Authorized Users

[Anonymous]

If my mom or dad, who both have 800+ scores, sign me up as an authorized user on their credit card, and I don't regularly use the card, will it still help my credit?

[Anonymous]

Possibly. A few things occur when a AU (authorized user) acct is added. The history of the AU acct gets added so any negative info, late payments ect. will have an impact. It will also raise or lower your AAoA (average age of accts.). In addition if the acct carries a bal it will effect your overall utilization and the available credit will be altered as well.

If you include a more detailed picture of your existing profile others will be able to offer some better information and whether or not its worthwhile. I can assume with 800+ scores your parents accts are all in good standing.

I should also include the AU accts are weighed differently depending on the scoring model used. It should also be noted that Amex handles AU accts differently and will show up as a new acct using the current date.)

[rmduhon]

That is assuming that the account will report to all 3 bureaus. Some cards don't report AU's at all, and some don't report to all 3.

[Anonymous]

I was added to my husband's CapOne card as an AU. Experian reported the information immediately, (a week after we made the request). However, Transunion and Equifax did not report after the first billing statement that came with me on as an AU. I made a small purchase on the card, and I was added two weeks later. 

When I called CapOne they said it's up to the credit bureaus to report the information. I was able to add a 3yr old account with 100% positive payment history to my report as CapOne's AU policy is to add all the history. Some AU cards only report from the time the AU had the card. 

[taekwon]

I have a few questions about AU. (1) Can I add all three of my sons as AU's on my Cap1 Venture? (2) Will Cap1 add a HP to the accounts I add as AU's? (3) Is adding an AU to an account strickly for helping someone buld or rebuild credit or is there another reason why someone might want to add or be added as an AU? The account I was thinking of adding my sons to will be 12 months old in July, 0% UTL and a 30K limit. I do not want them to have access to 30k so I was thinking about opening a new Cap1 card and moving all but $3-$5k to the new card and making my sons AU on the 12 month old card. Does any of this make sense?

Son#1 - one auto loan with positive payments, about 1 1/2 years, one cap1 secored card he defaulted on three years ago, about $300 I think.

Son#2 - one auto loan we are co-applicants on, 8 months old with positive payment history, one cap1 QS card with pos payment history but 50% UTL (he knows he needs to bring this down but he's a young kid trying to make it...you know how it is). two paid off student loans and one more student loan he doesn't have to pay on because he's still in school. No negatives.

Son#3- one auto loan we are co-applicants on, 5 months old. No credit cards, no other acounts positive or negative.

Please, any Comments or advice

[rmduhon]

1. Yes
2. No
3. Usually it'd for helping start/build credit, but like for us it's so hubby and I have access to the same accounts.

Cap1 allows you to not get a card for AU's so you can choose that way. Cap1 doesn't move limits, it's either combine and close a card or leave them separate

[taekwon]

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@rmduhon wrote:
1. Yes
2. No
3. Usually it'd for helping start/build credit, but like for us it's so hubby and I have access to the same accounts.

Cap1 allows you to not get a card for AU's so you can choose that way. Cap1 doesn't move limits, it's either combine and close a card or leave them separate

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I don't want to close my venture so I guess the only other option is to open a new account with a lower limit and add them as AU to the new account.

[rmduhon]

Don't do that. Just add them to the Venture but don't gave cards issued. They won't be able to do anything to the account except removing themselves as AU. No need to get another HP on your reports for a new card that won't help them since there won't be any history on it.

[taekwon]

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@rmduhon wrote:
Don't do that. Just add them to the Venture but don't gave cards issued. They won't be able to do anything to the account except removing themselves as AU. No need to get another HP on your reports for a new card that won't help them since there won't be any history on it.

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ok, so I can add them to my existing card and not issue separate cards for them and they will benefit from the past and future usage of the card and they can remove themselves as AU anytime they want?

[rmduhon]

Exactly.