Should I add my dad as an authorized user to help his credit?

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amexguy321
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Postby amexguy321 » Sat Mar 24, 2012 9:52 am

Celestine wrote:Piggy backing someone on your credit card account(s) is risky for yourself. It would not hurt much on your father's credit history. But a mistake on your father's part after you add him will bite your credit history.

Piggy backing is a two way street.


you could just apply for the card, and cut it in half when it comes in the mail... this way you do not run a risk and you are doing more than enough in your ability to help out


DavidNY
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Postby DavidNY » Sat Mar 24, 2012 11:09 am

I was going to say pretty much what amexguy said. Actually I would just say lock up his card(s) rather than destroy them, just in case he needs them one day and you approve of the usage.

Celestine
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Postby Celestine » Sat Mar 24, 2012 12:55 pm

@amexguy321 and @DavidNY... Not sure if I understood your message correctly.

But I did not post a response saying to close the OP's father's current credit card account(s), if the father has any opened accounts.

But still... piggy backing someone is not recommended regardless of relationship to the person in need of improving his/her credit history.

Safest and best way is to have the OP's father open a secure credit card. Have the father rebuild his credit on his own and begin to take responsibility on his own volition. Psychologically speaking, the OP will/are not helping his father by relying to the OP's credit history to have the father's credit history improve.

If the OP's father have any open credit cards accounts, then the father should keep those cards open.

Money is all about personal responsibility regardless of how people went from good to bad credit history. Hey, if you know how it feels to be at the bottom, then you will be careful next time not to sink again. That is the lesson.
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JCarter
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Postby JCarter » Sat Mar 24, 2012 11:10 pm

Celestine wrote:@amexguy321 and @DavidNY... Not sure if I understood your message correctly.

But I did not post a response saying to close the OP's father's current credit card account(s), if the father has any opened accounts.

But still... piggy backing someone is not recommended regardless of relationship to the person in need of improving his/her credit history.

Safest and best way is to have the OP's father open a secure credit card. Have the father rebuild his credit on his own and begin to take responsibility on his own volition. Psychologically speaking, the OP will/are not helping his father by relying to the OP's credit history to have the father's credit history improve.

If the OP's father have any open credit cards accounts, then the father should keep those cards open.

Money is all about personal responsibility regardless of how people went from good to bad credit history. Hey, if you know how it feels to be at the bottom, then you will be careful next time not to sink again. That is the lesson.


What I think they mean, is to add him as an authorized user, but not give him the card. That way he benefits from length of history and the credit limit.

That would be perfectly fine. I also agree that a secured card is a good option, and should be utilized in addition to the authorized user scenario. The secured card lets him rebuild and pay on his own. The authorized user card lets him have the benefits of the OP's credit history with that issuer.

Crashem
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Postby Crashem » Tue Mar 27, 2012 12:35 am

irvine801 wrote:I work for discover and legally we are required to report any information. Including those of a authorized user. :)


I thought this was a BS line credit card companies give. I know they are legal required to only report accurate information, but I thought there is no requirement for them to report ANY information. The only thing I can think that would require them to report would be some contract between them and the credit bureaus. Last I checked, information sent to the credit bureau was on a voluntary basis. Let me know.
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Krittykat475
 
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Postby Krittykat475 » Tue Jun 11, 2013 5:05 pm

I was added to my father in laws discover card in march and it has not reported on my credit report yet. Will it?



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