Will being an authorized user help my credit score?

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Will being an authorized user help my credit score?

Postby mj0216 » Wed Sep 26, 2012 7:00 pm

Hi everyone, I've recently graduated college and am moving to a new city. While in college my father paid all the bills while I worked toward my degree. Now that I'm on my own, I'd like to apply for a credit card, but have no credit history or income.

My dad believes adding me to his platinum amex card as an authorized user may help my chances of applying for an entry level amex down the line. Is this true, and will it help me build credit history and score?

I've accepted a internship at a hospital so my income won't be as high,which I'm a bit worried about, but it's the first step towards independence for me. A

ny answers would be greatly appreciated.

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Postby Money card » Sat Sep 29, 2012 1:16 am

no. my very first credit card was mmy First Fidelity, second was a gold American Express same as you I was an authorized user on my dads gold card in 1994
when I applied in 1997 for the gold optima I was denied, eventhough it goes on his credit report and yours , because he pays American express directly. I'm guessing this won't help your credit.

what I think would help is if he were aloud to co sighn you for your own platinum card with your own account number. not sure if American Express takes co sign applications. or try for a Orchard Visa this would help build your credit. This is what I think would help.

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Postby Gamma » Sun Sep 30, 2012 1:21 am

mj0216 wrote:My dad believes adding me to his platinum amex card as an authorized user may help my chances of applying for an entry level amex down the line. Is this true, and will it help me build credit history and score?

I would think it would based on person experience I seen from my brother. I have added him to a few cards I have as authorized user and seen his credit report increase greatly as months would pass by. A note that should be said is if you plan on applying for a card around 5 months of being added as a authorized user (for multiple cards, not just 1) you may be denied just like my brother did when he applied for the Citi Simplicity for reason "Too many accounts open within the past 6 months." My brother called and told them he hasn't opened any type of accounts since last year and they pointed out to him the accounts he was added as authorized user, which shows in his credit report, is something they consider new account. I thought that was a pretty stupid reason for them to see authorized user (not a joint) as a "New Account." If it wasn't for that, they said he would have been approved.

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Postby jlam572 » Wed Oct 03, 2012 1:46 am

It will help your AAOA and your utilization. When I was in college, I asked my parents to add me as an AU on their bank of america and discover credit cards then cut up the cards with my names on them. 45k limit between the two, I instantly had a uber low utilization and 20 years AAOA. Doesnt hurt them any, and helped me a lot.

Edit: I didnt see that it was an amex, it will only help your AAOA.
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Postby shoptalk01 » Wed Oct 03, 2012 7:31 am

Here is my suggestion, go to the Capital One website. From there you can fill out a form to see what they think you might qualify for and it's a soft pull, it's not an application and there won't be an inquiry on your credit report. What they will likely do is offer you a secured card for a $49 deposit and give you a $200 credit limit. This will give you a card in your OWN name and while it's pretty much useless, if you charge say $25 or less, let the bill cut so it reports then pay it in full and repeat, you will have credit built up in 6 months.

You might also want to check into student cards, I would think as an intern you would still qualify for student cards. If you have a local bank it wouldn't hurt to go there and ask or you could find something online and call. I'm not saying it's a bad thing to be added as an authorised user, but the Platinum Amex has no pre-set spending limit so it doesn't help with utilization since only the amount spent is reported. I know Citi has a really sweet card for students providing you have nothing negative on your credit report. I would call and ask first so you don't risk a ding on your credit report for a card you don't qualify for but I would suggest getting something like Citi, Capital One or Bank of America in your own name first and if you are careful you should have your own Amex soon!

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