authorized user question

I don't think your credit score is effected really by virtue of being added as AU from an AAoA standpoint, nor does utilization of primary have impact.

 

When I pulled my Transunion CR a few days ago, it showed total balance between all cards both as primary and AU, but my actual utilization was calculated from primary accounts only. This is what will impact your score.

 

I would expect new AU to show at CB  a few days after statement cuts.

Message 3 of 32
chally
Regular Contributor

Re: Authorized user question


But my score increased dramatically with a 12 year old authorized user card

Wow, learn somethin new every day!

Message 4 of 32
ADARPegasus
Established Contributor

Re: Authorized user question

Yea but when credit card companys looked closer at my credit they noticed it was a AU card. So it only helps the score!

Transunion - 788 05/16
Experian - 745 05/16
Equifax - 740 05/16
Message 5 of 32
Anonymous
Not applicable

Re: Authorized user question

Thanks Jon,

I'm exactly sure what you mean by what's on my credit, but let me see if I can give you a summary. I have 2 collections, 3 I recently had removed. Had 3 leins expunged and removed, so they're no longer showing on my report. I have a very good payment history (98%), 2 car loans, one less than $500 to payoff, 2 personal loans, one under $200 to payoff. I don't have a mortgage, as I'm in the proscess of purchasing my first home, now. Part of my problem other than the bad marks, is the lack of a revolving account.

 

My TU score from TU is 682, 635 on myfico, Equifax is 617 on the site, but only 590 on myfico. My overall score on this site is 634. I raised my score @ 45 pts in a month's time.

 

WOW! 60 pts? How soon did it show on your report? My aunt has had her card around the same time, and has been pretty good with it. What % of useage is good? Is it @ 25-30% or could it be slightly higher?

 

Message 6 of 32
Anonymous
Not applicable

Re: Authorized user question

Jon,

 by the way, it's a store card, Lowes, not a bank credit card, does it matter much?

Message 7 of 32
ADARPegasus
Established Contributor

Re: Authorized user question

to be honest the lower the utilization the better. My GrandParent barely uses there card so the utilization is at 0% most of the time but occasionally goes up because there's is also store cards. One is Menards and one is JCPennys. It also helps with the limits on the cards as well. JCPennys is $8,100 and Menards is $5,200. How old are your collections? Wait do you have any Credit Cards of your own?? If you don't have any credit cards it would explain why your score is low along with the collections.

Transunion - 788 05/16
Experian - 745 05/16
Equifax - 740 05/16
Message 8 of 32
Anonymous
Not applicable

Re: Authorized user question

I don't have any cards of my own, but was going to apply for one next month. I wanted to make sure my fico 5, which that bank uses, is over 600. I wanted to make sure my score was as high as it could be for right now, before I applied. 2 of the collections are old, but one is within a year. All are medical. So it doesn't matter that it's a store card huh? 

Message 9 of 32
ADARPegasus
Established Contributor

Re: Authorized user question

No it doesnt. But not having any cards of your own is hurting your score because you score is also based on what types of credit you have and not having any CCs or any Revolving accounts is hurting you.

Transunion - 788 05/16
Experian - 745 05/16
Equifax - 740 05/16
Message 10 of 32
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