2007-12-18 15:07:35 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
As far as I know, it does show up on your credit report, so it can affect your score. It's like being a co-signer. It does not affect your score by any set number of points, but it does affect your credit month to month. If they don't pay, it can ding you as well.
I'm not sure what the other answerer means when she says it does not affect your credit anymore, but I know that I have been an authorized user on one of my husband's accounts for the past five years, and it has affected my credit when he gets too close to the limit and when he pays it off.
Hope this helps.
2007-12-18 15:22:55 · answer #1 · answered by E.T. Barton 5 · 0⤊ 3⤋
The rules are changing next year. If you are looking for this type of product I suggest going to http://robertscredit.com/ far right click on that link.
This is a company that will issue credit high limit credit card at 0% intrest for the pourpus of raising your credit score. Aproximently 20- 50 points. (You will have to put down approximently 0.5 % or less of the amount you want on your card)
2007-12-18 17:42:27 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It helped in the past, but not any more. Fair Issac, the company that developed the credit score that is most widely used, stopped allowing that. Too many people with bad credit looked like they were better credit risks than they really were.
2007-12-18 15:29:34 · answer #3 · answered by The Shadow 6 · 1⤊ 0⤋
The rules changed this year (along with the interest rates & minimum required payments, thanks for the screwing Congress!) and being an authorized user no longer creates credit history for you.
However, the banks can still come after you if the account holder defaults.
And people still think that the government cares about us citizens.
bwaaaahahahahaha
2007-12-18 15:28:47 · answer #4 · answered by Gem 7 · 1⤊ 1⤋
The rules will not change until march 1st IF they end up changing them (there is much contension) what you do IS...piggyback...as soon as your credit is decent you get your own credit and be responsible with it...THAT was even if on march 1st the piggybacked score bottoms out...Your foot is in the door!
2007-12-18 17:18:02 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No. If you are an authorized user, it might show up on your credit report but it isn't counted in your score anymore.
2007-12-18 15:11:15 · answer #6 · answered by bdancer222 7 · 3⤊ 1⤋
Yes, this is called "Piggy Backing". The only problem is that if the person that actually owns the account defaults on the card will also reflect negatively on your credit.
2007-12-19 06:57:57 · answer #7 · answered by Jason W 2 · 0⤊ 0⤋
Not anymore.
2007-12-19 04:41:27 · answer #8 · answered by outlawimmortal2 2 · 0⤊ 0⤋