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Authorized User

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Authorized User

Hello - I have a question and I hope someone can help me.   Both me and husband have our own BoA cc.  We each had a BoA cc prior to us getting married.  I had my BoA cc since 1998 with a current $25K credit limit.  He had his BoA cc since 1999 with a current $1,400 credit limit.  My husband is in the process of repairing his credit (he has paid off 95% of his debt and he is currently paying his cc (i.e.., BoA, Discover, CreditOne) off every month.  To give his score an extra boost,  I was thinking since I have pretty good credit is to make him an authorized user on my BoA cc that way he will inherit my credit history and credit limit.  I assume his credit history will not impact my BoA credit limit???  Well if I make him an authorized user I am thinking it would make since that he would cancel his BoA cc.  Would the cancellation affect his score any further?  Does this plan make any sense?

 

Thanks

Message 1 of 4
3 REPLIES
Moderator Emerita

Re: Authorized User

Hi, welcome to the forums!


yoyorivers wrote:

Hello - I have a question and I hope someone can help me.   Both me and husband have our own BoA cc.  We each had a BoA cc prior to us getting married.  I had my BoA cc since 1998 with a current $25K credit limit.  He had his BoA cc since 1999 with a current $1,400 credit limit.  My husband is in the process of repairing his credit (he has paid off 95% of his debt and he is currently paying his cc (i.e.., BoA, Discover, CreditOne) off every month.  To give his score an extra boost,  I was thinking since I have pretty good credit is to make him an authorized user on my BoA cc that way he will inherit my credit history and credit limit.  I assume his credit history will not impact my BoA credit limit???  Well if I make him an authorized user I am thinking it would make since that he would cancel his BoA cc.  Would the cancellation affect his score any further?  Does this plan make any sense?

 

Thanks


If he becomes an AU on your card, he will inherit the clean history on that card only. He won't inherit your entire history. (Not sure if you realized that.)

 

His history won't affect yours in any way.

 

He should not close the BofA. Negative history will remain whether the account is open or closed. If he keeps it open and builds up a string of clean history on the card, it will be more helpful than simply being an AU on your card. (It's his own card, not yours.)

 

Cancelling the card could affect his score in that he will lose the CL on the card, and he will have one less open revolving TL.

 

I would advise adding him to your card AND keeping his own open, adding many months of clean history to it.

 

For more thoughts on what happens with closed cards, read fused's "Closing Credit Cards" in my siggy below.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 2 of 4
Valued Contributor

Re: Authorized User


haulingthescoreup wrote:

Hi, welcome to the forums!


yoyorivers wrote:

Hello - I have a question and I hope someone can help me.   Both me and husband have our own BoA cc.  We each had a BoA cc prior to us getting married.  I had my BoA cc since 1998 with a current $25K credit limit.  He had his BoA cc since 1999 with a current $1,400 credit limit.  My husband is in the process of repairing his credit (he has paid off 95% of his debt and he is currently paying his cc (i.e.., BoA, Discover, CreditOne) off every month.  To give his score an extra boost,  I was thinking since I have pretty good credit is to make him an authorized user on my BoA cc that way he will inherit my credit history and credit limit.  I assume his credit history will not impact my BoA credit limit???  Well if I make him an authorized user I am thinking it would make since that he would cancel his BoA cc.  Would the cancellation affect his score any further?  Does this plan make any sense?

 

Thanks


If he becomes an AU on your card, he will inherit the clean history on that card only. He won't inherit your entire history. (Not sure if you realized that.)

 

His history won't affect yours in any way.

 

He should not close the BofA. Negative history will remain whether the account is open or closed. If he keeps it open and builds up a string of clean history on the card, it will be more helpful than simply being an AU on your card. (It's his own card, not yours.)

 

Cancelling the card could affect his score in that he will lose the CL on the card, and he will have one less open revolving TL.

 

I would advise adding him to your card AND keeping his own open, adding many months of clean history to it.

 

For more thoughts on what happens with closed cards, read fused's "Closing Credit Cards" in my siggy below.


 

+1

In My Wallet:
AMEX BCE, Citi Forward, Chase Freedom

In My Sockdrawer:
AMEX Clear, Citi Platinum Select, US Bank Platinum, J.Crew
Message 3 of 4
New Visitor

Re: Authorized User

Thanks so much!!!

Message 4 of 4