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| *Ostroff, Fair and Company>>>Credit |
If I am an authorized user on a credit card, does it affect my credit score? |
If I am an authorized user on a credit card, does it affect my credit score? For the next few months yes. In September the way that scores are calculated is going to change so authorized users will not get the extra points that they get now. The reason for this is that there are companies out there that have been selling trade lines to people to raise their score. This has resulted in the mortgage industry making loans to people at interest rates that they really did not qualify for and that has resulted in thousands of foreclosures all over the Country. So the mortgage industry asked the FTC to make this practice illegal. Source(s): Finance Manager for over 7-years. At one point, whatever activity good or bad on the account would reflect on yours, but that soon will change in September when the scoring rules will change to reflect that. credit analyst/underwriter not unless u are a on the card as a joint account. and u gave them ur ss# and all. but if ur just an authorized user that means that U can use it and sign ur name to the receipt with the main card holders permission. Not really. If your paying payment or paying them off each mth, your credit score should improve. When I was younger I was paying a card that was my moms. The card company send me an applications and the rest is history. My score is in the high! But I never was late and knew what I can handl.( in what I could afford.) the first couple of ppl are right, the others are wrong. Every single thing thats reported to their report because of the card will be reported to yours as well. But with good comes bad, if they miss a payment, go over limit etc., your credit score will go down too. I really dont see why its like that though to be honest, I guess its because if your authorized to use the card its as much your responsibility as it is theirs. But, its a good way to increase your credit score w/o doing anything. |
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