Comments on: Will Being an Authorized User Give You Credit? http://financefreelancelife.com/2008/03/26/will-being-an-authorized-user-get-you-credit/ Tue, 16 Mar 2010 14:53:24 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Authorized User Gets FICO Credit Score http://financefreelancelife.com/2008/03/26/will-being-an-authorized-user-get-you-credit/#comment-22678 Authorized User Gets FICO Credit Score Fri, 15 Aug 2008 15:03:04 +0000 http://financefreelancelife.com/2008/03/26/will-being-an-authorized-user-get-you-credit/#comment-22678 [...] wrote a while back about how FICO (Fair Isaac & Co.) had dropped authorized user accounts from credit scores. Before, being an authorized user on, say, your parent’s card would get you their credit [...] [...] wrote a while back about how FICO (Fair Isaac & Co.) had dropped authorized user accounts from credit scores. Before, being an authorized user on, say, your parent’s card would get you their credit [...]

]]> By: mrsmicah http://financefreelancelife.com/2008/03/26/will-being-an-authorized-user-get-you-credit/#comment-22641 mrsmicah Fri, 15 Aug 2008 01:11:26 +0000 http://financefreelancelife.com/2008/03/26/will-being-an-authorized-user-get-you-credit/#comment-22641 Edited because the FICO scores have been changed <em>back</em>. More information here: <a href="http://financefreelancelife.com/2008/08/15/authorized-user-will-get-credit-score/" rel="nofollow">FICO changes the rules</a> (post from August 15th, 2008). Edited because the FICO scores have been changed back. More information here: FICO changes the rules (post from August 15th, 2008).

]]> By: Dad http://financefreelancelife.com/2008/03/26/will-being-an-authorized-user-get-you-credit/#comment-15508 Dad Thu, 27 Mar 2008 21:56:24 +0000 http://financefreelancelife.com/2008/03/26/will-being-an-authorized-user-get-you-credit/#comment-15508 The last I knew, there can only be two responsible parties on a card. These are people who can be held responsible for the debt. If the debt goes bad, the bank can go after both of them individually. My wife is a joint member of my card. If I die first, she will have a credit history (from the card and from the mortage). The credit line they will allow will probably be adjusted based on her income level at that time. At one time a few years ago, and it may still be true, if husband and wife are on the same card, the credit info was reported into both of their files. I think this was to avoid some people from putting all the assets on one spouse and debts on the other and slipping out from under through bankruptcy without losing much of their property. I believe the federal laws on credit have a part on how this is handled. But I would have to check. The last I knew, there can only be two responsible parties on a card. These are people who can be held responsible for the debt. If the debt goes bad, the bank can go after both of them individually. My wife is a joint member of my card. If I die first, she will have a credit history (from the card and from the mortage). The credit line they will allow will probably be adjusted based on her income level at that time.

At one time a few years ago, and it may still be true, if husband and wife are on the same card, the credit info was reported into both of their files. I think this was to avoid some people from putting all the assets on one spouse and debts on the other and slipping out from under through bankruptcy without losing much of their property. I believe the federal laws on credit have a part on how this is handled. But I would have to check.

]]> By: Mom@wide open wallet http://financefreelancelife.com/2008/03/26/will-being-an-authorized-user-get-you-credit/#comment-15491 Mom@wide open wallet Thu, 27 Mar 2008 16:26:27 +0000 http://financefreelancelife.com/2008/03/26/will-being-an-authorized-user-get-you-credit/#comment-15491 I didn't know that changed either. That is very weird. I think I'm going to do some more research on this. I understand the reasoning, it makes sense. Your score shouldn't be affected if you are not responsible for the payment. I do know that you can only have two joint users, unless that changed too. I didn’t know that changed either. That is very weird. I think I’m going to do some more research on this. I understand the reasoning, it makes sense. Your score shouldn’t be affected if you are not responsible for the payment.

I do know that you can only have two joint users, unless that changed too.

]]> By: Fabulously Broke http://financefreelancelife.com/2008/03/26/will-being-an-authorized-user-get-you-credit/#comment-15481 Fabulously Broke Thu, 27 Mar 2008 14:00:14 +0000 http://financefreelancelife.com/2008/03/26/will-being-an-authorized-user-get-you-credit/#comment-15481 Side note about being with someone with credit cards. It's much better to have (each) your own credit cards, then to be authorized users on each others' cards (if you wish).. because when or if (heaven forbid) you break up... one won't get screwed on a credit score and/or have to extricate themselves from credit card joint holdings Side note about being with someone with credit cards.

It’s much better to have (each) your own credit cards, then to be authorized users on each others’ cards (if you wish).. because when or if (heaven forbid) you break up… one won’t get screwed on a credit score and/or have to extricate themselves from credit card joint holdings

]]> By: lulugal11 http://financefreelancelife.com/2008/03/26/will-being-an-authorized-user-get-you-credit/#comment-15479 lulugal11 Thu, 27 Mar 2008 13:49:33 +0000 http://financefreelancelife.com/2008/03/26/will-being-an-authorized-user-get-you-credit/#comment-15479 I guess I still don't understand this credit score thing. I have a good credit score of my own and have credit cards and a car loan. Recently my boyfriend added me as a user to one of his credit cards and I got my own card...now the credit line and everything is showing up on my credit report. I guess I still don’t understand this credit score thing. I have a good credit score of my own and have credit cards and a car loan.

Recently my boyfriend added me as a user to one of his credit cards and I got my own card…now the credit line and everything is showing up on my credit report.

]]> By: Ken Clark, CFP http://financefreelancelife.com/2008/03/26/will-being-an-authorized-user-get-you-credit/#comment-15452 Ken Clark, CFP Thu, 27 Mar 2008 04:43:51 +0000 http://financefreelancelife.com/2008/03/26/will-being-an-authorized-user-get-you-credit/#comment-15452 Agreed! I just come back to the fact that "building credit" is a bunch of industry perpetuated baloney. If I'm a lender, especially in this economy, I am going to give loans based on one primary thing... INCOME! You can have great credit, but without stable income history... NO LOAN. You can have lousy credit, but with solid income... A LENDER WILL MAKE IT WORK (at a higher rate). Having good credit through college, will not buy you a home... trying to build credit, and making stupid choices will almost guarantee no loan, however! Ken Clark, CFP Agreed!

I just come back to the fact that “building credit” is a bunch of industry perpetuated baloney.

If I’m a lender, especially in this economy, I am going to give loans based on one primary thing… INCOME!

You can have great credit, but without stable income history… NO LOAN.

You can have lousy credit, but with solid income… A LENDER WILL MAKE IT WORK (at a higher rate).

Having good credit through college, will not buy you a home… trying to build credit, and making stupid choices will almost guarantee no loan, however!

Ken Clark, CFP

]]> By: guinness416 http://financefreelancelife.com/2008/03/26/will-being-an-authorized-user-get-you-credit/#comment-15449 guinness416 Thu, 27 Mar 2008 04:23:01 +0000 http://financefreelancelife.com/2008/03/26/will-being-an-authorized-user-get-you-credit/#comment-15449 Didn't realize that changed. Whatever about kids, at the point I first moved to the US, that was one of the few ways for new immigrants to establish a credit history. Too bad. Didn’t realize that changed. Whatever about kids, at the point I first moved to the US, that was one of the few ways for new immigrants to establish a credit history. Too bad.

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