Authorized Users and Credit Scores
04-10-2007 09:22 PM
My wife and I will be purchasing our first home in about 12 months. I currently have a credit score in the low 700s, while hers is in the low 600s. We'd like to boost our scores as much as possible, obviously. I have 3 credit cards in my name, all with good payment history, low balances, and decent limit amounts. I'd like to add her as an authorized user to these accounts to help boost her score. I've already confirmed that adding her as a "joint cardmember" will cause the banks to report these cards on her credit report as well. My question is this: By adding her to the 3 accounts all at once, is that the equivalent of her opening 3 new revolving credit accounts simultaneously? Wouldn't this hurt her credit score? Would we benefit from adding her to the accounts in 2-3 month increments? Any advice you can provide would help immensely.