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| *Ostroff, Fair and Company>>>Credit |
Does it affect my credit if i'm an authorized user on a credit card? |
Does it affect my credit if i'm an authorized user on a credit card? Yes it doe's, after you are named as a authorized user the next time the credit bureaus update the pay history of the person that added you appears on your credit report. People have raised their scores over 150-points overnight by doing this. This used to be what parents did to help their children establish good credit. In September of this year it's going to change because the credit bureaus are going to change the way they calculate scores to keep authorized users from getting as many additional points as they used to. The reason for this is that there are companies out there that are selling trade lines to people to raise their credit scores. This has resulted in the mortgage industry lending money to people at rates that they really did not qualify for and this has led to thousands of foreclosures all over the nation. So the mortgage industry asked the FTC to change this so that the authorized users would not get as many points. Source(s): Finance Manager for over 7-years. Only if your social security number was given in order to secure the card for you. Also, this will only effect you until about Sept, when there will most likely be changes to the way credit is calculated. No because you are not listed on the account. If your name and information are associated with the credit card and that information is reported to the credit reporting agencies then your credit will be affected. Be careful with this because it happened to me. I was placed as an authorized user on my Mom's account years ago. I never agreed to this or signed anything, but it still appeared on my credit report. I disputed it and 2 out of the 3 credit bureaus deleted it, but Equifax would not delete and I wrote a statement about what happened. You can check your credit report for free once per year at annualcreditreport.com. Yes, although you may not give out your SS#, credit card company still has this information. Credit card company will report you to credit bureau if the loan is default. It still effects your credit rating just like you a cosigner. Don't be fooled by people who said as long as you don't give out your SS, you'll be ok. It doesn't work that way. You may not be legally responsible for the loan but your name certainly will report to credit bureau. Work for a major credit card company. |
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