Dave Martin (703) 585-4687, Making Realty Dreams a Reality #WeWillGetYouHome (Fairfax Realty)

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Rainmaker
5,584,233
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I would not make another person an authorized user of a credit card. 

Dec 31, 2019 02:53 PM
Rainmaker
4,643,520
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

I would not make anyone an authorized user.  It takes a lot of trust to do that. And I will be back to read the answers.  A

Dec 31, 2019 02:57 PM
Rainmaker
1,858,189
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

The name for this is a “ Trade Line Account” and both Fannie and Freddie recognize the boosted credit score under 3 circumstances!

Jan 01, 2020 07:02 AM
Rainmaker
3,423,674
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Why would you allow someone other than your children still at home to be an authorized user? In my case, not even my child. I got him his own card.

Dec 31, 2019 03:27 PM
Ambassador
1,679,397
Alan May
Jameson Sotheby's International Realty - Evanston, IL
Helping you find your way home.

I'm going to park to view responses, too.  My understanding (and I apologize, because I'm not certain) is that only the account owner gains or loses credit scoring.  An authorized user doesn't gain any credit scoring.... so I'm not sure you're doing them any good

Before you add them... ask the card issuer... they'll tell you the answer.

Dec 31, 2019 03:38 PM
Rainmaker
5,186,281
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

I'll be back to read answers by those who know the right answer....

Dec 31, 2019 02:52 PM
Ambassador
4,451,583
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Happy New Year Dave!

Dangerous to put someone else on your credit card account, unless you dont give them actual access to the cards or the account.

To get the actual answer to what you are asking here though you may want to ask a different audience, perhaps the folks at one of the credit reporting agencies.

Jan 01, 2020 12:40 AM
Rainer
502,651
Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

I have had lenders to advise adding an authorized user for partners or family members to boost scores.  I cannot answer the other parts without asking a lender.

Dec 31, 2019 06:59 PM
Rainmaker
2,844,305
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Parked and Reading.

Dec 31, 2019 03:24 PM
Rainmaker
405,266
Susie Kay
Ultima Real Estate - Plano, TX
North Dallas Specialist

I'd like to hear what others have to say.  Thanks for the question. 

Dec 31, 2019 03:09 PM
Rainmaker
3,282,347
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I would not authorize anyone to use my credit cards. I would think that any mortgage lender here in the Rain could help answer this question -- George Souto and Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi for example.

Dec 31, 2019 03:09 PM
Rainer
249,258
Caroline Gerardo
Pinnacle Home Loans - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

Adding authorized user to a card that has a low available line, no available credit or new may have a negative effect of 3 points. The math is in how low is your subject you want to improve and how many open lines they have more than 36 months paid as agreed. Subject who is young- say under 21 and has little credit but NO bad credit can be added to an experienced credit user who has 799 FICO and will give them about 6 points increase AFTER three months. It doesn't help much. Better to pay down lines less than 69% of available. Better to get a delinquient account deleted in exchange for payment. Things not to do: DO NOT CLOSE An Account, Do not pay late, DO NOT run credit with Credit KArma, Nerdwallet, Credit sesame, Quizzle, Lifelock, Mint, Myfreescorenow and all those junk guys. Do not go to a car dealer and give them your social or driver's license they will pull the credit with 14 companies and crash your score on purpose to make you buy from them.  The number of times a month a card is used is not relevant it is the practice of early payment, not going over 69% of limit and looking like the credit card is not necessary... 

 

Other things that lower your FICO - fraud alerts and disputed accounts showing on one of the three credit cops. Yes this seems counteractive but tricks don't raise the score and fraud alerts don't stop real bad guys

Jan 01, 2020 09:26 AM
Rainmaker
1,171,917
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Parked and reading.

Dec 31, 2019 05:34 PM
Rainmaker
791,146
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

The credit score is dependent on if the  authorized user account is connected directly to their SS#. (in most cases there is no connection i.e. children)

If no SS# is required there is NO CREDIT benefit to the authorized user.

However, if you want to build credit use a PREPAID credit card connected to the SS#. In less than 90 days with only a few transactions a month they will get lots of credit offers. (of course they will be obscene)

I don't know if this was a 'trick question' but the idea is phenomenal.

This is a question of real fabric that creates real solutions for those in need.

Bravo for the courage to ask a real question .........and not use ANONYMOUS.

Dec 31, 2019 03:58 PM
Ambassador
2,259,931
Wanda Kubat-Nerdin - Wanda Can!
Prado Real Estate South - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

No - to the authorized user on your CC and you should contact an experienced lender to get an informed answer Dave.

Dec 31, 2019 03:40 PM
Rainmaker
1,273,034
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

No idea. 

Jan 01, 2020 09:13 AM
Rainmaker
1,229,076
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

I am another 'parked & reading' member, hoping to learn the answer from someone in the know.

Jan 01, 2020 07:53 AM
Rainmaker
3,082,076
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I would think the authorized users SS would have to be attached to the account. 

Jan 01, 2020 05:40 AM
Rainmaker
128,150
Denise Copeland
Mirsky Realty Group - Palm Beach Gardens, FL
Jupiter Abacoa Sales & Beach Front Luxury Homes

The card with the larger credit line and longest time open would be the winner. And to those of you who are saying don't add someone to your line of credit, the primary does not have to give access to the line of credit to add them.

Jan 01, 2020 05:29 AM
Rainmaker
811,667
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

I did this with our oldest son with the agreement if you used he would tell me and he would pay it off in full BUT I wouldn't make it a habit. Being that he was on the account it did help his credit score. That being said he did not use it all that often.

Jan 01, 2020 09:21 AM
Ambassador
3,513,539
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Definitely a lender question so, I'm parked for now. 

At this point, I would answer to never allow anyone to be an authorized user on any credit card - ever! But, again, parked to learn why I may be wrong here!

Jan 01, 2020 09:16 AM
Rainmaker
752,226
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Even children, once eligible should have their OWN credit cards to start building their credit. Using someone else's card as an authorised used does NOT accomplish that. Think about it..., why would it?

Jan 01, 2020 01:50 PM
Ambassador
2,911,366
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I made my daughter an athorized user on a store card when she was 18.  It was used maybe 6 times a  year and it certainly helped her to establish a credit score as bank of america gave her a credit card when she only had a job babysitting.

Jan 01, 2020 09:54 AM
Rainmaker
1,275,887
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

NEVER make someone else a user of your card.

Jan 01, 2020 09:39 AM
Rainmaker
1,574,614
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

I have heard of this but don't know if it works. I am sure a great LO like Gene Mundt would be able to help you.

Jan 01, 2020 09:29 AM
Rainmaker
4,209,266
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I would not make another person an authorized user of a credit card.

Jan 03, 2020 04:24 PM
Rainmaker
954,034
Thomas J. Nelson, Realtor e-Pro, CRS, RCS-D, Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

I'd ask Jason E. Gordon 

Jan 02, 2020 04:29 AM