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DBH11

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Will being Authorized on Someones Credit Card Account Raise my Credit Score?
There seems to be a lot of different opinions based on experiences concerning this. for

example #1 Being authorized on someones card verses jointly responsible on someones

Account #2 Some said that just being Authorized on someones Account that the History on

the Card will not be reported on your FICA Score #3 Some say that it actually hurts their

credit score, #4 Some say that this is looked on as a scam. Here is my situation. My wife

and I are applying for refinancing on our home and we need to use both her income and my

Social Security Disability Income to Qualify. Because of that the bank looks at both our

Credit Scores. She has a 744 on both TransUnion and Equifax which is great but my Scores

are 616 on TransUnion and 703 on Equifax which is not bad but not great. Because I have

not been working because of my disability do not show a lot of activity on my account and

no longer have any credit cards. We would receive a much better interest rate if mine was

up to at least 640 or more. Does anyone have any solid advice concerning our situation?

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#1 ... AU on someone credit card has no "legal" responsibility to repay the debt. Joint/Co-signer do. AU's credit scores/reports does not factor into its approval process, Joint/Co-signer dose.

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#2 ... It might vary from account to account, most do report it to credit bureaus, FICO isn't an credit report agency, FICO scores are calculated based off whatever in your report, so are every other scoring models. However there aren't enough data to say that any scoring models, may or may not include the AU into its scoring.

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#3 ... It cuts both ways, whatever that account's history would became yours both positives and the negatives.

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#4 ... There are "agents", "brokers" that will add you to someone, a complete stranger's credit cards as AU for a fee of course, that CAN be a scam.

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Credit scores are just one part of many, to form a lending decisions, what's in your credit profiles matters more than scores, we don't all have same exact credit profiles and we certainly don't all arrived at exact same scores in the same fashions. If you haven't already, find out what those scores based on what scoring models. Lenders might very well uses different models for their lending decisions, your scores from that particular model could be easily be 50 points lower or 30 points higher.

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I was in a similar situation. I saw a 60 point increase in my credit score after being added as an authorized user on my wife's card (I've never had a credit card before). It later dropped 40 points when she built up a balance (so it does have the potential to hurt your score if her credit utilization is high).

Adding a new credit card can decrease the average age of accounts on your credit report, which can negatively impact your score (a little). In my case, going from 0 credit cards to 1 credit card raised my score 60 points, despite the decrease in average age. YMMV, I wouldn't go into it expecting this large of an increase.

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