Jennifer S
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generally when you add an authorized it only means that the person is authorized to make purchases on the account. The authorized user has no legal obligation to repay the debt. It will show on the persons credit report as an authorized user however generally it will not report on their credit. I work for a credit card company and 99.9% of the time it will not help the persons fico score. Hope this helps |
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viola f
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no and it can sure screw yours up......believe me I know. when the relationship is good everything is fine but when they decide to move on they can also leave you with all the bills and most usually do....which is probably why they have poor credit to start with.. |
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Joe B.
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No. All adding an authorized user does is allow them to use the account. Only the person who opened the account will have their credit score affected.
If you want to help their credit score they would have to be a co-owner/signer of the account. |
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njmotorcop
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That worked in the past but it changed earlier this year. It will no longer have any affect on the authorized user's credit score. |
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Sammy&Pete
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NO!!! NO!!! NO!!! All you are doing is giving someone who isnt credit worthy access to your credit card....Hello! Not a good idea!!!!
Your credit card has no effect on someone elses credit rating --- But - Allowing someone else acess to your credit card gives that person the ability to charge up your card and cause you all sorts of credit blemishes. NO NO NO!!!! |
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src50
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No - not anymore. It only affects the accountholder's score. |
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Terrence T
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The credit rating companies, i.e. Equifax, Transunion and Experian have caught on to this trick. In the past it worked to raise the score for the added party, assuming that the account was in good standing and paid on time. However, not so much anymore. Today the credit reporting companies are only evaluating the credit if the person is added on as a co-borrower. As a co-borrower they are assuming responsibility for the repayment of all balances on the account. Knowing this, if they are willing to assume such financial liability and if you are comfortable with the possibility that they can charge to that account because they are a "co-borrower" then yes this can raise their FICO credit score, assuming of course that this account is in good standing and paid on time. If, on the other hand your account is delinquent or has a history of late payments, or other derrogatory history this will also be attributed to the other party and lower their FICO credit score. By the same token, if this person has "bad" credit and you put them on as a co-borrower then your credit card company may penalize you for the other person's bad credit and raise your interest rate. Take the time to think this through weighing all the positives and negatives to "you" not the other party. |
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Brownbrotha31
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i have been told that it would help there credit score but you also have to think about hurting there score if you cant make yo payments on time or if it goes into collections god forbid |
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Jason S
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You really need to ask the credit card co. if they will report it to the credit bureaus for the other person. They will need their social security number. FICO recently tried to stop this practice (known as piggybacking) but it is on hold for now. Some of the credit bureaus are against it and are refusing to comply.
http://creditcardwarehouseonline.com |
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heyyou
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I have had the same question! I am looking forward to the answers. I personally think it would, but I am not sure. My daughter recently tried to get her own credit card, and she was approved. (She has been on mine for a couple of years now.) Before that, she was not approved. Good Question! |
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Jeffrey
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I am under the impression that you may still give another person a bump in their scores if you add them as an AU.
Fair Isaac tried to do away with it last year, but they had no luck with it. They may eventually get it implemented, but as far as I know, they got nowhere with it. |
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Anjell
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An authorized user will gain the same credit worthiness (or lack thereof) of the principal account holder. It will help their credit score only if the account is kept in good standing. If the account goes into arrears and/or collections the user will see their credit score plummet.
Anything the authorized user does can and will also affect the principal user as well. |
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