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I did a little bit of searching but it seems there is no cut and dry answer when it comes to being an authorized user on an account.
Little background: Was irresponsible as all hell 10 years ago, got out of hand with using credit and then just shut down. Seperate reasons put me in a depression and I didn't pay anything and eventually I had accounts in collections. I spent the last 4 years essentially paying cash for everything, my only open account essentially being a **bleep**ty auto loan that I missed quite a few payments on about 5 years ago.
Flash forward to now and I'm trying to get my **bleep** together in my late 20's. Started keeping track of my credit score and how to improve it a few months ago. Contacted the people that had my collections, closed one out with a one time payment, another with two seprate payments, and I have a third that I am about to close out with payments as well. For some reason, when I did this my score went from mid 600's, to 580 on transunion. It's like my score remembered I had all of these collections.
Anyway, I have a $300 CC that I've almost had for 3 months from capital one, essentially paying off whatever the balance is as soon as the purchase posts. Anyway, not sure why I hadnt noticed before, but I had an open capital one account on my credit report with a 16,000 limit and no balance. Opened up in 2011. I was very confused and called them, to find out I'm an authorized user on one of my parents cards. They've never kept a balance on it.
Am I smart to stay on as an authorized user? Are possible new creditors going to see that card and my credit score and be concerned about allowing me any more credit? Just wondering what the best move is here.
Yes. Stay on as an AU. It's helping. Especially if it's an older account. I'm an AU on one of my Mother's 19 year old Citi cards. It helps offest the age of some of my newer cards.
@Anonymous wrote:I did a little bit of searching but it seems there is no cut and dry answer when it comes to being an authorized user on an account.
Little background: Was irresponsible as all hell 10 years ago, got out of hand with using credit and then just shut down. Seperate reasons put me in a depression and I didn't pay anything and eventually I had accounts in collections. I spent the last 4 years essentially paying cash for everything, my only open account essentially being a **bleep**ty auto loan that I missed quite a few payments on about 5 years ago.
Flash forward to now and I'm trying to get my **bleep** together in my late 20's. Started keeping track of my credit score and how to improve it a few months ago. Contacted the people that had my collections, closed one out with a one time payment, another with two seprate payments, and I have a third that I am about to close out with payments as well. For some reason, when I did this my score went from mid 600's, to 580 on transunion. It's like my score remembered I had all of these collections.
Anyway, I have a $300 CC that I've almost had for 3 months from capital one, essentially paying off whatever the balance is as soon as the purchase posts - keep doing this, this is good!. Anyway, not sure why I hadnt noticed before, but I had an open capital one account on my credit report with a 16,000 limit and no balance. Opened up in 2011. I was very confused and called them, to find out I'm an authorized user on one of my parents cards. They've never kept a balance on it.
Am I smart to stay on as an authorized user? Yes, leave it there, it will help as long as the car doesn't have late payments, high balance or other negative items on it. Are possible new creditors going to see that card and my credit score and be concerned about allowing me any more credit? If the card remains in good standing, it will look good. Just wondering what the best move is here.