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Authorized User/Co-signer


flashovertx
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hello..thanks to all who have posted. I am new to the boards just trying to fix and rebuild my credit. i have obtained my FICO scores from EQ-489 and TU 542. I have amny things to clean up, but am wondering about something. My fiancee has great credit. Should I become an authorized user on any of her accounts or have her co-sign on some new accounts for me? Will this improve my score over the next year? Will her credit file be harmed by this? Thanks for the info

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Become AU ONLY on 1-2 of her best cards (longest history, best payment history and balance). Find out which cards report where and spread them evenly.

If you have EQ/EX Credit Simulator, put in the numbers and see how it affects your score. (for what its worth :D )

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Welcome to the board! I can share with you what I know, and please if anyone find that my response is wrong, please correct me.

I added my DH as AU to 2 credit cards, one with 15K limit and another with 10K, and it seems to have helped his credit score. From what I learned from this board, especially KB9TBQ, as an AU, one could benefit from an account in good standing, and reversely, one's credit rating could be harmed from an account in negative status. So, in your case, if you become an AU you will benefit from your fiance's good account history. You asked how soon can these accounts affect one's rating, I'm not sure.

Your fiance's credit rating will not be affected if she simply choose to add you as an authorized user on her credit cards. The risk that she takes is the possibility that you may max out the cards and bail, which I'm sure you won't, right :). If she cosigns a credit account with you, the debt will show up in her credit report as JOINT and I believe it may affect her credit rating because it is considered HER debt. Additionaly, she is taking more risk as a cosigner because she is liable for the debt if the account goes into default.

[Edit by businessdebt on Thursday, April 24, 2003 @ 04:51 PM]

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I'm an authorized user on my father's account which is 25 years old and has a perfect history. AT&T Universal Card with 12,500 limit. I did not see a change in my credit score, it has been a year. The only CRA reporting the card is Equifax.

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<blockquote>Originally posted by dm91497

I'm an authorized user on my father's account which is 25 years old and has a perfect history. AT&T Universal Card with 12,500 limit. I did not see a change in my credit score, it has been a year. The only CRA reporting the card is Equifax.

</blockquote>

Wow, I just got added as AU on my mom's AT&T Universal card - 12,5 limit and most ever charged on it in 15 years was $3200 - it reported and my score went up 30 points on EQ and 25 on EXP.

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