topic Re: How does this work???? in General Credit Topics

How does this work????

memevertical — Thu, 19 Aug 2010 03:05:44 GMT

Hi everyone. Quick question:

If my wife adds my as authorized user or joint account holder on a credit line she has for over 3 years, how does that look on my credit report? Does it look like an 3 year old account? Or does it shoe up as a recent account? Is it a good idea?

I wanna do this because I understand the lenders see my report and see the average age of my accounts, and only one of the accounts I have is 2 years old, the other 2 are 1 year, so I thought that adding that 3 year old account might help.

By the way, the account that she would add me to, has no balance, its at $0 right now with a limit of $500.

Thanks everyone!!!

Re: How does this work????

RobertEG — Thu, 19 Aug 2010 03:38:53 GMT

AU accounts will show in your CR the same as in your wife's report.

Its a good idea provided there are no lates on her CR.

Re: How does this work????

memevertical — Thu, 19 Aug 2010 12:27:10 GMT

Cool, thanks for your help!!

Re: How does this work????

MarineVietVet — Thu, 19 Aug 2010 16:37:20 GMT

To add to what Robert said being added as an AU can help IF the account is older than any of yours(sounds like it is), 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.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

Re: How does this work????

memevertical — Thu, 19 Aug 2010 23:55:43 GMT

Thanks for your advice!