topic Re: What's the pros and cons about Authorized User? in Credit Cards

What's the pros and cons about Authorized User?

Anonymous — Fri, 03 Oct 2014 18:33:46 GMT

My wife got her freedom yesterday but the limit is still very low, $700, which I believed is that Chase matched her first WF card. Her credit history is just 8 months longer. So, I add her to my credit card as AU so she can use my account to buy >$700 things. Anything I should pay attention to such AU things? Will it affect credit scores?or any other pros and cons?

Re: What's the pros and cons about Authorized User?

Skye12329 — Fri, 03 Oct 2014 19:05:11 GMT

It could help her AAOA and raise her scores and show the utilization would be best it was low - pros

However a lot of lenders dont include AU's for their history. Chase is one of those lenders. So if you add her it wont make a difference for Chase. - Cons

Re: What's the pros and cons about Authorized User?

Anonymous — Mon, 06 Oct 2014 02:36:07 GMT

Thats totally false about chase, 45days ago my mom added me as an auth user to BOA who took my social and chase who did not, chase popped up with a 29K credit limit on all 3 bureaus last monday, BOA still has not. Pretty sure if your a sibling, wife, mom, dad etc it will find you and be on your report, if its just a friend or cousin probably not, but it willl find her.

Re: What's the pros and cons about Authorized User?

Anonymous — Mon, 06 Oct 2014 02:38:54 GMT

I wonder if citi does that, I asked my step father if he could add me as AU to help me with raise my credit, we have different last name, but if I do get included by giving'em social and everything, will the card go on my credit record?

Re: What's the pros and cons about Authorized User?

Anonymous — Mon, 06 Oct 2014 03:44:31 GMT

@Anonymous wrote:
My wife got her freedom yesterday but the limit is still very low, $700, which I believed is that Chase matched her first WF card. Her credit history is just 8 months longer. So, I add her to my credit card as AU so she can use my account to buy >$700 things. Anything I should pay attention to such AU things? Will it affect credit scores?or any other pros and cons?

I didn't know they handed out sub 1k limits with freedom?

What score did she get approval with?

Re: What's the pros and cons about Authorized User?

Anonymous — Mon, 06 Oct 2014 03:56:57 GMT

My Freedom was originally approved this spring for 500$. It happens

Re: What's the pros and cons about Authorized User?

Anonymous — Mon, 06 Oct 2014 03:59:58 GMT

@Anonymous wrote:
My Freedom was originally approved this spring for 500$. It happens

Even more reason for me to not apply for Chase anything yet.

Re: What's the pros and cons about Authorized User?

FinStar — Mon, 06 Oct 2014 04:42:47 GMT

@Anonymous wrote:
@Anonymous wrote:
My Freedom was originally approved this spring for 500$. It happens
Even more reason for me to not apply for Chase anything yet.

Yep, even Slate can get a low CL starting at $500. Some Freedom CCs have even started around $250 in the past.

Re: What's the pros and cons about Authorized User?

jsucool76 — Mon, 06 Oct 2014 04:43:32 GMT

@stevez

I believe what skye meant, and I agree with this, is that during an application, chase does not count authorized user accounts (which appear on your reports) as credit history, since it is not yours.

IE:

I'm an AU on one of your cards. I app for csp. Your account (which is on my report because I'm an AU) doesn't mean anything to chase when they make a decision.

Re: What's the pros and cons about Authorized User?

Anonymous — Mon, 06 Oct 2014 20:49:56 GMT

@Anonymous wrote:
@Anonymous wrote:
My wife got her freedom yesterday but the limit is still very low, $700, which I believed is that Chase matched her first WF card. Her credit history is just 8 months longer. So, I add her to my credit card as AU so she can use my account to buy >$700 things. Anything I should pay attention to such AU things? Will it affect credit scores?or any other pros and cons?
I didn't know they handed out sub 1k limits with freedom?

What score did she get approval with?

724

Re: What's the pros and cons about Authorized User?

Desmoire — Mon, 06 Oct 2014 20:34:06 GMT

My girlfriend has been an AU on her moms Citi TYP card (30,000 CL) for a little over a year now. She checked her CK score about 4 months ago and nothing came up. However for kicks and giggles she applied for Barclay a month ago and was instantly approved for a 3,000 CL. Checked CK Saturday, she has a 744 score. It blew me away. So we went to a couple pre-approval sites for kicks and giggles. Chase, she was recommended 4 different cards, applied for Freedom and was auto approved for 2,500. All other sites, AMEX, Bank of America, US Bank, etc she wasn't pre-approved.

After all this, I talked her into purchasing a myFICO scorewatch, however it said she had no EQ data, and to try again later. I am thinking TU is generous with AU's, but the other 2 CB's aren't so generous.

Re: What's the pros and cons about Authorized User?

ezdoesit — Mon, 06 Oct 2014 20:43:31 GMT

@Anonymous wrote:
Thats totally false about chase, 45days ago my mom added me as an auth user to BOA who took my social and chase who did not, chase popped up with a 29K credit limit on all 3 bureaus last monday, BOA still has not. Pretty sure if your a sibling, wife, mom, dad etc it will find you and be on your report, if its just a friend or cousin probably not, but it willl find her.

Yes your account will show up on the CRA but if you were to apply to Chase without already having them and just BOA then when making their credit decision they would not factor your BOA AU account.

Re: What's the pros and cons about Authorized User?

Anonymous — Mon, 06 Oct 2014 22:22:43 GMT

cons, if your wife takes the card and goes on a shoppng spree you are out of luck