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Being added as an Authorized User - Benefits?


ohiodebtor21
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Brief summaryof my credit:

Several chargeoffs, one judgment (paid), no open CCs only student loans (all current), Current car loan. Yes, my credit is in shambles, I realize this, and am well on my way of getting it cleared. I'm taking care of the chargeoffs, just need the timeclock to work before I get better credit.

The question:

My parents are pretty well off. I didn't ask them for help because I was too proud, and wanted to do it on my own, so my credit suffered. They have several credit cards with very high limits. If I ask them to become an Authorized User on one of their CCs (I wouldn't even use it), would it reduce their scores? Would it raise my scores?

Thanks in advance for your help.

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It would not hurt their scores, and yes, would have some positive impact on your scores. FICO has indicated that when it implements FICO08, that AU accounts will no longer factor into the score...but there was an article posted here yesterday that FICO has backed down on this.

I would urge you to be very honest with your parents and to let them know exactly why you need this huge favor from them. And I would tell them that you don't even want access to the account information (including account numbers). I do not believe in mixing friends and family with financial problems - although this type of thing is what parents are for, right? :) But do not get them to do this for you under false pretenses. Not trying to preach, just cautioning you that involving others in your credit repair process (through helping you), can become an awkward situation. Do everything in your power to keep it from becoming that, because in the end, your relationships are more important than your credit.

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