I want my wife to build her credit history, will it help her if I name her an authorized user of my credit card? Will the credit card company ask me for her data? The reason I ask this is because I noticed that when giving her an additional credit card the credit card company won't ask her data? So which is best, giving her an additional credit card or making her an authorized user? Thanks for the help, I'm from another country and I'm trying to build credit history.
2006-08-06 06:17:13 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
Yes & No.
#1 - Add her as Authorized user, but add her social number on it or else it won't get reported into her credit.
#2 - NEVER add her as Joint user, because you can't take it off later, they will make u close the account if you want her off.
#3 - After you add her, never go over 30% of the credit limit or else it will hurt her score and overall credit rating.
Add like 3 or 4 credit cards to her name and you will see her credit score jump up to like 700-800 Fico. I do it all the time =)
2006-08-06 21:50:06 · answer #1 · answered by Batman 2 · 3⤊ 1⤋
Do Authorized Users Build Credit
2016-11-14 01:11:15 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Authorized users DO benefit from a positive tradeline in most cases. Don't listen to the negativity here. Every Credit Card Co has their own rules as far as AU's go. Being an authorized user in some cases boost's anothers credit by adding a credit line. This will help them if #1. The card has a long history #2. If the card has a low utilization 35% debt or less.
Go to www.creditboards.com and search for "authorized user" and see the proof for yourself. You can also find other peoples experiences with adding AU's.
2006-08-06 13:04:43 · answer #3 · answered by Johnsmatrix 3 · 1⤊ 0⤋
I know that the bank I work for issues credit card for authorize buyers but it will not report to the credit bureaus. Since you are only an authorized buyer you are not legally responsible for the account. You can be removed from the account at any time. If you want credit history to show on your credit you would have to be added as a joint account holder which means that you will be responsible for the account and all payments, balances will show on your credit. This also means you are not able to be removed from the accounts once you become a joint account holder. You should also consider applying at banks that offer credit card for people with no credit, this might help her get her credit started. Some credit cards will show on your credit and it will say that you are an authorize buyer, but this will not help you build credit since you are not an account holder.
I hope this helps you.
2006-08-06 07:08:56 · answer #4 · answered by kb's-way 1 · 1⤊ 1⤋
It will NOT help her credit by making her an authorized user.
What you need to do is get her a credit card, and co-sign for it. That will establish a history in her name. You may also try getting a personal loan (car, appliance, etc....) and co-sign.
I had the same problem when I got married. My wife came with credit "baggage" and had terrible credit. After cleaning up her credit history and getting the collection agents off her back, I worked on building her credit again. After 3 years she had better credit then I did!
2006-08-06 08:42:11 · answer #5 · answered by Anonymous · 0⤊ 2⤋
Don't ever have your wife mess up your good credit to begin with. Check out both of your situations on annualcreditreport.com to see where you both stand. Then check out her situation and have her get starter cards with lower limits until she can build up the proper credit history. Just so you know the credit card companies like to see a "healthy mix" of credit. This means generally, at least one store card, a gas card and a regular credit card.
2006-08-06 06:32:39 · answer #6 · answered by Richie D 3 · 0⤊ 4⤋
All I can say is maybe.
I checked my online Citicard access site and when adding an authorized user you can input their Social Security Number.
I believe you can after time transfer that information on the authorized user to their credit history.
However, they can screw up your account as well as help it since authorized users are simply another name tied to your account.
Sorry I couldn't be of the greatest help. Good luck!
2006-08-06 06:51:48 · answer #7 · answered by Jesse 4 · 0⤊ 0⤋
just being an authorized user does nothing for the person's credit rating
you would have to make her a joint holder of the card where both of you would be responsible for the bills ( put the card in both names at your bank )
2006-08-06 18:17:33 · answer #8 · answered by Anonymous · 0⤊ 3⤋