Credit Cards Center Credit cards from our partners
Reply
Member
Posts: 14
Registered: ‎10-18-2012
0

Question about Authorized Users

Hi guys,

 

My mom has a BoA Visa, a credit union Visa, Citi Mastercard, AMEX (in the order of highest limit to lowest limit). I read on these forums that AMEX is better for increasing the average age of account. Honestly, I need all the help I can get. I'm a student, just starting out with my credit. I've had a Wells Fargo Visa card (unsecured) @ $300 for the past 6 months. I pay my balances off but because of the low limit, my utilization is very high (~50% easily).

 

1. Is there a benefit if my mom (excellent credit) adds me as an Authorized User to one of her cards? 

2. Which of the above cards is better to be added as an authorized user?

3. Do credit card companies do manual reviews when approving for new cards - then they'll be able to find out I'm an authorized user, right?

 

Thank you so much!

Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Question about Authorized Users


KirkL wrote:

Hi guys,

 

My mom has a BoA Visa, a credit union Visa, Citi Mastercard, AMEX (in the order of highest limit to lowest limit). I read on these forums that AMEX is better for increasing the average age of account. Honestly, I need all the help I can get. I'm a student, just starting out with my credit. I've had a Wells Fargo Visa card (unsecured) @ $300 for the past 6 months. I pay my balances off but because of the low limit, my utilization is very high (~50% easily).

 

1. Is there a benefit if my mom (excellent credit) adds me as an Authorized User to one of her cards? 

2. Which of the above cards is better to be added as an authorized user?

3. Do credit card companies do manual reviews when approving for new cards - then they'll be able to find out I'm an authorized user, right?

 

Thank you so much!


The AU account will be included in your AAoA so the oldest card is best for that.   It will be included in your utiliaztion for a card with higher CL and lower utilization will be best for that.   It does not matter at all which brand it is.   If someone looks manually, the report shows which accounts are AU.   FICO does not care.

 

If you pay some of your balance before the closing date your utilization will be lower, but utilization is calculated fresh when your credit is pulled so you only need to do this when your are applying for something.   Note many here always keep there utilziation low, but I consider it more of a hobby or obsession with them.

 

Member
Posts: 14
Registered: ‎10-18-2012
0

Re: Question about Authorized Users

Oh okay. Thanks. Since I have high utilization and a low AAoA, I should probably strike a balance between an older card with a higher credit limit then, right?

 

Ya I recently learned about this 'trick' to keep utilization low. I'm going to do it from here on out.

Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Question about Authorized Users


KirkL wrote:

Oh okay. Thanks. Since I have high utilization and a low AAoA, I should probably strike a balance between an older card with a higher credit limit then, right?

 

Ya I recently learned about this 'trick' to keep utilization low. I'm going to do it from here on out.


Maybe give preference to the older card, since you can control the utilization with the "trick".  

 

Maybe do 2 cards.

 

Member
Posts: 14
Registered: ‎10-18-2012
0

Re: Question about Authorized Users

Makes sense Smiley Happy Thanks!

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.