Adding an authorized user to rebuild their credit?

[Anonymous]

It's not going to rebuild credit but it will add positive history so depend on each situation. If they have hardly any history it can only get better. Adding more accounts to my profile will do nothing because I have long standing good accts mixed with bad marks throughout. Name of someone that used to live at your address will match up and work

[Anonymous]

My wife added me as an authorized user and my score has not gone up in about 7 months. Her score goes up about every 2 weeks. We have an 18K limit but with about 50% utilization. We probably pay about 1500-2000/month on it as well.

[masscredit]

Looking at the info that she sent me, she has 15 credit cards reporting on TU and 19 on EQ. Most of those are old, a bunch were in her BK and none of them have limits of more than a few thousand. 

[ohmicki392]

Yes it worked for me. I was a little chicken at first so I only added one card  with a long history  and a 1500 limit in April 2013. I only saw a small boost like 15 pts. So I added two more with 10 and 25 yr histories and a much larger limit 25k. I started with scores of 505, 522, 538 in April. I was preapproved for a FHA loan in September 2013 with scores of 558, 624, 649. What I learned from it all is that length of payments is important but the amount of credit extended is more important along with the utilization. If you have both you will see a change. 

[Anonymous]

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@masscredit wrote:

I'm thinking about my Cap 1 and Barclay Rewards card.  One thing about the Cap 1 is that I'd like to combine all of my cards at some point. That one would be closed. I guess if I do that, it will still be on her CR for 10 years?  And then I can add her to the card that everything has been combined into for the higher limit. 

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Hey Masscredit.  Don't know about Barclays, but I believe not to long ago CA reported some problems with Cap 1 when an AU was added.  There is some question about if adding an AU is causing problems with Synchrony Bank.  There is a thread currently in the credit card forum about AA from Synchrony Bank and I believe one poster had the account shut off from further activity and only thing that happened was adding an AU.  Last year I added my mom to my Amex and Cap 1 card, but removed her when she got her own cards a few months ago.  Seems like the banks are tightening up again and hopefully it won't go back to as bad as it was in 2008-2009.  You can search the forum for the postings on AUs.  Good luck. 

[masscredit]

I wouldn't add her to Synchrony. Just one of two Cap 1 cards. They offer adding a person as an AU for a reason but I wouldn't want to jeapordize my account(s) by doing that.  I'm going to have to do some more research. 

[Anonymous]

Before my husband and I were married I added him to all my credit cards as an auth user. You don't have to live together etc.. the auth user doesn't have to use the card, they basically are piggy backing off your credit. I would add her to your lowest utilization cards that has been opened the longest. It will help her build credit. If she didn't burn Cap one in any way charge off/banko then she could possibly get a card with them really easily. She could try the pre qualificator on their site. After about 6 months of her being an auth user on your stuff she should see her score increase. Also realize that whatever happens to those cards while on them will also affect her, and if you also take her off those cards that will also change her scores since she's no longer an auth user. No one can ever demand payment from her either when an auth user.

[Anonymous]

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@masscredit wrote:

I've done some research and have read mixed posts. I'm thinking about adding my sister to one or two of my cards to help rebuild her credit. The cards are 3-4 years old and have limits over $10K. Would this help? From what I've read, this won't hold much (if any) weight a person doesn't have the same last name and live in the same house (true, not true?). We have the same last name and she has resided at this address in the past.

A little history - she has a BK that was discharged the beginning of '15. There is a tax lien which was paid and a few baddies that went along with the BK. EX score though Discover is 573.

What do you think? 

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Just have her app for a Cap One Platinum card to get her started. If she is denied that, then she may have to go with a secured card for 6 months first.

[Anonymous]

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@Anonymous wrote:

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@masscredit wrote:

I've done some research and have read mixed posts. I'm thinking about adding my sister to one or two of my cards to help rebuild her credit. The cards are 3-4 years old and have limits over $10K. Would this help? From what I've read, this won't hold much (if any) weight a person doesn't have the same last name and live in the same house (true, not true?). We have the same last name and she has resided at this address in the past.

A little history - she has a BK that was discharged the beginning of '15. There is a tax lien which was paid and a few baddies that went along with the BK. EX score though Discover is 573.

What do you think? 

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Just have her app for a Cap One Platinum card to get her started. If she is denied that, then she may have to go with a secured card for 6 months first.

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I would also add - don't try to short-cut the rebuild process. It's as much about re-training yourself (to use credit wisely) as it is about rebuilding, and you can't short-cut that process.

[masscredit]

She was approved for a QuickSilver One card with a $500 limit. That kind of surprised me. I thought she would start with a secured or Platinum card.  If I add her to one of my Cap1 cards, it will be the highest limit she's ever had in her name.