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Authorized user benefits

Ella78
Member

Re: Authorized user benefits

Thanks, everyone for your input! I'm really trying to improve my credit image-- I'm going from no cc, tons of significantly late student loan payments, collections, and generally not caring (my score when I started working on it was about 483...) I've done the following: autopay on SL, got a low limit secured card, check my credit regularly... that got me up to the 500s. I also disputed items that were incorrect. I recently got added to 2 of my sister's cards ($74000 total), but only one has reported so far. My score shot up to 623 before her card...so, I took a gamble and applied for a tire kingdom card (I needed tires, and there was a deal if you put it on their card...inc. 6 mos at 0%)..I was expecting to be denied...nope! Approved for $1200! With this new "hope", I applied for a Chase freedom unlimited (worst case they say no, and I drop a couple points)...approved for $1500, with 0% for 15 mos. and 1.5% cash back. My latest score (albeit on credit karma) was 670...and I'm still waiting for 3 cards to report (both of mine, and her higher limit one)...and this is all over a 13 month period...if I can do it...ANYONE can do it!! The biggest difference now is that I CARE about my credit!! Best of luck to anyone struggling with it...keep at it, and you'll see improvements!!
Message 11 of 14
takeshi74
Senior Contributor

Re: Authorized user benefits


@Ella78 wrote:
I was wondering what information would show up on MY CR if I'm added as an AU? I've gotten conflicting information, so I'm hoping one of you fine folks can straighten me out! Thanks in advance!

Same info but it will indicate that you are an authorized user versus the original account holder.

 


@Ella78 wrote:
Thank you! I've also heard that the impact is "watered down, so to speak...is that true?

Depends on the scoring model the CRA and other details regarding the AU and the original account holder.  Some models and creditors may disregard TL's where one is an AU.  Some models have anti-piggybacking algorithms though we really don't have the details on how they work.

 


@Ella78 wrote:
Thanks, everyone for your input! I'm really trying to improve my credit image-- I'm going from no cc, tons of significantly late student loan payments, collections, and generally not caring (my score when I started working on it was about 483...) 

If the TL is in good shape then it probably won't hurt to add yourself as a TU but you really have to focus on building your own TL's.

 

If you have derogs then you need to get to work on addressing them.  Carefully research in the Rebuilding subforum and see if you can do anything to address them.  As long as they are on your reports they will drag you down.  You do want to make positive progress going forward but you need to have these removed whether you are able to get them removed or they fall off over time.  Definitely make sure that all payments are on time going forward.  Avoid incurring any more derogs.  Your reports need to be totally clean.

Message 12 of 14
Ella78
Member

Re: Authorized user benefits

Sorry-- what are TL & TU? I totally get and agree with what you're saying... I've had nothing negative in a year, and certainly plan to keep that streak going. I've already gotten all the derogs off that I can...I have a slew of inquiries that will fall off in the next couple months, leaving me with a much more respectable number. Only continued on time student loan payments will alleviate the late payment issue. (Everything else has been grea)...
Message 13 of 14
aussiesareforever
Established Contributor

Re: Authorized user benefits

I think I know the answer to this question but just checking.

 

Adding a friend to my account as an authorized user. Her negative credit won't affect mine, right?

 

Just making sure Smiley Happy

 

 


BK in January 2008---Barclay's Apple Financing Card ($10,000) --- Capital One Quicksilver ($13,000)--- Platinum Delta Skymiles ($35,000) --- GEMB CareCredit ($10,000) --- AUFCU ($10000)---Discover IT ($33,000)

Experian 835 Transunion 828-- August 2018
Message 14 of 14
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