I am sure this question has been asked and answered in previous posts, but I am in a hurry to get the answer.... Is it true that if someone with good credit adds you as an authorized user on their credit card, the info will go on your report thus improving your credit rating? How would it show up on my report, what would we need to do to make this happen, is it worth it? I have POOR credit (as you can see from the scores below), and my father has perfect credit. He has a few credit cards with limits over $60,000 and always keeps the balances at zero every month. HE said he is willing to add me as an authorized user to his credit cards if it would help my credit. I believe his scores with all 3 agencies are over 800. Please, if you KNOW THE ANSWER, let me know A.S.A.P. My dad is leaving back to Vegas tomorow, and we have to do this soon if we are going to do it at all. Thanks people
The answer...MAYBE... It varies from credit card to credit card... If they REPORT "AU" to the CRA'S YES...
Would this then show on my report as if I had the account for the entire life ? In other words, if the account is 15 years old, would it show I have an active 15 year old account with a very high limit and low balance, and raise my scores? I just dont want to do it if it will not help my situation. But if it would help, I gotta' do it quick : )
Yep! What George said. I am an AU on several of my fiance's accounts. He also has "perfect" credit. They showed up on each CRA with the very next month's posting as "authorized user" and showed his completed history as my own. It immediately raised my scores. All your Dad has to do is call each card company and tell them to add you as an AU (not "joint user" or they will pull your credit). They may or may not ask for your SSN. It takes only a minute or twoo for each card. Many of them can even be done online if he has already set up access to his accounts that way. Major credits cards (AMEX, VISA, MC, Discover) will say "AU", while often retail cards will says "Joint".
Thanks for the help people. I don't know how much being an AU will help, but I will take all the help I can get : )
