Another AU (Authorized User) Question

[ezdriver]

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@Ysettle4 wrote:

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@ezdriver wrote:

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@RKBAGUY wrote:

I'm a new myFICO member trying to improve my credit score.  I have been reading about the value of being an Authorized User on a card, and have someone with sterling credit willing to accommodate me, but I have a couple questions:

1) There seems to be some question about whether or not the new FICO standards will factor for it.  Can someone please get me current on whether or not that went through, and if an AU status will, in fact, help me?

2) What cards will help my status?  Should we be looking at Amex?  BOA Visa?  Others?  Just curious to know if one is better than another for this purpose.

3) Will my lousy credit score have any impact on the grantee who adds me as an AU, thus dragging them down?

Thanks in advance!

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1) My opinion is that being an Au on somebody else's credit tradeline is of little use in building one's own strong credit profile. My recommendation is to get your own tradelines.

2) Any revolving credit tradeline may be used to build one's credit profile. Specific to AMEX, the charge card is not as useful in building one's credit profile as is AMEX's revolving credit card.

3) To the best of my knowledge, having an AU on one's tradeline does not affect one's credit profile/scores ... unless of course the AU charges stuff and fails to pay.

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Not quite correct. Being an AU on a strong TL is beneficial as it provides that welcomed or sometimes required bump in score to enable that person to get in the door with a bank.

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Your statement referes to score while mine refers to one's credit PROFILE. Big difference.

[RKBAGUY]

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@ezdriver wrote:

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ezdriver wrote:My statement has nothing to do with being an AU on another's credit card. It was simply addressing the fact that you are considering applying for those cards while haveing a thing credit profile of your own. If you feel that you can qualify for them, then apply. ALL revolving credit cards contribute to builing one's credit profile. I don't think in terms of which is better unless I would qualify for both.

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Nope.  I said that I wanted to use either an AMEX or BoA Visa as an AU to boost my score and then at some point down the road apply for something on my own accord, though the flow of that idea may have become disjoionted on the forum as the point evolved over a couple posts.  Yes, I completely understand that my profile is thin, at this point my scores hover in the 520's.  However I have a Chapter 7 coming off next month, a judgment that was reversed by the cort that's still appearing on the report, and a satisfied tax lien that still appears.  So I figure with those things corrected, along with being an AU, all of that has got to count for something in terms of getting me closer to a card of my own.

[RKBAGUY]

Just getting back to one last item - which card would y'all recommend?  I have a choice of a BoA Visa or an Amex Optima.  Any opinions on which would be better for the purposes of credit rebuilding?