Re: Authorized user. Wll it help?
06-01-2012 06:54 PM
I do not have very much credit history, only a car loan approximately 4 years old, al on-time payments. I had read here about authorized users. My friend put on in his Amex, my score jumped 30 points over night. I still need a higher score so he is willing to put me on his jcpenney card which is his oldest account. My concern is it is a department store card, will it even make a difference? If he removes me will my score go back down? How does this whole "authorized user" thing work?
Yes it can help you IF the account is older than any of yours (older than your current AAoA is even better), IF the payment history is long and clean, IF the utilization is very low, and IF it will report to the CRA's. Not all cards will do this. You need to ask the company first. You will inherit the entire history of this account. One caveat however; if this account starts to go south your credit will be affected as well. Keep that in mind.
If you are ever removed from the account then you will lose all the history.