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Authorized User Question

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Established Member

Authorized User Question

I’ve been reading that having 3 open revolving accounts is ideal to build credit.

I have 2 secured cards and am authorized user on my fiancé’s Discover with 9k limit. Will that count as 3 or should I open one more under my name? I’m starting to get pre-qual stuff in mail for unsecured cards
Message 1 of 10
9 REPLIES 9
Moderator

Re: Authorized User Question

it will for most Fico models but you really want your own 3rd card.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 2 of 10
Frequent Contributor

Re: Authorized User Question

I always recommend go to cap one pre-qualifier.Cap one is great for building/rebuilding and they report to the three cb's.GOOD LUCK...

Message 3 of 10
Super Contributor

Re: Authorized User Question


@Axl86 wrote:
I’ve been reading that having 3 open revolving accounts is ideal to build credit.

I have 2 secured cards and am authorized user on my fiancé’s Discover with 9k limit. Will that count as 3 or should I open one more under my name? I’m starting to get pre-qual stuff in mail for unsecured cards

Whos the secured with and whats your scores so we can lead you in the right direction. Welcome to the forums BTW.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 4 of 10
Established Member

Re: Authorized User Question

I can’t go cap 1, they are one of my charge offs Smiley Sad.

I have a Citi secured MC
A secured visa through my credit union

My scores are
TU - 608
EQ- 614
EX- 618

Thank you for any and all advice / input
Message 5 of 10
Established Member

Re: Authorized User Question

The main thing I’m worried about is the AAoA and getting another Hard Inquiry. Not sure if I should get the third one while I still have a young AAoA and then start gardening or just leave it with the two I have and the AU account. Both my secured cards are under 6 months old. The AU account is like 7 years old.
Message 6 of 10
Regular Contributor

Re: Authorized User Question


@Axl86 wrote:
I can’t go cap 1, they are one of my charge offs Smiley Sad.

I have a Citi secured MC
A secured visa through my credit union

My scores are
TU - 608
EQ- 614
EX- 618

Thank you for any and all advice / input

Axl86 - Is the CO paid?  Cap1 is very forgiving, I know personally.  You should try the pre-approval page & check.  The QS1 is a great starter card with decent cash back.

Rebuilding Since 2016
6/5/2019 - Fico 8 Scores - EQ 672 TU 683 EX 674
6/15/2019 - FICO 8 Scores - EQ 682 TU 698 EX 690
8/10/2019 - FICO 8 Scores - EQ 706 TU 705 EQ 689
9/15/2019 - FICO 8 Scores - EQ 710 TU 713 EX 690

Message 7 of 10
Established Contributor

Re: Authorized User Question

Personally, I would probably add another card if it was non secured, or is sure to graduate.  However,  I would not view it as super urgent, and I would be selective.  Cards like Discover, or "useful retail" like Amazon and Target would be good options.   I would not add the typical AF rebuilder.  Meaning, If the prequalifications are Credit One or First Premier, I would not go that route.

 

Without adding a card, and depending on your other profile items,  you may find scores improved in 2-3 months.

 

YMMV.

050719:     
010120:     

Message 8 of 10
Community Leader
Mega Contributor

Re: Authorized User Question


@Axl86 wrote:
The main thing I’m worried about is the AAoA and getting another Hard Inquiry. Not sure if I should get the third one while I still have a young AAoA and then start gardening or just leave it with the two I have and the AU account. Both my secured cards are under 6 months old. The AU account is like 7 years old.

You'll be fine when you add the third card. I would add it when both of cards in your name are about six months old. 

If you did not burn discover, your scores may be in the range they will approve by that time. 

One way not to get HP is to go with Open Sky visa. It's not a keeper card, but it's a decent card to start with. 

Merrick has decent secured card, and if you wait 6 months, you might be eligible for their unsecured card 

 

I messed up my credit long time ago because I was dumb and lazy, no other reason. I would forget to mail checks Smiley Indifferent and ended up with bunch of lates. It all fell off naturally  over time, but I did not want anything to do with credit. 

My accounts were primarily AU accounts with the exception of few loans. 

 

So, when my family situation changed, all those accounts had to go. I had to start from the scratch. 

That's why it's really good not to rely on AU accounts. It's great you have one, but in so many ways, you have no control over it. They can end up with derogs, relationships change, utilization can spike and you may need to have it removed. In a nushell, it's a cherry on top of the cake, but you still need your own cake 

 

Good luck with your rebuild! 

 

 

 

 

Message 9 of 10
Established Member

Re: Authorized User Question

Ok cool I’m going to get another one but I won’t rush it. The cap one is not paid. I’m basically screwed with cap 1 bc I have that and an auto loan I co-signed for an ex and she burnt me. I got it paid down from 6k to 3k but I refuse to keep paying it so I’m just gonna eat it and let them age off. It was a result of insurance not paying book value so the gap didn’t pay the whole difference just the difference between the loan and book value.
Message 10 of 10
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