joining account instead of adding me as authorized user

[Anonymous]

Will I have more benefits for a higher credit score by adding me as a joining account instead of adding me as authorized user ?  will the new FICO model consider a join account better then authorized user ?

my concern is , since this account is not from my father ,etc.  it's from my friend with a complete different name .

[llecs]

If you have a CC, and that CC is already open, you can't be added as a joint account holder. You can only be added as an AU. If you and your friend wanted to open a CC together, then that's when you are added as a joint acct holder, if that's the aim.

Being an AU is better on a legal standpoint. Let's say your friend uses it or maxes it out. As an AU, you can dispute or contact the creditor to have yourself removed with no legal financial impact to you. If you are a joint acct holder, you can't remove yourself. So, if the account is marked late or defaults, you are stuck with that. You can also be sued too if it every reached that point. AU's don't have that legal and financial responsibility.

Per FICO, it doesn't matter. The FICO scores on here and ones used by lenders fully score AUs. Even the newest FICO8 versions not used by lenders still treat AUs equally. There have been a couple of posts on here where the lender took issue to AU accounts, but that's few and far between.

[Anonymous]

Thank you for makeing me claer the diffrence between this 2 type accounts 

I am going to add my self to a old Citi card with a 25,000.00 limit which is only beging used for about $100.00 each month.

but per John Ulzheimer from www.johnulzheimer.com, he just respond to me saying the following "  the friend thing concerns me.  You'll be find in the older

versions of FICO but the newer ones might discount the benefit. "

So I don't know who is right .....

[GregB]

The short answer to that is that they are both right.

The newer versions of FICO are working toward eliminating, or at least reducing, the positive effect of being an AU on another account. FICO 8 based scores count AU accounts differently if the AU and the account holder are married.

FICO stated the intent is to eliminate the kind of abuse that you are planning.

I don't think anyone knows the exact details. Those details may be different for different FICO models and/or the versions implemented by each CRA.

[Anonymous]

Thanks for makeing it clear to me