I am trying to build my credit history.Being on a high limit old credit card account with no balance as a joint account holder will affect my credit history more positively than being an authorized user? Or there is no difference? Some say that being joint account holder will affect more as it will show in my credit report that I am responsible for the credit card payments.
Thanks
2007-06-02 15:51:00 · 7 answers · asked by v p 1 in Business & Finance ➔ Credit
I have to disagree with the other posters.
I would have to think that none of them have ever had any experience in being an AU or having added someone as an AU to their accounts.
Being an authorised user WILL give you the same history and reporting benefits that being a joint does.
Being an AU, you have the option to be removed and will not be held responsible if that trade line takes a nose dive.
Being a joint user, you will be held responsible if the account takes a nose dive.
Most creditors do not notate on reports that the account is an AU account.
2007-06-02 17:54:10 · answer #1 · answered by echo 7 · 0⤊ 0⤋
I relatively have labored at Chase financial enterprise for some years now and that i've got seen the stable and the undesirable of a joint account. If Sir has a undesirable credit Im guessing he has some form of collections pending against him and if it relatively is the case then what ever is interior the joint account must be seized. What i might advise is beginning a individual account for the sir and misses and function a million joint account. only incase a emergency did ensue you need to circulate out of your personl account to the joint account and get the money.
2016-11-25 02:37:53 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Being joint will be more beneficial for your credit rating as legally you are both responsible for any debt. If you are only an authorised user the legal responsibility is all on the main card holder.
2007-06-02 16:13:36 · answer #3 · answered by lucy loo 3 · 1⤊ 0⤋
Once again Echo is correct.
There actually was a great article on Yahoo this morning about what they call "Piggybacking" and how it's effecting the mortgage market right now.
The FTC is looking into it and it may be illegal in the near future.
2007-06-04 05:56:32 · answer #4 · answered by ? 7 · 1⤊ 0⤋
There really is no difference.
If you are a authorized user on their card, and they don't pay, it goes on your credit also.
2007-06-03 06:12:50 · answer #5 · answered by sven_kirk 2 · 0⤊ 0⤋
yes it's better to be joint, than authorized.
Joint means you OWN it....authorized means you just USE it...
So owning is always better than using...
2007-06-02 17:13:15 · answer #6 · answered by Chrys 7 · 1⤊ 0⤋
you both are treated equally.it just assures them that they would get there money back from one or even both.
2007-06-02 15:59:12 · answer #7 · answered by Luckys Charm 4 · 0⤊ 1⤋