My husband currently has a horrible credit score while I on the other hand have an Excellent credit score. At the moment I’m not too concerned with how his score will affect us because we are both in graduate school and not looking to buy a house. We’ve been making payment regularly and on time to try and fix his credit but it won’t increase that much. I read on the Wallstreet Journa this week that many people add their child as an authorized user and immediately their credit history with the card is transferred off to that person dramatically increasing their credit score…
But my question is, if I add him, will his history automatically be connected with mine???
2007-09-14 05:07:05 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
How about if I add him as a joint applicant?
Would my history be transferred to his and will his history affect mine?
2007-09-14 05:49:11 · update #1
The answer to your question is no.
But, it doe's not matter because the way FICO calculates credit scores changed the first of this month so that authorized users no longer get additional points for the accounts.
This is due to people buying trade lines to increase their credit score to qualify for mortgages that they could not qualify for on their own.
Big part of the sub-prime mortgage problems we are seeing now.
Additional information.
If you add him as a joint signer, yes your history will show on his credit and if it's good, it will help his credit. Will have no affect on yours unless he runs up the card and you don't pay it.
2007-09-14 05:29:25 · answer #1 · answered by ? 7 · 0⤊ 0⤋
Rules have changed. Authorized users not longer get the benefit of the good credit. It might show up on the authorized user's credit report, but isn't figured into their score.
No, putting your husband on your cards as an authorized user won't adversely affect your credit .... unless he runs up all the credit cards.
2007-09-14 05:18:05 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
This was known as credit piggybacking and as of September this year authorized user status is not taken into account when computing credit score...so no it would not affect your credit score if you made him an authorized user on one of your cards (unless he went out and charged it up). It also would not improve his credit score at all either.
2007-09-14 05:21:19 · answer #3 · answered by Anonymous · 0⤊ 0⤋
it will not hurt you....but it MAY benefit him.
with the new FICO models that came out this month...it may not benefit him anymore.
If that credit card had many late payments...then it will HURT the authorized user.
Only that part of your credit history MAY transfer to him.
2007-09-14 05:19:10 · answer #4 · answered by Anonymous · 0⤊ 0⤋
They plan to kidnap your son and hold him for the payments. Where he gets the money they do not care. You will be first in line.
2007-09-14 05:55:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋
only the account you add with him
Google "piggy backing credit" for more info
2007-09-14 05:34:00 · answer #6 · answered by Anonymous · 0⤊ 0⤋