topic Re: Adding Authorized user for Credit One in General Credit Topics

Adding Authorized user for Credit One

Jms2687 — Sat, 30 Mar 2019 03:55:44 GMT

Just wondering if anyone has added someone to be an authorized user, and that person would benefit on their credit report from it? When I go to add someone it doesnt give me an option to inclide their SSN, So i dont see how they would get any reporting from it?

TIA

Re: Adding Authorized user for Credit One

Anonymous — Sat, 30 Mar 2019 04:04:54 GMT

The gift of Credit One....Not sure if you like the person you’re making an AU or if you don’t. J/k.

I’m assuming they have an option to add an AU? I ask because some cards in the subprime category don’t allow AUs. If they do, no need for a SSN. Many cards don’t require this for AU accounts. Most likely, it will find its way to their reports via name, address, and DOB identifiers.

Re: Adding Authorized user for Credit One

Jms2687 — Sat, 30 Mar 2019 05:13:49 GMT

Haha.. I like them. Their credit needs some help for us to buy a house. So hoping to get something other than their car loan revolving until they get a card in their name. Just wasnt sure, didnt want to waste my time haha..

Re: Adding Authorized user for Credit One

CreditInspired — Sat, 30 Mar 2019 16:01:23 GMT

@Jms2687 wrote:
Just wondering if anyone has added someone to be an authorized user, and that person would benefit on their credit report from it? When I go to add someone it doesnt give me an option to inclide their SSN, So i dont see how they would get any reporting from it?

TIA

IMHO, don’t add them. And just a thought. Since CreditOne charges a fee for every darn thing, is there a fee for adding an AU? Also, some mortgage loans don’t even consider accounts where a person is an AU since they are not responsible for payment.

On another note, if you want to add that person to a CC, add to one where you have a long history and a substantial CL.

Re: Adding Authorized user for Credit One

Anonymous — Sat, 30 Mar 2019 16:52:57 GMT

My personal opinion, is to not get too invested with credit one. They are great to help build credit, but once you have achieved that, dump them lol. I have two of their cards now and I’m trying to do just that! If you have any other cards like capital one or what not, I would say to add the AU to that instead. Like a previous replyer said, an established card with a substantial credit line that you plan on keeping for a while.

Re: Adding Authorized user for Credit One

Jms2687 — Sun, 31 Mar 2019 02:47:01 GMT

Yes I plan on ditching them before I keep incruing their lovely fees. I am fresh out of BK and thats the first card to get things rolling again until I can get the better ones. But I thought he would benefit as a AU until i cut ties with them and go on to the next.

Re: Adding Authorized user for Credit One

Squishy — Sun, 31 Mar 2019 03:05:43 GMT

Authorized User Annual Participation Fee

A $19 Authorized User Annual Participation Fee will be billed to your Account. This fee will bill again each year in the month that the Authorized User was added to this Account.

Re: Adding Authorized user for Credit One

Jms2687 — Sun, 31 Mar 2019 03:19:20 GMT

Yes I am aware of the fee. We will just keep the AU until before the year comes up then I plan on ditching it anyway.

Re: Adding Authorized user for Credit One

CreditInspired — Sun, 31 Mar 2019 12:02:48 GMT

@Squishy wrote:
Authorized User Annual Participation Fee
A $19 Authorized User Annual Participation Fee will be billed to your Account. This fee will bill again each year in the month that the Authorized User was added to this Account.

I knew it! Again, do friend a favor and don’t add as AU. It’s really not worth it.

Re: Adding Authorized user for Credit One

Anonymous — Sun, 31 Mar 2019 12:47:02 GMT

@Jms2687 wrote:
Haha.. I like them. Their credit needs some help for us to buy a house. So hoping to get something other than their car loan revolving until they get a card in their name. Just wasnt sure, didnt want to waste my time haha..

Can you explain a little more about what this person's credit reports look like? It sounds like you think a car loan is a revolving account, which it isn't.

Is this person your husband or wife?

The important question, if I am getting your situation right, is:

How do I help improve my spouse's mortgage score so that we will be better positioned to buy a house?

Is that right? If so, we can help but only if we know a lot more about your spouse's reports. Happy to follow up with more questions if this is the real issue for you.

PS. Feel free to replace the word spouse with whatever word is most appropriate: husband, wife, fiancee, boyfriend, girlfriend, etc.

Re: Adding Authorized user for Credit One

RobertEG — Sun, 31 Mar 2019 22:58:31 GMT

I would advise that they first check with their prospective mortgage lendor regarding underwriting requirments before adding them as an AU.

The lendor may require removal of any AUs as part of their underwriting process, thus making the addition now as an AU inadvisable.

As background, whenever a consumer has an AU entered into their credit file/report, that automatically means that any score produced based on that report is no longer representative of only the credit history of the named consumer. By definition, it has the credit history of at least once account of another included in their scoring.

If a propsective lendor does not do a thorough manual review as part of their approval determination process, as is the case with many lower limit credit cards, then the reviewing creditor wont be aware that the associated credit score is not based only on the credit history of that consumer. Thus, addition of AUs can be a good way to build/rebuild.

However, when you apply for larger amounts of credit, such as a mortgage loan, the creditor will usually do a more detailed, manual review of the entire credit report. Upon seeing the inclusion of an AU account, they are aware that the provided score is not based only on the credit history of the applying consumer.

Many creditors will thus require the removal of any AU accounts prior to completion of the approval process.

Lendors are well aware of the AU process and its potential inflation of credit scores......

I would advise an informal call to the prospective lendor prior to adding an AU account, and ask about their mortgage underwriting requirements as they relate to AU accounts......