topic Re: Authorized User in Credit Cards

Authorized User

Anonymous — Wed, 03 Aug 2016 21:08:08 GMT

I have poor credit (CS 615) however my fiancé has Good credit (CS 680). Would she be able to add me as an authorized user onto 1 of her cards. Also, if she is able to then would that help boost my credit if the card stays in good standing?

Re: Authorized User

Anonymous — Wed, 03 Aug 2016 21:15:06 GMT

Yup, my sister added me to her Discover card as an authorized user and I saw a positive increase in my credit score soon after. She barely uses the card and pays it off each month if she does.

Re: Authorized User

Anonymous — Wed, 03 Aug 2016 21:18:37 GMT

Is there a credit requirement? Like would I need to be able to qualify to be put on it or could she just add me?

Re: Authorized User

Meanmchine — Wed, 03 Aug 2016 21:22:34 GMT

You would be subject to possible ID verification. You would also not have any recent negative experience with the issuer of your sisters card

Re: Authorized User

Anonymous — Wed, 03 Aug 2016 21:24:48 GMT

She can just add you. She will have to supply your full name and SSN when she does.

You will become an authorized user on her account, but she will retain ultimate repsonibility for the account usage and payments. So the card issuer doesn't really care about your credit, since it's not going to be your legal responsibility.

As long as you are an authorized user, the usage of the account will affect utilization, available credit, and payment history on both of your credit files. You will not inherit the age of her account, or any of its past history - just whatever happens from here on.

If she eventually decides to close the account, you will not be able to keep it yourself. Any credit limit increases, account information shanges, or other things are still only up to her. She will still receive the bills, and payment obligations are hers (although I suspect you intend to actually pay for anything you charge to the account).

Re: Authorized User

Anonymous — Wed, 03 Aug 2016 21:34:00 GMT

It varies. For some banks, you will not supply your SSN, and in those cases, unless you live together and have the same address on your reports, it will likely do nothing.

It only really helps if it is a card with some history, a good credit limit, gets regular usage that does not bring it close to the limit, and has perfect payment history. So, if she has a brand new store card with a low limit that she maxes out every month, it will only make things worse. If she has a Visa that she's had a few years and only uses 10% of the limit every month and always pays on time, it could give your score a significant boost. (Score is, of course, not all that matters)

Re: Authorized User

Anonymous — Thu, 04 Aug 2016 13:43:10 GMT

I added my wife on my discover card recently and when it reported her score went up 60 points on equifax. She also inherited the complete history and it increased her AAoA. It states on her credit report that she is an authorized user.