Adding parent as AU

[Anonymous]

Is this a bad idea? I want to add them to:

increase my spending on the card.

WITHOUT

hampering their credit score.

My parents have their own cards (20+ years) and have scores above 820. 

[Anonymous]

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@Anonymous wrote:

Is this a bad idea? I want to increase my spending on the card.

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Why would it be a bad idea?

[Anonymous]

It affects their credit, no?

[Anonymous]

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Monoglot wrote:

It affects their credit, no?

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Yes it does

[kdm31091]

Actually I think it could definitely be a bad idea, if your parent ends up being the type who is irreponsible, spends without paying you back etc.

My feeling is: they're our parents. They're older and have had more time to establish credit. They should have better credit than us without us having to "help" them and potentially get in trouble in the process if they "mess up". Plus, you're mixing finances and family. To me....can of worms and I won't do it. And yes, my mom has asked me to!

[Anonymous]

That won't be a problem. They are responsible spenders. 

I was only concerned about their credit. 

[kdm31091]

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@Anonymous wrote:

That won't be a problem. They are responsible spenders. 

I was only concerned about their credit. 

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No, credit wise it can really only help them, unless the account you are adding is in bad standing of course.

[Anonymous]

Isn't your whole intent to give them a card that they will make charges on to increase the spending of your card and has nothing to do with credit issues?  If so, there is no problem in doing that as long as they agree :-)

[Anonymous]

I would lay everything out on the table here. Both parents, both sets of scores, number of inquiries, etc. Goals, etc.   Theres only so much AU can do for improvement.

Unless you have some wild 15 year old credit card with perfect payment history and a high limit, its not going to cure their score woes, and even then....

I would advise you to add them as an AU to your best card that you dont use much, then cut theirs up. See what cards they prequalify for if any. Set up one of their utility bills to automatically go on a card.  Then maybe add them as an AU to your lowest limit card.

Now what I REALLY want to do but cant get the courage to ask, I have a family member with a 30k limit Bank of America card. I have helped them get some rewards. I would really like to be added as an AU, and cut the card up, and just see what 15 years of payment history and 1 percent util, what it does to my scores. No matter how many cards I add, my AAOA barely changes....

[kdm31091]

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@Anonymous wrote:

I would lay everything out on the table here. Both parents, both sets of scores, number of inquiries, etc. Goals, etc.   Theres only so much AU can do for improvement.

Unless you have some wild 15 year old credit card with perfect payment history and a high limit, its not going to cure their score woes, and even then....

I would advise you to add them as an AU to your best card that you dont use much, then cut theirs up. See what cards they prequalify for if any. Set up one of their utility bills to automatically go on a card.  Then maybe add them as an AU to your lowest limit card.

Now what I REALLY want to do but cant get the courage to ask, I have a family member with a 30k limit Bank of America card. I have helped them get some rewards. I would really like to be added as an AU, and cut the card up, and just see what 15 years of payment history and 1 percent util, what it does to my scores. No matter how many cards I add, my AAOA barely changes....

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Technically, can't the AU call up and get a replacement card, even if you cut their original one up?