Authorized User Question

[tyabeau2]

I am trying to rebuild my credit. My score is so low My FICO.com refunded my money. I have since removed medical collections and disputed collections that were my husbands and not mine. Still waiting on results.

 

The CRAs have put a fraud alert on my CR when I deleted old addresses.

 

My brother-in-law is going to put me on one of his accounts as an authorized user to help me rebuild credit until I can get a credit card of my own. My question is...will he be able to add me on his account with a fraud alert on my CRs?

 

I really need something revolving to help me out so I can get something of my own. I am planning on getting a credit rebuilder loan from our credit union. I just want to wait until I get the results back from the CRAs on my next dispute.

 

Any help will be appreciated.

[BobWang]

I answered here, and you may want to read through the thread:

 

http://creditboards.com/forums/index.php?showtopic=501992&do=findComment&comment=4875079

[GKnight]

I am trying to rebuild my credit. My score is so low MyFICO.com refunded my money. I have since removed medical collections and disputed collections that were my husbands and not mine. Still waiting on results.

Edited July 9, 2013 by GKnight

[legaleagle2012]

I don't think it will matter what is on your credit report if he wants to have a card issued in your name.They won't even look. I did this with someone who has a string of judgments against them. The credit card company looks at it this way....if you want to give somebody use of your account, that's your decision. You are the one who is liable, not the authorized user.

[tyabeau2]

Thank you. I don't want access to his card. When it comes in I am giving it back to him. He is just going to help me build credit by "piggybacking". Thank you for all your help.

[legaleagle2012]

Authorized users do not receive any benefit on their credit scores, the reporters don't even know about them and they have no liability to make payments. The account is the responsibility of the account holder only. You might want to look into some secured cards, I heard Chase treats them the same as regular cards for reporting purposes.

[mendelssohn]

/>Authorized users do not receive any benefit on their credit scores, the reporters don't even know about them and they have no liability to make payments. The account is the responsibility of the account holder only. You might want to look into some secured cards, I heard Chase treats them the same as regular cards for reporting purposes.

An AU will boost FICOs for the AU, assuming it reports.

[cashnocredit]

 

/> Authorized users do not receive any benefit on their credit scores, the reporters don't even know about them and they have no liability to make payments. The account is the responsibility of the account holder only. You might want to look into some secured cards, I heard Chase treats them the same as regular cards for reporting purposes.

An AU will boost FICOs for the AU, assuming it reports.

The rumors that AU's don't help credit scores started back when FICO introduced FICO 08. It was originally the intent to exclude AUs but they reversed themselves. Same with VantageScore. A Fed study on AUs concluded that even though some abuse (piggybacking) occurs that AUs still are predictive of risk. Recent FICOs and many banks may discount AUs where the address doesn't match with the primary or other, undisclosed, techniques to mitigate abuse occurs.

 

I have two AUs that probably suffered when I added them to my Amex. They both have long, clean, credit files and no doubt I negatively impacted their AAOA so AUs don't always help even if they are counted. But my (and their) situations are not the norm.

[tyabeau2]

I need to try in some way to add revolving credit until I can get medical collections off my report. I have tried to apply for a Capital One secured and they denied me due to the medical collections. I am looking into purchasing a new car next year and my credit was clean but no revolving on there. I REALLY don't like credit cards but see this is the only way to build credit. I have two previous cars that are paid off. One almost 9 years ago. The other almost 5 years ago.

 

I was in the hospital last year and yes I had insurance and yes I have been paying on the medical and they still sent me to collections. I am working to remove the collections using the why chat way.

 

I have been reading on was to help build credit until I can get my own positive credit. I will only be added as an authorized user until I can add a card of my own. Then he will take me off.

 

I was able to pull my Equifax FICO score with help from calling in and it is 568 with the medical collections.

 

I am scared about adding inquiries to my CR unless I know I'm going to be approved. I know with the medical I will not get approved. So I am hoping this will help me out.

 

Any other ideas will be appreciated.