gus underwriting: Mortgage Guidelines for Authorized User Credit Cards
- 02/13/18 09:31 AM
An Authorized User account normally refers to Credit Cards. When a creditor allows an “Authorized User”, they give permission to the person originally approved for credit on the account to allow a spouse or other designated person to make charges to the account. Generally, the authorized user is not under “contractual obligation” to repay. This allows the “Authorized User” to use the good credit history on the account to reflect on their credit file – essentially without ever having made an on time payment. Because this is a unique situation, Mortgage Guidelines for Authorized User Credit Cards vary from program to program.
An Authorized User account normally refers to Credit Cards. When a creditor allows an “Authorized User”, they give permission to the person originally approved for credit on the account to allow a spouse or other designated person to make charges to the account. Generally, the authorized user is not under “contractual obligation” to repay. This allows the “Authorized User” to use the good credit history on the account to reflect on their credit file – essentially without ever having made an on time payment. Because this is a unique situation, Mortgage Guidelines for Authorized User Credit Cards vary from program to program.
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