I called them twice asking that. One representative said 'yes', the other said 'no'.
They got me pretty confused. I just got my first credit card, and an looking to build my credit. I read somewhere that being an authorized user on an account that has good standing will positively affect my score.
Is there anyone who is an authorized user on a BofA credit card?
Any response would be appreciated. Thanks.
Being an AU on a card is a good idea in your situation (just starting out) if all of the following are true:
* The card has a perfect payment history
* The card always has a $0 balance or a very low utilization (< 9% of its credit limit). $0 is better
* The card is at least 4 years old (measured from its Date Opened). Much older would be better.
The goal of the AU trick is to make it look as though you have a much older profile than you do.
If all those things above are not all true, you should avoid the AU idea. It won't help and could harm your score.
I became an AU on BOA card 2 weeks ago and it is not yet reported on my credit report. Should I wait or call BOA?
On the negative side, even if addition of an AU helps your three-digit score, it automatically means that the score is no longer a risk analysis of your own personal history.
If a prospective creditor does a manual review and are aware of the presence of an AU account, that informs them that the associated score is impacted by the history of another. It might cause them to discount the value of the score in their decision making.
In your immediate quest for new credit, will you likely be seeking credit that will involve a manual review, such as for high principal credit, such as a mortgage, or will you be applying only for rebuilder credit that may not involve a manual review?