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Joint Account Vs Authorized User ? ? ?


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So there has to be a way we can all figure out to get around this Fico 08 or Fico 09 ( when ever it actually comes out ) rule about AU not affecting fico score. What about being made a Joint User on the account. I know now you’re actually responsible for the debt too but you would still get the whole life of the trade line added to your credit reports ? Also what experience do you guys have with being added as a joint user on a Credit Card ?

Also anyone here have any experience with being added as a joint user on a Chase Credit Card ? My GF got a new Chase CC a couple weeks ago so she could add me as an AU and they would add me as an AU but not accept any information for me and would not report the trade lines for me, they just wanted to know my name. They said I would have to be added as a Joint user to have them report on my credit but im worried if they pull my credit they won’t accept me ( my ficos are in the middle 500's ). Any one have any experience with this ? ? ?

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To be added as a joint signer, the issuer will send a letter addressed to the primary signer, called an "Add Jt Signer letter" or a similar term. This letter will require all of your information and your signature. to be a signer on a credit card, your signature must be on file, either electronically via electronic signature laws, if you applied online, or on paper. It will also require the signature of the primary signer.

As far as you being accepted, most credit card issuers only look at the FICO of the primary signer in all determinations. (unless you're counting heavily on income of the secondary signer in order to have a very high limit, which doesn't apply in this case from what you've said).

Some will use only the primary signer's FICO score to determine the APR/terms on the card, the "portfolio strategy" that is. At the same time, however, a lot of credit card issuers, although they use the primary signer to determine the card information will require that the secondary signer meet "minimum underwriting guidelines"....

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so do you guys think that instead of being AU ( since its not gonna help our fico score any more in the near future ) we should start getting added as joint users. Im just looking for another way around AU so we can tell people how to get some good trade lines

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I would strongly discourage consumers against adding joint users on their accounts. All-around bad idea.

If you want to build positive credit history, get your own accounts, pay them on-time and build history. There are lots of posts here about creditors who will grant a secured CC and their score/TL requirements.

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When my son's grandmother added me on to her Chase account as an AU they told her straight out that in order to make me a joint user they would have to close the account and open a new one with the 2 of us. So we lose the age on the original TL. But I agree with Ahntara, bad idea on the joint user. She did however request that I get reported and I got to send in a letter with all my info so it is reported every month.

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my bf added me to his lowes card. all they asked for was my name. no social or anything..just name. a few days later it was reporting on my cr's. not sure how they did it..but it's all good. :D

when he was apporved for his boa card they said that they will not report an au on their cards. but a few days later the account was on my cr's. :D

anyway..was the question answered? as for the fico score..is there a diff between au and joint? :confused:

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my bf added me to his lowes card. all they asked for was my name. no social or anything..just name. a few days later it was reporting on my cr's. not sure how they did it..but it's all good. :D

when he was apporved for his boa card they said that they will not report an au on their cards. but a few days later the account was on my cr's. :D

anyway..was the question answered? as for the fico score..is there a diff between au and joint? :confused:

Just tried this with a friend of mine a week ago. Just to be a roommate, so i have his address as a previous one. Hope it reports.

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I would strongly discourage consumers against adding joint users on their accounts. All-around bad idea.

If you want to build positive credit history, get your own accounts, pay them on-time and build history. There are lots of posts here about creditors who will grant a secured CC and their score/TL requirements.

I agree.

It ends up making two people jointly and severally liable for only one account. Hypothetically, what happens to the relationship (not to mention the TL) when the joint signer gets sued for a DUI, sued for malpractice, has a disabling injury, or divorce, etc.? That person’s credit might become trashed. S/he may want to use this credit card with no intention of paying it back. Your credit may be pristine by then and you’ll be forced to pay on this card or have your own credit trashed.

Also, keep in mind that once you’re added as a signer you become responsible for the account. I would be remiss not to point out that this means that if there is a balance on the account before you are added as a signer, then you are liable for that balance, a balance that [presumably] you didn’t help to create.

When my son's grandmother added me on to her Chase account as an AU they told her straight out that in order to make me a joint user they would have to close the account and open a new one with the 2 of us. So we lose the age on the original TL.

Well, I can say unequivocally that you were given incorrect information; you probably should have asked to speak with someone else. The OP can vouch for the fact that he could have been added as an AU to a Chase card over the phone and he even is able to be added as a JT signer to an existing card.

The only time a credit card MUST be closed when doing signer maintenance is in the case where one of the signers wants to be removed from the account. The old account will then be closed; both signers remain jointly and severally liable for the outstanding balance. The old account will be closed, but as long as there is a balance it will continue to revolve and statements will be generated, finance charges, late charges, over limit fees will still be applied, etc.

If one or both of the signers want to continue having a credit card s/he must open new account(s) that begin a new history. Adding AU or JT signers does not require an account to be closed at any bank as far as I know.

my bf added me to his lowes card. all they asked for was my name. no social or anything..just name. a few days later it was reporting on my cr's. not sure how they did it..but it's all good.

You've been added as an AU. It's not all good because if/when FICO 08 rolls out, you will lose the TL. This is the whole point of the thread!

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You've been added as an AU. It's not all good because if/when FICO 08 rolls out, you will lose the TL. This is the whole point of the thread!

DUH! But think about it. FICO 08 isn't out YET. So being an AU bumps your scores up...so you CAN get your own cc for the positive TL's. :D

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