Authorized User

[wildstang]

I am thinking about being added to a CC account from a relative to improve my score since i have no revolving accts open. They showed me their CR and havent ever missed a payment. The account is about 4 years old. Now will the bank pull my credit to add me or how does that work?

[Jazzzy]

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@wildstang wrote:

I am thinking about being added to a CC account from a relative to improve my score since i have no revolving accts open. They showed me their CR and havent ever missed a payment. The account is about 4 years old. Now will the bank pull my credit to add me or how does that work?

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First, have your relative check with his/her credit card company to ask if they report authorized users to the credit reporting agencies. If they report and your relative adds you to the account, then it will get reported by the credit card company to the credit reporting agencies. Then, it shows up on your credit reports. This should help your credit scores if you don't have any revolving credit.

[daisyduke]

BOFA reports AU's...however, it may take some time! I was added as an AU on Bofa account in August....it has NOT been picked up by EQ yet!

EX first, TU second...still waiting, mid October now...

[MarineVietVet]

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@wildstang wrote:

I am thinking about being added to a CC account from a relative to improve my score since i have no revolving accts open. They showed me their CR and havent ever missed a payment. The account is about 4 years old. Now will the bank pull my credit to add me or how does that work?

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Yes it can help you 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.

Let us know how it goes.

(myfico)
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

CC interest free as of 8/09
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".