Authorized User question

[Tersie319]

I need to add some positive TL to my CR.  I wonder if becoming an AU on my dad's cc would help me or not.  He has a Capital One Venture card.  Not sure of the cl but he said it is high which I imagine it is.  He also banks at a cu and has gotten a cc through them a couple weeks ago.  He has had the cap one card for 18 years.  He was under the impression that the fewer cards you have the better so he was planning to close it out along with another cc he has.  I told him it could bring his AAoA and uti down.  It has an AF and higher apr so he wanted to close it.  He may not considering it might lower his score.

Sorry for the long story.  He said he would check into adding me as an au on his new cu cc.  However, that is a new acct.  Would it help me any if he were to put in as an au on it even if he closes it out in a couple months??  If so, how would it affect my cr once closed?

Thanks guys!

[DaBears]

He could add you as a AU I would suggest he does it on his oldest card(s). He does not want to close out his oldest card(s) either it will affect his AAoA but will help him with his UTIL. So its a YMMV thingy. Keep in mind if keeps high balances it could affect your Credit Scores!!!

Community Leader, 

DaBears

[Tersie319]

Thanks DaBears

He was going to see about adding me to his new one.  I suggested he keep the old one.  He doesn't carry a balance.  He pays it off every month.  I will talk to him again about the old one, keeping it and adding me as an AU on it as well.  From what I have read on here, his closing all but the new one isn't a good idea.

I finalized a credit builder loan at my CU today.  Not a cc, but at least I will have an account so in 6 months I should have a FICO score! 

[Tersie319]

I was just wondering.....  to get a FICO score I need at least 6 months of current reporting.  If I am added as an AU on an old CC account would that be enough to get a score or will I still need to wait a long 6 months???

Thanks!

[tntexans72]

When I started out in the credit card world, I was added to my parents Discover as an AU a while back. The card was dated back to 1989 and it helped me out tremendously. Being added as an AU to an old CC will definitely boost your score cause it increase your AAoA. However, the catch is, that new TL has to be in good standing - which sounds like your dad is. Whatever negatives or positives your dad's card has...that will carry over to your credit profile once you are added as an AU.

[DaBears]

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@Tersie319 wrote:

I was just wondering.....  to get a FICO score I need at least 6 months of current reporting.  If I am added as an AU on an old CC account would that be enough to get a score or will I still need to wait a long 6 months???

Thanks!

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You should be back dated with the card. So yea you could possibly get a Fico score within a month. Go to the credit card forum those guys are guru's when it comes to AU question and know their credit cards lol

http://ficoforums.myfico.com/t5/Credit-Cards/bd-p/creditcard

Community Leader, 

DaBears

[Tersie319]

Thanks. I'll do that!