topic Re: AU (Authorized user) ACM (Additional card member) in Credit Cards

AU (Authorized user) ACM (Additional card member)

distantarray — Sat, 03 Nov 2012 23:41:19 GMT

I just thought I would throw it out, TEACH YOUR KIDS ABOUT CREDIT!!!!

Also ADD YOUR KIDS TO AN AMEX NOW even if they're not 18. So they can lock in the backdating. Your doing them a HUGE favor and also protecting yourself for the future. Let's say they finish High School at 18, and want to get a new car for college, if you add them as an ACM when they're still young they will have all that added age to their credit reports, and all their new cards through Amex will be backdated to when they were added.

1. They will have good history for YEARS

2. They will be able to SKIP subprime cards and get PRIME cards when they turn 18

3. Now they can get a car financed at a good rate WITHOUT a co-signer so your not responsible.

You help them by being able to jump through credit hurdles, and Amex is recommended since you can set their spending limits, and get their own account numbers and statements. I would encourage giving your kids an allowance and give them a small limit when added to your cards and let them experience APR fees and adjust their allowance accordingly if they do not pay you back from their allowance in time. If they carry over too long then close the card. Let them experience it!

Re: AU (Authorized user) ACM (Additional card member)

Anonymous — Sun, 04 Nov 2012 00:30:57 GMT

So amex lets you limit spending for authorized users?

Re: AU (Authorized user) ACM (Additional card member)

trumpet-205 — Sun, 04 Nov 2012 00:34:05 GMT

Thing with AMEX is that they will come after ACM should you default. AMEX actually treats ACM like a joint account user, not an AU.

Re: AU (Authorized user) ACM (Additional card member)

distantarray — Sun, 04 Nov 2012 00:53:39 GMT

@Anonymous wrote:
So amex lets you limit spending for authorized users?

Yep, they get their own member number and their own statements too. They can't see what you buy cause it's different account number, but the primary can see what the ACM buys.

@trumpet-205 wrote:
Thing with AMEX is that they will come after ACM should you default. AMEX actually treats ACM like a joint account user, not an AU.

never heard of that any info on it? regardless if your responsible you can remove them before you default they only need the member start date

Re: AU (Authorized user) ACM (Additional card member)

CreditScholar — Sun, 04 Nov 2012 01:26:15 GMT

I'd be careful with accepting this advice blindly. There have been many reports of Amex not backdating for AUs anymore, so I wouldn't assume this is a sure thing anymore.

Re: AU (Authorized user) ACM (Additional card member)

distantarray — Sun, 04 Nov 2012 01:31:22 GMT

@CreditScholar wrote:
I'd be careful with accepting this advice blindly. There have been many reports of Amex not backdating for AUs anymore, so I wouldn't assume this is a sure thing anymore.

It's a sure thing, your just misunderstanding things.

People can still get backdated to when the PRIMARY FIRST GOT IN WITH AMEX, but it's rare. might take 20+ phone calls to find someone to do it for you.

You can get backdated to WHEN YOU FIRST BECOME A ACM ALWAYS.

people were taking advantage and backdating before they were even born. so if your 13 now and you get added, even if removed off the ACM you first held a card with your name, so when you turn 18 unless things change you should be perfectly fine. My friend was added as an ACM when he was 18. He never had an Amex and never called to backdate, it's been 5 years he finally got one and it still has his member start date of 2007.

Re: AU (Authorized user) ACM (Additional card member)

armbenderc — Sun, 04 Nov 2012 01:43:27 GMT

Is this really true? What if I added my 4 years old to ACM, when legal age comes, 14 years of aaoa?

That's pro.

Re: AU (Authorized user) ACM (Additional card member)

CreditScholar — Sun, 04 Nov 2012 01:45:00 GMT

@distantarray wrote:
@CreditScholar wrote:
I'd be careful with accepting this advice blindly. There have been many reports of Amex not backdating for AUs anymore, so I wouldn't assume this is a sure thing anymore.
It's a sure thing, your just misunderstanding things.

People can still get backdated to when the PRIMARY FIRST GOT IN WITH AMEX, but it's rare. might take 20+ phone calls to find someone to do it for you.

You can get backdated to WHEN YOU FIRST BECOME A ACM ALWAYS.

people were taking advantage and backdating before they were even born. so if your 13 now and you get added, even if removed off the ACM you first held a card with your name, so when you turn 18 unless things change you should be perfectly fine. My friend was added as an ACM when he was 18. He never had an Amex and never called to backdate, it's been 5 years he finally got one and it still has his member start date of 2007.

I'm still skeptical and will remain that way until someone can show me official policy stated somewhere that says otherwise. Even with a larger AAoA, someone at 18 won't likely be able to provide proof of ability to repay (income usually) that is required now under the CARD act. I just don't see an 18 year old being given something like a Cash+, regardless of having AU cards on his report. When the DOB is matched up with his AAoA, it looks fishy. Will it help? Sure, but it's not as good as you make it out to be.

Re: AU (Authorized user) ACM (Additional card member)

distantarray — Sun, 04 Nov 2012 01:45:42 GMT

@armbenderc wrote:
Is this really true? What if I added my 4 years old to ACM, when legal age comes, 14 years of aaoa?

That's pro.

lol people in the past had 30+ years of history onto a 18 year old's report. They changed the policy to whenever the person first had a card in their name. Since they have name and social etc. Remember sometimes credit card companies will give extra points or rewards for signing up more users, some people got the rewards adding their pets

Re: AU (Authorized user) ACM (Additional card member)

CreditScholar — Sun, 04 Nov 2012 01:46:50 GMT

@distantarray wrote:
@armbenderc wrote:
Is this really true? What if I added my 4 years old to ACM, when legal age comes, 14 years of aaoa?

That's pro.
lol people in the past had 30+ years of history onto a 18 year old's report. They changed the policy to whenever the person first had a card in their name. Since they have name and social etc. Remember sometimes credit card companies will give extra points or rewards for signing up more users, some people got the rewards adding their pets

That's really pathetic. Pets? Really?

Re: AU (Authorized user) ACM (Additional card member)

distantarray — Sun, 04 Nov 2012 01:48:35 GMT

@CreditScholar wrote:

I'm still skeptical and will remain that way until someone can show me official policy stated somewhere that says otherwise. Even with a larger AAoA, someone at 18 won't likely be able to provide proof of ability to repay (income usually) that is required now under the CARD act. I just don't see an 18 year old being given something like a Cash+, regardless of having AU cards on his report. When the DOB is matched up with his AAoA, it looks fishy. Will it help? Sure, but it's not as good as you make it out to be.

Ask any banker who signs up cards. My Chase bank manager was like "THAT"S HOW THEY DO IT!" after i told them about authorized users and Fico score (have a lot of clients who are chase managers) anyways they have 18 year old kids coming in getting approved for Sapphire cards, and you can provide proof with just paycheck stubs of income. Regardless after they're 21 they'd still have a lot more age tacked on then otherwise.

No matter what it does'nt hurt to try, add them, remove them later while account is in good standing, and check if it works when they apply for their own Amex.

Re: AU (Authorized user) ACM (Additional card member)

distantarray — Sun, 04 Nov 2012 01:53:23 GMT

@CreditScholar wrote:
@distantarray wrote:
@armbenderc wrote:
Is this really true? What if I added my 4 years old to ACM, when legal age comes, 14 years of aaoa?

That's pro.
lol people in the past had 30+ years of history onto a 18 year old's report. They changed the policy to whenever the person first had a card in their name. Since they have name and social etc. Remember sometimes credit card companies will give extra points or rewards for signing up more users, some people got the rewards adding their pets
That's really pathetic. Pets? Really?

lol really, you would be surprised how bad credit card companies are things. Citi bank even allowed in the past people to get the SAME credit card EVERYMONTH when people applied for it online. So people got the bonuses every month. 24 cards a year and 24x sign up bonus for a married couple husband and wife team.

their impressive collection http://www.fivecentnickel.com/2012/06/08/extreme-credit-card-collections/ best part is their scores were so good they were able to maintain a 760+ after all that. Since AAOA only affects 15% of your credit score it's possible if you have a 800+ score you can maintain it cause after a certain number of inquiries it stops hurting your credit since it'll flatten out when your AAOA becomes 1 year for Fico, Fico will only report 1 year minimum.

Re: AU (Authorized user) ACM (Additional card member)

CreditScholar — Sun, 04 Nov 2012 01:54:40 GMT

@distantarray wrote:
@CreditScholar wrote:
I'm still skeptical and will remain that way until someone can show me official policy stated somewhere that says otherwise. Even with a larger AAoA, someone at 18 won't likely be able to provide proof of ability to repay (income usually) that is required now under the CARD act. I just don't see an 18 year old being given something like a Cash+, regardless of having AU cards on his report. When the DOB is matched up with his AAoA, it looks fishy. Will it help? Sure, but it's not as good as you make it out to be.
Ask any banker who signs up cards. My Chase bank manager was like "THAT"S HOW THEY DO IT!" after i told them about authorized users and Fico score (have a lot of clients who are chase managers) anyways they have 18 year old kids coming in getting approved for Sapphire cards, and you can provide proof with just paycheck stubs of income. Regardless after they're 21 they'd still have a lot more age tacked on then otherwise.

No matter what it does'nt hurt to try, add them, remove them later while account is in good standing, and check if it works when they apply for their own Amex.

There's no way I'd ever do such a thing. When I was 18, I asked to be removed from my parents centurion as an AU because I wanted to accomplish this by myself. I built an 800 FICO by my late 20s and I did it on my own. I have too much pride for something like that.

Re: AU (Authorized user) ACM (Additional card member)

distantarray — Sun, 04 Nov 2012 03:18:34 GMT

@CreditScholar wrote:
@distantarray wrote:
@CreditScholar wrote:
I'm still skeptical and will remain that way until someone can show me official policy stated somewhere that says otherwise. Even with a larger AAoA, someone at 18 won't likely be able to provide proof of ability to repay (income usually) that is required now under the CARD act. I just don't see an 18 year old being given something like a Cash+, regardless of having AU cards on his report. When the DOB is matched up with his AAoA, it looks fishy. Will it help? Sure, but it's not as good as you make it out to be.
Ask any banker who signs up cards. My Chase bank manager was like "THAT"S HOW THEY DO IT!" after i told them about authorized users and Fico score (have a lot of clients who are chase managers) anyways they have 18 year old kids coming in getting approved for Sapphire cards, and you can provide proof with just paycheck stubs of income. Regardless after they're 21 they'd still have a lot more age tacked on then otherwise.

No matter what it does'nt hurt to try, add them, remove them later while account is in good standing, and check if it works when they apply for their own Amex.
There's no way I'd ever do such a thing. When I was 18, I asked to be removed from my parents centurion as an AU because I wanted to accomplish this by myself. I built an 800 FICO by my late 20s and I did it on my own. I have too much pride for something like that.

Pride is good only when you know when to swallow it, if someone's giving you a little boost that's great, but hey whatever floats your boat, but personally I doubt you never got help in your life, even if it's through the private schools you attended to (probably since parents have a centurion card) or a friend or family helping you find a job in the past etc. Pride will only get you so far, no problem with taking a helping hand.

Oh btw if you were an AU on a Centurion Amex's internal score was already higher when you applied so =\ what's your member start date btw?

Re: AU (Authorized user) ACM (Additional card member)

CreditScholar — Sun, 04 Nov 2012 03:55:43 GMT

@distantarray wrote:
@CreditScholar wrote:
@distantarray wrote:
@CreditScholar wrote:
I'm still skeptical and will remain that way until someone can show me official policy stated somewhere that says otherwise. Even with a larger AAoA, someone at 18 won't likely be able to provide proof of ability to repay (income usually) that is required now under the CARD act. I just don't see an 18 year old being given something like a Cash+, regardless of having AU cards on his report. When the DOB is matched up with his AAoA, it looks fishy. Will it help? Sure, but it's not as good as you make it out to be.
Ask any banker who signs up cards. My Chase bank manager was like "THAT"S HOW THEY DO IT!" after i told them about authorized users and Fico score (have a lot of clients who are chase managers) anyways they have 18 year old kids coming in getting approved for Sapphire cards, and you can provide proof with just paycheck stubs of income. Regardless after they're 21 they'd still have a lot more age tacked on then otherwise.

No matter what it does'nt hurt to try, add them, remove them later while account is in good standing, and check if it works when they apply for their own Amex.
There's no way I'd ever do such a thing. When I was 18, I asked to be removed from my parents centurion as an AU because I wanted to accomplish this by myself. I built an 800 FICO by my late 20s and I did it on my own. I have too much pride for something like that.
Pride is good only when you know when to swallow it, if someone's giving you a little boost that's great, but hey whatever floats your boat, but personally I doubt you never got help in your life, even if it's through the private schools you attended to (probably since parents have a centurion card) or a friend or family helping you find a job in the past etc. Pride will only get you so far, no problem with taking a helping hand.

Oh btw if you were an AU on a Centurion Amex's internal score was already higher when you applied so =\ what's your member start date btw?

Oh I've had to a couple of times and I know when it's necessary, but nonetheless it's something that should be done when other options have been tried and exhausted. Yes I went to a private high school, and then got a full scholarship including room, board and books for college. Every job I've obtained after graduating was of my own merit, with no help from family or friends. I haven't had an Amex since then, primarily because all of their cards charge forex other than the plat/cent. If they eliminated forex from the SPG I'd be all over it, but until then swapping doesn't make much sense given my spending and travel patterns.

Re: AU (Authorized user) ACM (Additional card member)

distantarray — Sun, 04 Nov 2012 04:03:45 GMT

@CreditScholar wrote:

Oh I've had to a couple of times and I know when it's necessary, but nonetheless it's something that should be done when other options have been tried and exhausted. Yes I went to a private high school, and then got a full scholarship including room, board and books for college. Every job I've obtained after graduating was of my own merit, with no help from family or friends. I haven't had an Amex since then, primarily because all of their cards charge forex other than the plat/cent. If they eliminated forex from the SPG I'd be all over it, but until then swapping doesn't make much sense given my spending and travel patterns.

I still don't see how BCP/BCE or Costco true earnings could not sound appealing, since we all eat

even with FOREX you have other cards that don't charge it so what's the problem?

Re: AU (Authorized user) ACM (Additional card member)

CreditScholar — Sun, 04 Nov 2012 04:12:09 GMT

@distantarray wrote:
@CreditScholar wrote:
Oh I've had to a couple of times and I know when it's necessary, but nonetheless it's something that should be done when other options have been tried and exhausted. Yes I went to a private high school, and then got a full scholarship including room, board and books for college. Every job I've obtained after graduating was of my own merit, with no help from family or friends. I haven't had an Amex since then, primarily because all of their cards charge forex other than the plat/cent. If they eliminated forex from the SPG I'd be all over it, but until then swapping doesn't make much sense given my spending and travel patterns.
I still don't see how BCP/BCE or Costco true earnings could not sound appealing, since we all eat
even with FOREX you have other cards that don't charge it so what's the problem?

The problem is that I spend 10.5 months of the year outside the US. Adding an additional card that I can't use 90% of the time doesn't seem like a wise proposition. I'm quite happy with the cards that I have anyways. Until either of those changes, I don't see a strong reason to alter my current card portfolio.