topic Re: Authorized Users? in Bankruptcy

Authorized Users?

Anonymous — Sat, 10 Mar 2018 23:15:27 GMT

I'm seeing mixed opinions on AU.

If you are added as an AU on someone's card that has an awesome credit history, no lates, and doesn't carry a balance, does it actually help your score and approvals? Obviously, some accounts with derogatory info in the past would not be worth it, but with a good history, I would think it would.

And, if you were to be added to a specific card, like Cap One for example, would that help with credit limit and terms that you are offered when you eventually app for the same card?

Does anyone have experience with this?

Re: Authorized Users?

Anonymous — Sun, 11 Mar 2018 02:54:40 GMT

I was added as an AU on one of my mother’s Cap One cards prior to filing when I was hoping to improve my credit without filing BK. My scores just 75 pts in 2 weeks. However my credit was so far shot that it didn’t help in approvals. She removed me as an AU and we filing BK. As soon as my attorney gives me the go ahead and I’m going to have her add me back on in hopes that will help with approvals after discharge. It’s a 13 year Cap One cars with 0 late payments. It will help a ton. We’re also hoping to get financed through Cap One for a vehicle down the road so I’m hoping this will help with that.

Re: Authorized Users?

Anonymous — Mon, 12 Mar 2018 20:33:14 GMT

I'm seeing mixed opinions on AU.

If you are added as an AU on someone's card that has an awesome credit history, no lates, and doesn't carry a balance, does it actually help your score and approvals? Yes, depending on what else is on your CR. Obviously, some accounts with derogatory info in the past would not be worth it, but with a good history, I would think it would.

And, if you were to be added to a specific card, like Cap One for example, would that help with credit limit and terms that you are offered when you eventually app for the same card? It helped me with BoA several years ago,

Does anyone have experience with this?

Re: Authorized Users?

Anonymous — Mon, 19 Mar 2018 17:16:02 GMT

I am interested in hearing more about the benefit of being added as an authorized user as well.

From my *very limited* experience, I think the answer is yes it helps with approvals. With filing CH7 I started to talk to my kids more about credit and finances. As I started rebuilding after my discharge, I started paying attention to their credit profiles as well - which at the time contained nothing.

I added myself and both of my kids as authorized users to my BF's secured discover (initial limit of $300) and opened each of them a Self Lender $500 loan.

As of today, both of their FICOs are over 700, all within less than a year.

They now have, on their own, the following cards:

Son (FICO 740)	Limit

Capital One Journey	$300
Discover	$500
AMEX Gold (Premier Rewards)	No pre-set spending limit

Daughter (FICO 723)	Limit
Capital One Journey	$300
Discover	$1250
AMEX Gold (Premier Rewards) *pending security review	No pre-set spending limit

I have also added myself as an AU on their cards as well and I *think* it's helping me in return???

Re: Authorized Users?

Scupra — Mon, 19 Mar 2018 17:56:52 GMT

Some lenders wont look at AU accounts. In most cases it ends up helping out.

Re: Authorized Users?

Anonymous — Mon, 19 Mar 2018 18:37:52 GMT

Side note: It does help with utilization.