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Question : being an authorized user on credit cards help to get approvals from the same credit card company in future or not?
It did for me. I have two CapOne cards.
I hope it does for me. My goal is to get approved for an AMEX card next year. Dont care much about CITI though I am an AU on CITI as well.
I don't believe it will. Most don't even require a social security number for the authorised user, and they don't keep tabs on authorised users either. They may seperate the spending, but you aren't responsible for any of the charges, so they aren't getting a look at how you manage credit yourself. The only thing it would do is add another account to the reports and that could make it look better, but some lenders ignore authorised users.
Kind of torn on this. Want to say yes and no. If they go by score alone, and an AU accnt gives you a bit of a boost, then yes. But like has been said, many will ignore those accounts and score you on your own.
So the best answer is, if the AU is a good account, good age and low util, it won't hurt you at least.
@Shogun wrote:Kind of torn on this. Want to say yes and no. If they go by score alone, and an AU accnt gives you a bit of a boost, then yes. But like has been said, many will ignore those accounts and score you on your own.
So the best answer is, if the AU is a good account, good age and low util, it won't hurt you at least.
+1
Being an AU is a 2 way street. If you are added as a AU to an account that has a long history and the account is managed well, then a lot of times this will boost your score enough to get you through the instant approval door. If however you don't meet the minimum threshold for instant approval, then when in manual review... a lot of underwriters will not take into account the AU accounts. I have made my neices and nephews AU on my accounts just to build history for them and they were all instant approved for ridiculous CLs with Chase and Barclays. The other side of the coin is this > if you are an AU on an account that is maxed out, has a short history or is not managed well (lates... etc..) then the account is likely doing you more harm then good and affects your FICO equally so.
Thanks guys. I myslef think my AU cards wont help much to get approvals however they are certainly helping me to get my scores built. I am AU on my wife's card. Her credit history is perfect. I am the only one using the AU cards and paying off full to have the scores boosted by them.
I see people of very young age are getting approved for ridiculous limits on prime cards just because their credit is free of baddies. I wish i could get approved too. I can handle high limits but not getting approved because of my pas mistakes (
@sghosh5 wrote:Question : being an authorized user on credit cards help to get approvals from the same credit card company in future or not?
It did in my experience...
@sghosh5 wrote:Thanks guys. I myslef think my AU cards wont help much to get approvals however they are certainly helping me to get my scores built. I am AU on my wife's card. Her credit history is perfect. I am the only one using the AU cards and paying off full to have the scores boosted by them.
I see people of very young age are getting approved for ridiculous limits on prime cards just because their credit is free of baddies. I wish i could get approved too. I can handle high limits but not getting approved because of my pas mistakes (
Being added as a AU to an account isn't the end all be all of making your credit profile better. If you have baddies on your history then adding the AU to your profile is going to have litte to no affect in most cases till the bad history ages or is removed. Having the AU history then (after the baddies are gone)... that's when you will see a great benefit of having the aged account showing up on your reports.
I think the individuals that get the most bang for the buck are those with no history or a thin file.. added as a AU to a long, well maintained account with a good limit. The benefits are unbelievable. There's another thread regarding instant approvals for very high limits because of the AU history added. This indivdual because of the added credit history with high limits got through the instant approval criteria and was approved for high limits comparable to the AU accounts. This is when you will see the best results of being an AU.