7,871,821
I would not make another person an authorized user of a credit card.
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Wanda Kubat-Nerdin - W...
St. George, UT
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Mary Yonkers
Erie, PA
-
Frank Rubi
Metairie, LA
-
Michael Jacobs
Pasadena, CA
-
Kathleen Daniels, Prob...
San Jose, CA
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Nina Hollander, Broker
Charlotte, NC
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Ron and Alexandra Seigel
Carpinteria, CA
5,773,367
I would not make anyone an authorized user. It takes a lot of trust to do that. And I will be back to read the answers. A
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Wanda Kubat-Nerdin - W...
St. George, UT
-
Barbara Todaro
Franklin, MA
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Mary Yonkers
Erie, PA
-
Frank Rubi
Metairie, LA
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
2,195,824
The name for this is a “ Trade Line Account” and both Fannie and Freddie recognize the boosted credit score under 3 circumstances!
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Carol Williams
Wenatchee, WA
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Wanda Kubat-Nerdin - W...
St. George, UT
-
Lyn Sims
Schaumburg, IL
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
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Mary Yonkers
Erie, PA
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Michael J. Perry
Lancaster, PA
5,246,557
Why would you allow someone other than your children still at home to be an authorized user? In my case, not even my child. I got him his own card.
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Wanda Kubat-Nerdin - W...
St. George, UT
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Mary Yonkers
Erie, PA
-
Frank Rubi
Metairie, LA
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Ron and Alexandra Seigel
Carpinteria, CA
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Michael Jacobs
Pasadena, CA
2,073,610
I'm going to park to view responses, too. My understanding (and I apologize, because I'm not certain) is that only the account owner gains or loses credit scoring. An authorized user doesn't gain any credit scoring.... so I'm not sure you're doing them any good
Before you add them... ask the card issuer... they'll tell you the answer.
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Wanda Kubat-Nerdin - W...
St. George, UT
-
Lyn Sims
Schaumburg, IL
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Mary Yonkers
Erie, PA
-
Michael Jacobs
Pasadena, CA
5,583,328
I'll be back to read answers by those who know the right answer....
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Wanda Kubat-Nerdin - W...
St. George, UT
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Frank Rubi
Metairie, LA
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Michael Jacobs
Pasadena, CA
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Ron and Alexandra Seigel
Carpinteria, CA
6,426,149
Happy New Year Dave!
Dangerous to put someone else on your credit card account, unless you dont give them actual access to the cards or the account.
To get the actual answer to what you are asking here though you may want to ask a different audience, perhaps the folks at one of the credit reporting agencies.
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Wanda Kubat-Nerdin - W...
St. George, UT
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
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Bob Crane
Stevens Point, WI
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Frank Rubi
Metairie, LA
536,943
I have had lenders to advise adding an authorized user for partners or family members to boost scores. I cannot answer the other parts without asking a lender.
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Wanda Kubat-Nerdin - W...
St. George, UT
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Mary Yonkers
Erie, PA
-
Bob Crane
Stevens Point, WI
3,350,764
Parked and Reading.
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Wanda Kubat-Nerdin - W...
St. George, UT
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
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Anthony Acosta - ALLAT...
Atlanta, GA
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Michael Jacobs
Pasadena, CA
509,449
I'd like to hear what others have to say. Thanks for the question.
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Wanda Kubat-Nerdin - W...
St. George, UT
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Mary Yonkers
Erie, PA
-
Michael Jacobs
Pasadena, CA
5,117,178
I would not authorize anyone to use my credit cards. I would think that any mortgage lender here in the Rain could help answer this question -- George Souto and Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi for example.
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Wanda Kubat-Nerdin - W...
St. George, UT
-
Doug Dawes
Topsfield, MA
-
Frank Rubi
Metairie, LA
-
Ron and Alexandra Seigel
Carpinteria, CA
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Michael Jacobs
Pasadena, CA
420,003
Adding authorized user to a card that has a low available line, no available credit or new may have a negative effect of 3 points. The math is in how low is your subject you want to improve and how many open lines they have more than 36 months paid as agreed. Subject who is young- say under 21 and has little credit but NO bad credit can be added to an experienced credit user who has 799 FICO and will give them about 6 points increase AFTER three months. It doesn't help much. Better to pay down lines less than 69% of available. Better to get a delinquient account deleted in exchange for payment. Things not to do: DO NOT CLOSE An Account, Do not pay late, DO NOT run credit with Credit KArma, Nerdwallet, Credit sesame, Quizzle, Lifelock, Mint, Myfreescorenow and all those junk guys. Do not go to a car dealer and give them your social or driver's license they will pull the credit with 14 companies and crash your score on purpose to make you buy from them. The number of times a month a card is used is not relevant it is the practice of early payment, not going over 69% of limit and looking like the credit card is not necessary...
Other things that lower your FICO - fraud alerts and disputed accounts showing on one of the three credit cops. Yes this seems counteractive but tricks don't raise the score and fraud alerts don't stop real bad guys
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Carol Williams
Wenatchee, WA
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Greg Cremia
Nags Head, NC
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Wanda Kubat-Nerdin - W...
St. George, UT
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Lisa Friedman
Essex, VT
2,222,281
Parked and reading.
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Wanda Kubat-Nerdin - W...
St. George, UT
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
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Anthony Acosta - ALLAT...
Atlanta, GA
921,504
The credit score is dependent on if the authorized user account is connected directly to their SS#. (in most cases there is no connection i.e. children)
If no SS# is required there is NO CREDIT benefit to the authorized user.
However, if you want to build credit use a PREPAID credit card connected to the SS#. In less than 90 days with only a few transactions a month they will get lots of credit offers. (of course they will be obscene)
I don't know if this was a 'trick question' but the idea is phenomenal.
This is a question of real fabric that creates real solutions for those in need.
Bravo for the courage to ask a real question .........and not use ANONYMOUS.
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Wanda Kubat-Nerdin - W...
St. George, UT
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Doug Dawes
Topsfield, MA
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Debe Maxwell, CRS
Charlotte, NC
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Bob Crane
Stevens Point, WI
3,142,163
No - to the authorized user on your CC and you should contact an experienced lender to get an informed answer Dave.
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Doug Dawes
Topsfield, MA
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Debe Maxwell, CRS
Charlotte, NC
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Ron and Alexandra Seigel
Carpinteria, CA
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Michael Jacobs
Pasadena, CA
1,598,452
No idea.
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Wanda Kubat-Nerdin - W...
St. George, UT
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Doug Dawes
Topsfield, MA
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Debe Maxwell, CRS
Charlotte, NC
1,231,853
I am another 'parked & reading' member, hoping to learn the answer from someone in the know.
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Wanda Kubat-Nerdin - W...
St. George, UT
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Doug Dawes
Topsfield, MA
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Debe Maxwell, CRS
Charlotte, NC
3,416,038
I would think the authorized users SS would have to be attached to the account.
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Wanda Kubat-Nerdin - W...
St. George, UT
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Doug Dawes
Topsfield, MA
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Debe Maxwell, CRS
Charlotte, NC
250,153
The card with the larger credit line and longest time open would be the winner. And to those of you who are saying don't add someone to your line of credit, the primary does not have to give access to the line of credit to add them.
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Wanda Kubat-Nerdin - W...
St. George, UT
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Doug Dawes
Topsfield, MA
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Mary Yonkers
Erie, PA
1,202,697
I did this with our oldest son with the agreement if you used he would tell me and he would pay it off in full BUT I wouldn't make it a habit. Being that he was on the account it did help his credit score. That being said he did not use it all that often.
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Wanda Kubat-Nerdin - W...
St. George, UT
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Doug Dawes
Topsfield, MA
5,258,966
Definitely a lender question so, I'm parked for now.
At this point, I would answer to never allow anyone to be an authorized user on any credit card - ever! But, again, parked to learn why I may be wrong here!
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Wanda Kubat-Nerdin - W...
St. George, UT
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Doug Dawes
Topsfield, MA
902,538
Even children, once eligible should have their OWN credit cards to start building their credit. Using someone else's card as an authorised used does NOT accomplish that. Think about it..., why would it?
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Wanda Kubat-Nerdin - W...
St. George, UT
3,168,284
I made my daughter an athorized user on a store card when she was 18. It was used maybe 6 times a year and it certainly helped her to establish a credit score as bank of america gave her a credit card when she only had a job babysitting.
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Wanda Kubat-Nerdin - W...
St. George, UT
1,507,073
NEVER make someone else a user of your card.
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Wanda Kubat-Nerdin - W...
St. George, UT
1,847,891
I have heard of this but don't know if it works. I am sure a great LO like Gene Mundt would be able to help you.
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Wanda Kubat-Nerdin - W...
St. George, UT
5,879,816
1,555,095