Turns out I'm an Authorized User on a 25-year-old account

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To My Credit
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Turns out I'm an Authorized User on a 25-year-old account

Postby To My Credit » Fri Jul 15, 2016 7:39 am

So a new account showed up on my Equifax Credit Report and I just remembered that I was made an Authorized User on an account that is 25 years old. That really helps with my AAoA, and it doesn't appear to have any late payments, but that makes me wonder, what if it did have late payments? Would I be stuck with them even if it were no fault of mine, or could I have them removed from my report because I'm just an Authorized User?
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+


takeshi
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Re: Turns out I'm an Authorized User on a 25-year-old account

Postby takeshi » Fri Jul 15, 2016 8:20 am

You can remove yourself as an AU.

Note that accounts where one is an AU are not necessarily considered in all cases by scoring models and creditors. You definitely need to focus on building your own tradelines.

To My Credit
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Re: Turns out I'm an Authorized User on a 25-year-old account

Postby To My Credit » Fri Jul 15, 2016 8:22 am

takeshi wrote:You can remove yourself as an AU.

If I did that, would all possible late payment records go away from my credit profile? If so, how long do they generally take to go away?
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+

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kcm7
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Re: Turns out I'm an Authorized User on a 25-year-old account

Postby kcm7 » Fri Jul 15, 2016 3:15 pm

To My Credit wrote:If I did that, would all possible late payment records go away from my credit profile? If so, how long do they generally take to go away?


Found the answer here, turns out! blog/authorized-user-credit-report-consequences/

If you're removed from the account you were an AU on, all late payments disappear too. It's not like if you close one of your own accounts, where any lates would still be reported.
Cards:

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

To My Credit
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Re: Turns out I'm an Authorized User on a 25-year-old account

Postby To My Credit » Fri Jul 15, 2016 3:41 pm

kcm7 wrote:Found the answer here, turns out! blog/authorized-user-credit-report-consequences/
This is an excerpt from the link you so kindly provided:
Though you can’t control the main account holder’s behavior, any damage should be short lived, as all three major credit bureaus purge the account’s history from your reports quickly, if not immediately after you’ve been removed from the account.


So I can only stand to benefit from being an authorized user on this account. My AAoA has jumped from 6 months to over 5 years on Equifax.
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+

Kevin86475391
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Re: Turns out I'm an Authorized User on a 25-year-old account

Postby Kevin86475391 » Thu Jul 21, 2016 7:16 pm

To My Credit wrote:So I can only stand to benefit from being an authorized user on this account. My AAoA has jumped from 6 months to over 5 years on Equifax.


I believe it also depends on the model being used too. Some models my factor in the account age on an AU account, but some may exclude it. Congrats on the AAOA jump on that bureau and model! :lift:

I think this also brings up a good point about the responsibility of both the AU and the primary cardholder in these types of situations. People tend to only focus on the AU's responsibility and the risk to the primary cardholder, but it definitely cuts both ways. I very much believe that if you make someone an AU on one of your accounts then you now have an even greater responsibility to keep the account in good standing, since you'd potentially affect their credit too. And of course likewise just as we often caution people about deciding carefully whether or not to make someone an AU, the AU also needs to carefully consider the ramifications.



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