Is this a good idea..

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Is this a good idea..

Postby g35x955 » Tue Oct 11, 2016 11:55 am

As some as you know from a few of my posts I have less than two years of credit history. I have one student discover card and I follow all the steps to build great credit. I never miss a payment I pay in full and I keep it under 20% utilization.

With that being said, my question is if becoming a authorized user under my fathers business card (chase ink) is a good idea to continue my journey building credit. I work for him fulltime but I wouldnt use the card at all since I have no need to.

A couple of questions I also have is:

1. Would I get a hard inqury from this
2. If he had a late payment from a different card will that show up on my credit info

I appreciate any replies, thank you
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Re: Is this a good idea..

Postby Kevin86475391 » Tue Oct 11, 2016 12:43 pm

No, there wouldn't be a hard inquiry for this and no, account information from other accounts that you are not an authorized user on, won't affect you.

However, if he has any late payments on any accounts...I would take that as a strong indicator that it could happen on this account as well, and thus would affect you. Whether the late payment was due to financial difficulties or simply an oversight/organizational problem, it could certainly happen again.

Finally, even if late payments weren't a factor, I'd personally still not go for it if I were you. It sounds like you're doing well on your own and are on track to build a strong score and solid credit history. I don't think becoming an AU on an account you won't use simply for credit building purposes is necessary at this phase in your credit journey. If you were having trouble getting approved for cards, then sure, but in this case my advice is to just keep doing what you're doing and be patient.

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Re: Is this a good idea..

Postby Tubpbs » Tue Oct 11, 2016 7:05 pm

I don't think the card will report in any way on your reports. I think it's a waste of time.
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Re: Is this a good idea..

Postby Vattené » Wed Oct 12, 2016 4:32 pm

Even if it does report and the account history is flawless, the boost to your credit will be very minimal. I'd say do it if your father has no problem with it and you're confident the payment history will be impeccable, but don't expect it to do much for you.

If you keep your current habits up, you'll have a very strong credit profile in a few years whether or not you become an AU :cheers:
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Re: Is this a good idea..

Postby Stros05 » Thu Oct 13, 2016 10:04 am

It would probably help your credit score more to have a higher credit availability limit. If you can get another card, use it minimally, if at all, and pay it off in full each month, then your credit score will increase. There are some cards for people with fair credit on this page content/credit-cards-fair-credit-9/
Maybe you would qualify for one.

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