Comments on: Now Being an Authorized User WILL Get You Credit Scores Again http://financefreelancelife.com/2008/08/15/authorized-user-will-get-credit-score/ Tue, 16 Mar 2010 14:53:24 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Badminton is a Real Sport : Cash Money Life http://financefreelancelife.com/2008/08/15/authorized-user-will-get-credit-score/#comment-38004 Badminton is a Real Sport : Cash Money Life Sun, 08 Feb 2009 04:57:29 +0000 http://financefreelancelife.com/?p=819#comment-38004 [...] Micah writes that Now Being an Authorized User WILL Get You Credit Scores Again. This was not the case a few months [...] [...] Micah writes that Now Being an Authorized User WILL Get You Credit Scores Again. This was not the case a few months [...]

]]> By: Parents Teach About Money and Credit http://financefreelancelife.com/2008/08/15/authorized-user-will-get-credit-score/#comment-22970 Parents Teach About Money and Credit Wed, 20 Aug 2008 15:01:43 +0000 http://financefreelancelife.com/?p=819#comment-22970 [...] FICO is reinstating authorized user accounts as a part of people’s credit history and reports. One of the primary [...] [...] FICO is reinstating authorized user accounts as a part of people’s credit history and reports. One of the primary [...]

]]> By: Mrs Micah's Mom http://financefreelancelife.com/2008/08/15/authorized-user-will-get-credit-score/#comment-22900 Mrs Micah's Mom Tue, 19 Aug 2008 15:50:59 +0000 http://financefreelancelife.com/?p=819#comment-22900 I'm sure your dad is right that FICO's change is based on statistics. Perhaps what is transmitted from parents with good credit ratings to their children is not wisdom in their use of credit cards, but a recognition of the importance of paying bills. I’m sure your dad is right that FICO’s change is based on statistics. Perhaps what is transmitted from parents with good credit ratings to their children is not wisdom in their use of credit cards, but a recognition of the importance of paying bills.

]]> By: mrsmicah http://financefreelancelife.com/2008/08/15/authorized-user-will-get-credit-score/#comment-22891 mrsmicah Tue, 19 Aug 2008 13:15:18 +0000 http://financefreelancelife.com/?p=819#comment-22891 @Nick, According to the article at Marketwatch, FICO has said that they'll apply this algorithm to FICO 08. I don't know if you'd be processed in time (I'm not sure how long it takes to add authorized users), but since it'll work for FICO 08, I'd say you might as well give it a shot. @Nick,

According to the article at Marketwatch, FICO has said that they’ll apply this algorithm to FICO 08. I don’t know if you’d be processed in time (I’m not sure how long it takes to add authorized users), but since it’ll work for FICO 08, I’d say you might as well give it a shot.

]]> By: Nick http://financefreelancelife.com/2008/08/15/authorized-user-will-get-credit-score/#comment-22872 Nick Tue, 19 Aug 2008 05:23:58 +0000 http://financefreelancelife.com/?p=819#comment-22872 I've been watching the piggybacking developments and researching all this as I have less than great credit. During some hard times I fell behind and I am doing everything in my power to rebuild my credit including piggybacking on my father's credit. *I have a couple questions in regard to timing, and that is, given the delayed debut of Fico 08 when should I become an authorized user on my Father's credit line(s)? When will I see the benefits of piggybacking? Can I do this now or do I need to wait until Fico 08 debuts? Thanks! I’ve been watching the piggybacking developments and researching all this as I have less than great credit. During some hard times I fell behind and I am doing everything in my power to rebuild my credit including piggybacking on my father’s credit.

*I have a couple questions in regard to timing, and that is, given the delayed debut of Fico 08 when should I become an authorized user on my Father’s credit line(s)? When will I see the benefits of piggybacking? Can I do this now or do I need to wait until Fico 08 debuts?

Thanks!

]]> By: Another Personal Finance Blog http://financefreelancelife.com/2008/08/15/authorized-user-will-get-credit-score/#comment-22836 Another Personal Finance Blog Mon, 18 Aug 2008 16:28:08 +0000 http://financefreelancelife.com/?p=819#comment-22836 I've been thinking of being added to my wife's card that her parents gave her years ago. The only thing I lack is credit history. I’ve been thinking of being added to my wife’s card that her parents gave her years ago. The only thing I lack is credit history.

]]> By: Donating Old Clothing and Blog Roundup - Consumerism Commentary: A Personal Finance Blog http://financefreelancelife.com/2008/08/15/authorized-user-will-get-credit-score/#comment-22810 Donating Old Clothing and Blog Roundup - Consumerism Commentary: A Personal Finance Blog Mon, 18 Aug 2008 04:54:29 +0000 http://financefreelancelife.com/?p=819#comment-22810 [...] Now Being an Authorized User WILL Get You Credit Scores Again. There was some talk about FICO preventing the good credit (or bad credit) pass along to “authorized users” of credit cards. This is traditionally one of the easiest ways for someone to establish a new credit history. Recently, FICO announced that it would not end the practice. [...] [...] Now Being an Authorized User WILL Get You Credit Scores Again. There was some talk about FICO preventing the good credit (or bad credit) pass along to “authorized users” of credit cards. This is traditionally one of the easiest ways for someone to establish a new credit history. Recently, FICO announced that it would not end the practice. [...]

]]> By: Dad http://financefreelancelife.com/2008/08/15/authorized-user-will-get-credit-score/#comment-22706 Dad Sat, 16 Aug 2008 02:08:50 +0000 http://financefreelancelife.com/?p=819#comment-22706 I suspect they are banking on what the statistics show. It may be that studies made by FICO show that children of people with good credit history are good risks. I'm sure they have their reasons. In this case, I don't think it is through something they deduced but something they have the stats to back up. I suspect they are banking on what the statistics show. It may be that studies made by FICO show that children of people with good credit history are good risks. I’m sure they have their reasons. In this case, I don’t think it is through something they deduced but something they have the stats to back up.

]]> By: John http://financefreelancelife.com/2008/08/15/authorized-user-will-get-credit-score/#comment-22693 John Fri, 15 Aug 2008 19:20:40 +0000 http://financefreelancelife.com/?p=819#comment-22693 You are right that in reality the credit score of children should not reflect the parents score, but I am sure it makes financial sense for the credit card companies to issue credit cards to children, when their parents have good credit scores. At the same time it helps out a lot of people. Yes it is relatively easy to get a student credit card, but it is not everybody that knows how important credit history is, until they have graduated from college and by that time it can take years to build up a good credit score. Bottom line is I think it benefits both parties when FICO implements this algorithm as long as it eliminates the people paying to get good credit You are right that in reality the credit score of children should not reflect the parents score, but I am sure it makes financial sense for the credit card companies to issue credit cards to children, when their parents have good credit scores.

At the same time it helps out a lot of people. Yes it is relatively easy to get a student credit card, but it is not everybody that knows how important credit history is, until they have graduated from college and by that time it can take years to build up a good credit score.

Bottom line is I think it benefits both parties when FICO implements this algorithm as long as it eliminates the people paying to get good credit

]]> By: Richard @ Student Scrooge http://financefreelancelife.com/2008/08/15/authorized-user-will-get-credit-score/#comment-22687 Richard @ Student Scrooge Fri, 15 Aug 2008 17:13:39 +0000 http://financefreelancelife.com/?p=819#comment-22687 I agree with you -- its a pretty surprising move; while I definitely benefited from it years ago, from an objective standpoint it seems questionable. With regards to students and teens, I agree that it almost seems counter-productive to provide a teenager access to the types of credit cards an inherited extensive history can provide. When I turned 18, I didn't have much trouble getting one of the student credit cards -- unless you've made mistakes, it seems like those are pretty easy for students to get. I agree with you — its a pretty surprising move; while I definitely benefited from it years ago, from an objective standpoint it seems questionable.

With regards to students and teens, I agree that it almost seems counter-productive to provide a teenager access to the types of credit cards an inherited extensive history can provide. When I turned 18, I didn’t have much trouble getting one of the student credit cards — unless you’ve made mistakes, it seems like those are pretty easy for students to get.

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