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Ok I'm confused about a being an Authorized User on a Credit Card

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ilzhoefer
Frequent Contributor

Ok I'm confused about a being an Authorized User on a Credit Card

I have heard different stories about being an authorized user on a credit card.

I have heard that it can help you and I have heard that it has no affect on the AU credit report.

 

My father added me as an authorized user to his long standing credit card. I am not going to use it, I just want to piggy back on his card to help boost my FICO score.

He's had it a long time and pays it off monthly.

 

Can someone help me understand?

 

 

Message 1 of 4
3 REPLIES 3
Henchman21
Frequent Contributor

Re: Ok I'm confused about a being an Authorized User on a Credit Card

You'll get his history and credit utilization. But some lenders will choose not to count that into your scores if they do a manual review of your report. It would better for you to also have your own revolving account.
2/16/13 Scores EX: 594, TU:513, EQ:563 -- Cap One Secured: $200, Kay's: $400

GOAL #1: 625 -- CHECK!

3/31/15 Scores TU: 621 -- Cap One Secured: $750, Kay's: $900, CareCredit: $1000, Aerie $350, Fingerhut $1350

Goal #2: A travel card. REC ME!
Message 2 of 4
ilzhoefer
Frequent Contributor

Re: Ok I'm confused about a being an Authorized User on a Credit Card

I have a few revolving accounts.

I am hoping that his length 10+ years would help. It's with USAA and they told my father that it would not help me. I disagree, but maybe I'm wrong. This is why I ask for the experts to set me straight. Smiley Very Happy

Message 3 of 4
Henchman21
Frequent Contributor

Re: Ok I'm confused about a being an Authorized User on a Credit Card

It should help your AAoA and utilization(if his is low). I'm not sure if there's any other benefits.
2/16/13 Scores EX: 594, TU:513, EQ:563 -- Cap One Secured: $200, Kay's: $400

GOAL #1: 625 -- CHECK!

3/31/15 Scores TU: 621 -- Cap One Secured: $750, Kay's: $900, CareCredit: $1000, Aerie $350, Fingerhut $1350

Goal #2: A travel card. REC ME!
Message 4 of 4
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