my husband has ok credit, and mine is pretty bad from when i was 18-20. were wanting to build my credit back up. if he applys for a credit card and puts me on as an authorized user, does it build my credit when we pays his on time. or is there a credit card we can both apply for where im not just "an authorized user". if so. which credit card(s)...links wuld be really helpful. thanx a bunch....
2006-12-11 13:21:21 · 15 answers · asked by Calli S 2 in Business & Finance ➔ Credit
Does nothing for u . u are a authorized user that is all.
2006-12-11 13:23:47 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I would start by being an authoried user to build up your credit. As long as he pays on time, you will be building your credit. After awhile, after you credit has improved, you can try to have him co-sign for a credit card. I would advise doing so during the first year as an authorized user because you don't want you or him to see your credit drop a few points (after working hard to get the score up) do to a new inquiry and opening a new account when you just had both hit your credit report.
2006-12-11 21:46:08 · answer #2 · answered by Mariposa 7 · 0⤊ 0⤋
No, it will not help your credit. An authorized user can be anyone--a friend, business associate etc. Your husband did not give the credit card company your social security number (most likely), so there is no way to link that card to your credit history. To help build your credit you would need to be a co-signer on a card (both responsible for repayment). You may want to get a secured credit card (which anyone can get as long as you can make a deposit) to try and build your credit up.
2006-12-11 21:43:37 · answer #3 · answered by Scott B 3 · 0⤊ 0⤋
Unless your Social Security number is given, there is no way this can help your credit. For it to affect you, it has to be a joint credit card, not just an authorized user. For example, a business may have credit cards issued to some employees who are then "authorized users" - but it will never affect their personal credit score as they are not the ones paying the bill.
2006-12-19 17:58:49 · answer #4 · answered by ginabgood1 5 · 0⤊ 0⤋
if you really need the money and/or credit consider opening a small personal loan from your bank. The interest will be much lower and the potential to run up further debt is diminished. Paying back the loan on terms you and the bank agree on will build your credit. Stay away from credit cards...there is a reason they make billions upon billions each year...by ripping off the consumer. Don't be a sucker for easy credit.
2006-12-19 11:33:20 · answer #5 · answered by teeyodi 2 · 0⤊ 0⤋
You'd better have your husband as a co-signer and he can get a good credit card while you need to build your credit abd take for instance a secured credit card. Being an extra user means nothing for your credit history.
2006-12-13 00:03:29 · answer #6 · answered by Shirrwood 2 · 0⤊ 0⤋
Most of answers are correct. However, you should also work on increasing your score. Have you checked your bureaus? Have you tried to work out payment on the old debt? Usually you can settle for pennies on the dollar, especially if you were as young as you say and also doubt they were issuing you huge credit limits. You should also apply in your name, too. Try Orchard Bank or one of the credit card issuers that specializes in poorer credit........Even a secured card in your name will start creating a history. Then when you have paid promptly and timely for awhile on your card, your score will increase and you will get offers for better rates, cards, etc.
2006-12-11 21:45:08 · answer #7 · answered by MJ 4 · 0⤊ 0⤋
This is called piggybacking and does help your credit.
All of the payment history will be calculated into your FICO scores.
You want 3 important factors to consider when piggybacking.
1. Long term payment history, preferably over 2 years
2. Low balance. if maxed out will only hurt you.
3. Large credit limit, the bigger the better.
Read this article on how to season your credit and piggybacking.
http://www.expert-credit-advice.com/building_credit.htm
Truly the best kept secret in the credit industry.... !!
2006-12-11 21:47:33 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yes it will help. If your bills are all paid from the time when you were having bill problems than after about 7 years they are removed from your credit history.
If you don't owe money and have a good job than you would have no trouble getitng credit.
If you do have past bills hanging ove ryou than it's likely one day you'll be sued fo rhtme. by some company who brought your debts for pennies on the dollar.
2006-12-11 21:41:08 · answer #9 · answered by Anonymous · 0⤊ 0⤋
If you are on his account it will appear on your credit report and help your credit to get back on the right track.
2006-12-11 21:25:22 · answer #10 · answered by Amy C2 2 · 0⤊ 0⤋