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@Anonymous wrote:
What constitutes a good experience?
I've never had a bad one
This^
@Anonymous @OP can you specify a lender perhaps?
I wouldn't do it unless it's someone who's legally bound to your finances, such as your wife. I could also see an adult with eldrely parents becoming alowing their parents to be an authorized user on their account but those are the only types of people I would trust. If there isn't a ring on the finger, or there isn't a good reason to add an authorized user, it's a bad idea. And then you get into fights about who gets to keep all of the reward points accumulated.
@Anonymous wrote:
Has anyone here had a good experience with authorized users being added
What info are you specficially looking for? People have good and bad experiences on any topic so you can't just poll others about their experiences to determine what yours will be like. What are your concerns? What are you looking to accomplish? What are you expecting?
I have my two adult children added as authorized users on 3 of my cards. Two are mastercards because they have more history and one is a visa because my son needs to make Costco runs for me. My kids are more responsible with money than I am. I didn't even issue them cards on the accounts I don't need them to use on my behalf.
Adding them gave both of them a credit report. A month or so later, they were each able to apply and get their own student credit cards with major banks and decent starting limits.
I would definitely call it a good experience all around.
The only way, in my opinion, to ever add someone as an authorized user is to add him/her/them, and not give him/her/them a card, unless you are comfortable paying for their debt. Don't give them ANY access to your accounts under any other circumstances, especially if they have a pattern of not paying their own bills.
It is strickly to be used to help boost or help someone get a head start on their credit history. I have 2 different situations set up. One where there is absolutely no Access (My Brother), and another where there is minimal access, on my terms (My 2 Sons).
3 examples:
My 2 Sons are both Authorized Users on 3 of my credit cards. I have no issue with this, as my youngest son never uses the card if I'm not in his presence. I carry the card in my purse at all times, and to let him be, "A Man", I'll let him pay for things with his card sometimes. Again, only in my presence, because I pay the bill, and I would've paid for it anyway, so no biggie.
My older Son who is in college does have use of one of his Authorized User cards. That's only because I'm prepared to pay the bill monthly. I gave him an American Express Authorized User card that I was able to lower the actual limit of $10,000.00 to $200.00 on his card. Now, if he spends $200.00 a month on that card, I can pay it. Thank God he doesn't use it often, but if he needs essentials from Wal-Mart while at school, he can get it. Again, no biggie.
Now, My Brother on the other hand, will Never Ever even lay his eyes on the credit card he's an Authorized User on. Did I say Never Ever...OK, just checking.
He's very irresponsible, and I Love him enough for us not to get into it over something I Know would happen in the future. He'd stick me, and he'd stick me good (with unnecessary debt), and act as if I did something wrong to him. So, I'll help you establish credit Buddy, but I won't help you destroy mine.