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Additional Details
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sjmp1123 | Can adding an authorized user on my Credit Card hurt my credit score? |
I want to add my brother as an authorized user on my Credit Card just to help his credit score. Will this negatively impact my credit score. Assuming that all payments are current and my Credit cards are always still in good standing. Just having him as an authorized user, will that negatively hurt me at all?
Additional Details
If there is really no balance on my credit cards, just a good payment history. Will this help the authorized user increase there credit score? They will not be adding debt to their credit report, just open accounts, with long standing credit history all on time. I thought this would help them. |
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SPIFIMAN1
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Now for the correct answer.
Adding your brother as a authorized user will not hurt your credit score at all. It will help your brother when you good long payment history shows up on his credit.
As long as you keep your account up to date you and your brother will both benefit. |
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scottstarita1
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Absolutely. The debt to income ratio is including only YOUR income, and both debts. |
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answermaster
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No, but it also won't help his score |
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piero g
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if he over buys |
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I got 2 points for this answer
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If they run up your bill and none of you pay it off. However, I don't think adding him to yours will help his score. He will have to get it in his name and fix his past credit by paying off his bills or making consecutive payments |
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luvmae
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Just by adding won't hurt you. If he buys alot and doesn't keep up on the payments, not only will it hurt your credit but YOUR responsible for the debt. (Been there, done that) |
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Snaredrum
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It can. Making him an authorized user on your card does nothing for him at all. All of the charges he makes will go onto YOUR account, and you have to pay them. All you're doing is "authorizing" him to use your account. His name on the card (your account) is a mere formality for ID purposes. Also, your credit limit remains the same. He is now another "user" that is "authorized" to use your account, or has been granted possession of a card with his name on it, that is linked to your account. You'll get one statement and bill with both of your charges on it, but it will be YOUR name at the top.
If he runs up your account past the credit limit, your provider will hammer you with charges, and your credit score takes a hit. There are companies and banks that offer high-fee or secured cards that he may be eligible for, but that's another question.
If it were me? I'd call my card company and make them explain it all to me. Or visit their website, and cruise for the info you need. |
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x
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No, the credit card is in "your name", and just because you add another user, doesnt mean that it will impact "his" score, unless "you" default, and he will suffer too!
Your brother will not benefiet from being added to your credit card, and if he starts to add purchases to your card, "you" may be in big trouble if the payments are not made!
Because your brother has "bad credit", I wouldnt put him on yours because he already showed that he isnt a good "stewart" on handling money, and you may suffer because of it.
I wish you well...
Jesse |
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Huey C
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i don't think just adding them will but if they abuse it hellz yea!!!! |
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Murphyboy
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Not if his credit record is clean. If not, it may reflect on your joint card account. |
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Joey
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well, just by me working at American Express--I could answer that. If you have a secondary card holder & depending on what kind of card you have, (Charge or line of credit) it could. Mostly on line of credit because out of the limit that is given to you, say per instance, $1000. If you go above 30% which is over $300, it affects your score. Brings it down. Amex Charge card doesn't affect your score unless you go past due over 90 days. So if you pay it off in full, nothing will happen & it'll go up. But just an authorized user is sort of like a manager you takes take of you when you can't take care of something on the card & it won't affect you score. All celebrities have an authorized account manger(AAM) or authorized agent(AA). Usually the (AAM) has as much power as you have on the card exept to cancel the account itself. So I would be pretty picky to who has that power. (AA) can only know info about you card like, balance due & stuff like that. It might work different for other companies but that's how it works at AMEX.
& to your second part question, No! It will not affect the authorized user's credit score for squat!!! You gotta have a small balance on the card though. keep it below 30% & that will increase you score. Most important, pay on time!! if he has secondary card & runs up the card, it will only affect you. Your the primary & it reports under your social. Unless you give a tax id from you business. |
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$m¤¤v¥ £¤¢¤
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No, it won't. The activity from your account should reflect on your brother's report. Just make sure that you keep the payments on time and the balance low, and both of you will be fine. |
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I use Google for your answers.
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No it can only help you, if you pay everything on time as you say. You also get something extra which I forgot what, but it is good for your credit score. |
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Julz
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Yes, your brother can f*ck your credit if he buys stuff and doesnt pay it off. Tell him to get his own. |
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JuJu C
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No this will not hurt your credit in anyway. |
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