@Anonymous wrote:
Good afternoon,
Im researching left and right to find a clear answer on adding authorized users to credit cards. I finding all sorts of answers some pre-2008 saying yes and some post-2008 saying it does or doesnt effect the credit history of a authorized user. I personally fell victim to the recession and so did my business forcing me to file for chapter 7 to keep myself afloat and start fresh. I now have no debt and a consistent source of income, and I am trying to build credit. One idea someone mentioned is having a family member add me to their credit card to help boost my credit score as fast as possible. This would be my parents. Theyre willing to help, but we are both unsure if its actually going to work with all the change in the FICO system I read about in 2008. Some mentioned the decisions to not hold authorized users credit score responsible on a credit card was reversed. Ultimately Im trying to be an authorized user on my parents HSBC/Best Buy card to do no interest financing and purchase a new notebook for grad school. In additon add me to their Visa card account, but they would primarily be the only ones making purchases. I hope I gave enough details to get a clear answer here.
Thanks
Brian
Welcome to the forums.
Yes it can help you IF the account is older than any of yours (older than your current AAoA is even better), IF the payment history is long and clean, IF the utilization is very low, and IF it will report to the CRA's. Not all cards will do this. You need to ask the company first. You will inherit the entire history of this account. One caveat however; if this account starts to go south your credit will be affected as well. Keep that in mind.
AU's are generally not responsible for charges made but as always there might be exceptions to this depending on the issuer. What the primary account owner can do is not let the AU have access to the card. Use it strictly for credit building.
Edited for a typo.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
