American Express authorized user will hurt credit score?

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CC Deville
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Postby CC Deville » Sat May 05, 2012 2:00 pm

Crashem wrote:Couple of misconceptions:

1) Adding you as AU on his AMEX will not help your AAoA in short term. You will get a reported open date of this year. On the other hand, with almost any other card assuming it reports, you would get their card history including their open date. However, AMEX will help you in future as you will always have open date of this year which will really help you in the years to come.

2) With the AMEX, you should be able to create a login as an AU. More importantly you can then set up payment from your bank account. You will then be able to pay your charges if you are able to do it before your dad does.


It is my understanding that the trade line is essentially his father's. His ECOA would be a 3 or authorized user. Since the trade line is his fathers, the open date on his credit report would be the same as his fathers. Now, in terms of his Member Since date, yes, going forward he would be a Member Since 12 as that is the year he was added. But the trade line should reflect his father's opening month and year for example 3/92. I used to review credit reports in a previous career and I saw plenty of Amex auth user accounts with old open dates. As with any auth user account, the primary's trade line is essentially listed on the a/u's bureau.


432521
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Postby 432521 » Sat May 05, 2012 5:00 pm

CC Deville, thanks for the info, but instead of he it should be she because I am a girl...
March 2011- Wellsfargo Cash Back College Card
May 2012- Chase Freedom
May 2012- Discover IT
August 2012- American Express Blue Cash Everyday

Celestine
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Postby Celestine » Sun May 06, 2012 10:21 am

432521 wrote:Yea, I totally get where my parents come from. When I got my job I told the managers I would only be working 2 days out of the week because I was a college student and school always came first. I essentially work so I can buy stuff that I want so I do not have to go to my parents and ask them for money when I want to get something. When I wanted my Macbook pro, iPad, and samsung TV I had my own money to buy them and did not have to ask my mom to give me money so I could get them and I was really proud of that.

I was born in America, but my parents are vietnamese and were born over there.


That confirms it... Your post had some "aura" that you were born here in the U.S. It is good that you want to practice independence financially but you can always budget and save the allowance money your parents are giving you instead of working. Later on, you can work all you want.

But if you want to build your credit, then start small. Get a secured credit card from your bank or other banks. That way you are really practicing independence in building your credit history. The credit limits are small but it's a good place to start.
"Nearly all men can handle adversity, but if you really want to test a man's character - give him power." - Abraham Lincoln

432521
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Location: USA

Postby 432521 » Sun May 06, 2012 12:16 pm

I already have 2 credit cards, the wellsfargo college cash back card and chase freedom. They both have really low limits; 1,500 and 500; but since I don't make that much and don't spend that much those limits are good enough for me. The only reason why i was considering getting the amex was because my dad offered.
March 2011- Wellsfargo Cash Back College Card
May 2012- Chase Freedom
May 2012- Discover IT
August 2012- American Express Blue Cash Everyday

Reclusive46
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American Express Authorised Users

Postby Reclusive46 » Fri Jun 29, 2012 12:49 pm

Hi there. Just wondering if this was a coincidence.

I have 2 sons, one is 19 and the other 18.

My son that is 19 was an additional card holder on my account (Platinum Card) since he was 13 (I think) and when he turned 18 he applied for a Gold Card. He was accepted straight away.

My son that is 18 was never an additional card holder on my account but was one on his mum's account (Some bank credit card), when he went to apply for an Amex card (Gold card as well) but was declined.

Does being an additional card holder for several years and then applying for one really help or do you think it was just a coincidence? I find it strange as at the end of the day I am responsible for paying the bill.
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