Jump to content

toojatt4u

Credit Cards and Authorized Users

Recommended Posts

Hello everyone, I'd like to premise by saying that I am not that financially literate, which is the root cause of my misunderstandings. However, I am trying to learn more by researching. I am a college senior. My father added me as an authorized user to a credit card in 2016, and had been making payments on my behalf. According to Chase Credit Score, my score is in the high 700s. My question is, I want to be independent from my father, so I do not want a card "linked" to him. Is it possible to "unlink" this card and have it only be my card? If so, does this have an effect on my standalone card? I can't have my only credit card be one that has me as an authorized user forever. If this is possible, but has negative consequences, please feel free to mention those as well. Basically does removing myself as an authorized user of a credit card, negatively affect me for my future cards? I just want my own standalone card, that is my main goal, but I do not want to do a great deal of damage to my credit score. Please offer some insight. Thank you in advance.

Share this post


Link to post
Share on other sites

Welcome to Creditboards!

We hope that you find what you're looking for here.

Some helpful tips:

  • Your post may not get a reply right away. Don't be discouraged, this is a very busy board. If it falls off of the first page, feel free to reply to your post yourself, with the word *bump* in the text. This will *bump* your post back up to the top of the board.
  • If you haven't yet, take a peek at out Newbies Section. Everything that you need to know is in that forum, for the most part. It's a lot of reading, we know, but this credit stuff can have a steep learning curve. In no time, you'll be posting like the pros!
  • If you find that someone is discourteous to you, use the REPORT button at the top right of every post - that will ensure that a moderator or admin looks at the post and decides if it is against the TOS.
  • Off -topic posts should go in the General Forum.

 

Again, welcome to the CreditBoards family!

CB Admin: LKH, Pam, radi8, :angel:breeze:angel: & MarvBear

 

Share this post


Link to post
Share on other sites

You can get removed as an authorized user and the trade line will continue to report, so you'll have the benefit of the history -- but you won't be able to use the card any more.

 

You should start adding a few carefully-selected cards in your name now.

 

Also note: if you are referring to CreditWise when you say "Chase Credit Score," that's not a useful reference point because that score model isn't used to actually evaluate your creditworthiness for new credit cards.  It's considered an "educational score," and can vary dramatically from scores that lenders actually use.

 

Welcome.

Share this post


Link to post
Share on other sites

Discover IT is a good starter card; check for a preapproval. Check Cap1 too but don't apply for one with an AF.

 

As soon as the new card reports your scores will rise. Then you can open better ones.

 

Assuming your dad is responsible with his credit, don't remove yourself as AU until you have 5 of your own cards open.

Share this post


Link to post
Share on other sites

Your father is doing you a huge favor by having you as an AU on the account, so don't be in such a haste to remove yourself as an AU. Give the card itself back to your father if you don't want the responsibility of using it. As @Occam said - as long as he is responsible with the credit and pays everything on time and doesn't carry or carries a small (<10%) balance, you can only benefit from the card's usage.

 

I have my offspring as an AU on a couple of my accounts. He doesn't have the cards but his credit report benefits from having the accounts on there.

 

Oh - and your reports DO NOT indicate who the account holder the AU is associated. DW is AU on just about everything but her CR doesn't show that its my accounts. So don't worry about some "link" that will forever bind you to your father's credit or credit reports.

Edited by IndyPoolPlayer

Share this post


Link to post
Share on other sites

Thank you so much to everyone who responded. @cv91915 the chase credit score thing I was referring to is vantagescore 3.0, powered by TransUnion. I am not sure of the accuracy. @Occam and @IndyPoolPlayer,  My father is responsible for the credit and he does keep a small balance on it. My fear was that in the future, if I want to move out and what not, that I would need my own credit card, since the actions he does take on the card would reflect on my score as well. So do you think it's worth removing myself, for that reason? The card I have is a Chase Slate, I don't believe it is an amazing card. Considering that I am an AU for this card, do I still need to consider signing up for a starter card, where my understanding is that it is a "secured card" and you use it to build credit? Or would you recommend something more than that( like Citi double cash or Capital one quicksilver)? Or is the Discover "it" card more than just that?

Share this post


Link to post
Share on other sites

welcome to CB! adding your own cards now is a great idea, but don't run before you can crawl.

Share this post


Link to post
Share on other sites
16 hours ago, toojatt4u said:

My father is responsible for the credit and he does keep a small balance on it. My fear was that in the future, if I want to move out and what not, that I would need my own credit card, since the actions he does take on the card would reflect on my score as well. So do you think it's worth removing myself, for that reason?

No. As long as your father is being responsible (paying on time) then even if you cut up the card and not use it or give it back to your father for safekeeping, having the AU will only benefit you until you get your own solid tradelines established. As @hegemony said, don't run before you crawl. CrapOne is where I started years ago and AFAIK, they have shed their prior reputation as a company that won't grow with you. Just stay away from schmucks like Credit One and the like. You might even try Chase Freedom Unlimited as another option.

Share this post


Link to post
Share on other sites
16 hours ago, toojatt4u said:

@cv91915 the chase credit score thing I was referring to is vantagescore 3.0, powered by TransUnion. I am not sure of the accuracy.

Right.  It's garbage.

Share this post


Link to post
Share on other sites

So I signed up for the Chase Freedom Unlimited, and was denied. I do have a Chase checking account, and the Slate card, I previously mentioned. 

They denied me because 

  • -Few revolving accounts opened long enough to establish credit history
  • -Insufficient balance in deposit and investment accounts with us.
  • They stated my score was 735, through experian.

They also said that these things below were the factors that negatively affected my credit score.

-Total available credit on credit cards

-Satisfactory obligated revolving accts compared to all revolving accts

-Insufficient installment loan information

-Unable to verify information on one or more accounts.

 

I'm really at a loss of what to do nor can I make much sense of all of this. Do I just continue using the Slate card? When can I finally have my OWN credit card?

Share this post


Link to post
Share on other sites

Try Discovery IT.  They like people with thin clean files.  

 

Building takes time.  When one door closes, choose the next logical door and knock on it.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.





  • Today's Birthdays

    No users celebrating today.
  • Member Statistics

    • Total Members
      177,629
    • Most Online
      1,528

    Newest Member
    HankHome1016
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines