topic Re: Authorized user on Macy's Amex account...... in Rebuilding Your Credit

Authorized user on Macy's Amex account......

TigerRed — Tue, 09 Sep 2014 16:50:08 GMT

Does anyone know how authorized user accts work. My mom was going to add me to her Macy's Amex card as an authorized user where they would send me my own card (although I do not plan to use it). They said that they are sending out the application for her to fill out. This sounds like they are gonna run my credit and do a hard pull is that right? Their customer service told her that it could pull her credit score down, is this correct?

Re: Authorized user on Macy's Amex account......

ezdriver — Tue, 09 Sep 2014 17:00:24 GMT

Anytime a credit is evaluating whether or not to grant a debtor's request, the credit can/may pull the debtor's credit reports as part of their evaluation process. I have never heard of an authorized user addition to one's tradeline pulling credit scores down.

Why don't you get your own ccredit cards and build you credit profie independent of your mother's or anyone else's credit?

Re: Authorized user on Macy's Amex account......

TigerRed — Tue, 09 Sep 2014 17:15:24 GMT

@ezdriver wrote:
Anytime a credit is evaluating whether or not to grant a debtor's request, the credit can/may pull the debtor's credit reports as part of their evaluation process. I have never heard of an authorized user addition to one's tradeline pulling credit scores down.

Why don't you get your own ccredit cards and build you credit profie independent of your mother's or anyone else's credit?

I am building my own. My score is low right now so I wont qualify for much. I do have an SDFCU Secured Visa Card for $1000. and a Victoria's Secret and a HSN store credit cards (shopping cart trick) that will be reporting every month on all 3 CR's going forward. I have just one collection that I am working to get deleted from my CR and a judgement that I may have to wait out which is due to fall off June 2015. I am gonna call CRA's in January to ask that the judgement be removed 6 months early which is something that I read they will do. In the meantime my mother has offered to help by adding me as an authorized user to her Macy's Amex account. I want to do it but not if it is going to hurt her perfect score.

Re: Authorized user on Macy's Amex account......

ezdriver — Tue, 09 Sep 2014 17:22:45 GMT

You are on the right path to rebuilding your credit. I rebuilt my to the point of buying a new house with an FHA mortgage a month or so ago. I started with two secured credit cards [$300 each] from Progressive Bank. It just takes time. If you aren't going to be buying a house or car anytime soon, then I would recommend that you forgo the offer from your mom.

Re: Authorized user on Macy's Amex account......

TigerRed — Tue, 09 Sep 2014 17:48:39 GMT

@ezdriver wrote:
You are on the right path to rebuilding your credit. I rebuilt my to the point of buying a new house with an FHA mortgage a month or so ago. I started with two secured credit cards [$300 each] from Progressive Bank. It just takes time. If you aren't going to be buying a house or car anytime soon, then I would recommend that you forgo the offer from your mom.

I do need a car but I am trying to drive the one I have until the wheels fall off which I am afraid will be sooner than later. Trying to do what I can so when the time comes I can get payments add low as possible (via interest rate & down payment). My goal is to be shopping for financing for a home within the next 6mths to a year.