@Anonymous wrote:
I would like to try to help my wife repair her credit. I've read numerous threads on this board as well as others in regard to adding an authorized user and basically giving that person your previous credit history. In searching here and other boards I'm a bit confused as to how this exactly works. Scenario I add my wife as an authorized user to two of my oldest credit cards both of which have a high available limit and I utilize monthly and payoff. This should give score a decent boost once reported and then she could apply for a card in her name and begin rebuilding. Second part of this question is what effect will adding her as an AU on my cards have on my score? My score is basically excellent and her's is bad/poor. Will my creditors look at her report and then ultimately adjust mine?
In a nut shell I would just like to get her into a position where she would have access to decent lines of credit on her own to rebuild.
Thank you
Hello there. Yes it can help her IF the account is older than any of hers, 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. She will inherit the entire history of this account. She will having charging privileges but on most accounts she will not be responsible for paying any balances.
Simply adding her as an AU will have no effect on your credit but if this account goes south you credit will be hurt. Be aware also that just being an AU on your accounts will not automatically qualify her for new credit in her name.
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
