Becoming an authorized user on someone else's credit card

[matlock99]

Hello again:

Except for assuming liability for your future screwups with the card, is there any downside for a loved one with a long and good standing credit card to add you as an authorized user to improve your credit?

Everything I've read on the forum makes it seem all positive except for the liability issue. I'm considering asking a close friend whom I trust implicitly to add me, but it my poor credit rating stands a chance of bringing his down, I don't want to ask.

Also, if he adds me, does he need to do anything special when he calls the credit card company? I know there's one credit card I use where I'm an authorized user on someone else's account, but it doesn't show up on my report.

Thanks!

[matlock99]

Does anyone happen to know what American Express generally looks for in a credit score in order to issue a card?

Why does someone with a 570 rating want an AmEx? My financial situation has recently improved, and in the next two weeks, I'm paying off about $20k in debt to get my debt to credit ratio down from 91% to about 5%. I'll still have about 12 chargeoffs/collection accounts on my credit report, but 8 of those relate to student loans which I will have recently settled. I don't think they'll fall off the report, but the status will change.

Now that I'm taking control of my financial life, the AmEx is appealing to me because I don't want to fall into the same traps, so I don't want to carry a balance on my credit card (I know I could use a debit card, but I'm frequently in situations where my available cash is held up with a hotel hold or something of the sort). I know this sounds ridiculous, but the Platinum card is appealing...AmEx's "which personal card is right for you?" picker chose that for me without knowing my credit score, and as a frequent business traveler, many of the perks appealed to me (plus, my company would let me write off the annual fee). Do I have a shot in hell at this?

[newbie7069]

I would suggest that you venture over to the Obtaining Credit Card forum.........you might be suprised at what you'll find