Adding significant other as authorized user

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kcm7
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Postby kcm7 » Mon Nov 03, 2014 9:47 am

Thanks, everybody.

I was operating under the assumption that an authorized user account would give the same 'boost' as an account in his own name. So thanks for letting me know that isn't the case. Actually, while poking around Google for more info, I found an article on this site that confirms: FICO doesn't like authorized user accts as much as individually held accts: http://creditcardforum.com/blog/authorized-user-credit-report-consequences/

Right now he's looking at options from his bank. If that doesn't pan out, then the Capital One secured card. As I've seen on the forums, that card isn't the best about upgrading to a regular account. So the plan is to use it for a year or so and then dump it as soon as he can get a regular card. I still might add him to my acct to give a little extra juice, but I agree that he needs not just a better score, but the experience of handling his own card on his own.
Cards:

-Capital One Quicksilver
-Barclaycard Arrival (no AF)
- US Bank (no rewards)
-IHG


MinusCelsius
 
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Location: Dallas

Postby MinusCelsius » Sun Nov 09, 2014 12:01 pm

Brad Bishop wrote:Along a similar vein, I have two daughters. I could easily add them to my accounts or cosign on a loan for them or whatever. Instead, I've told them I won't do either and they should make their own way. They're both doing it, one through a secured card which will soon change to a regular credit card, and the other is just starting to dip her toe in the water.


I don't understand this. I would think there's an easier way to teach whatever lesson it is that you're trying to teach.

Why not give your kids the 2-5 year headstart on having good credit?

This is my first year using credit cards, but because my parents had me as an AU on their cards throughout college, I got accepted for the cards that I wanted off the bat. In 6 months (since opening my first card), I've gotten $2000+ dollars in points and rewards, and I get to fly home to visit my parents for free on Thanksgiving and Christmas. I will never be 18 again, and from this point forward in my life, I will always have a credit history. I understand (from reading) how to build up credit from scratch, but it's a valuable lesson at all. I will simply never have to go through that process.

I'm very lucky and appreciate that my parents did that for me, but I don't understand parents like you who are in the position to give such an easy and valuable headstart for their kids, and choose to hold their kids back.

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kcm7
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Postby kcm7 » Wed Dec 10, 2014 5:23 pm

Just wanted to give everyone an update, since we took the advice the majority of you gave: Have him apply for his own card instead of adding him as an authorized user to mine.

He applied with his bank (WF) and got approved for a non-secured card with an $8K limit!

I was pretty floored, not just because I'm happy for him, but because my score is over 800 and I've never gotten above a $6,500 limit (different banks, different cards, but still!). Still happy -- and glad you all convinced me not to sell him short and settle for adding him as a user on my card.
Cards:

-Capital One Quicksilver
-Barclaycard Arrival (no AF)
- US Bank (no rewards)
-IHG

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lobbythis
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Postby lobbythis » Wed Dec 10, 2014 5:26 pm

Wow, that's awesome. I would've definitely expected much, much lower.

TheLethargicAge
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Postby TheLethargicAge » Wed Dec 10, 2014 6:49 pm

Adding my significant other (now ex/baby mama) was the single dumbest thing I've ever done. Don't do it--you'll regret it.
Blue Cash Preferred ($24K), Costco TrueEarnings ($8K), Better Balance Rewards ($6K), CashForward ($15K), Sallie Mae Rewards ($10K), Quicksilver ($17K), AARP Rewards ($15K), Freedom ($15K), Double Cash ($16.5K), It ($28.5K), Fidelity Investment Rewards ($18K), Cash+ ($11K)

ingramjuan
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Postby ingramjuan » Wed Dec 10, 2014 9:39 pm

In the long run this will be the best decision you made financially!
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
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