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

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egzen75
 
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Should I add my dad as an authorized user to help his credit?

Postby egzen75 » Thu Mar 15, 2012 2:04 pm

My father is rebuilding his credit and I want to help him. I'm thinking about adding him to my healthy and aged credit lines. I've recently got some new cards with high limits. Will adding him to the NEW accounts hurt his credit because they will show as new accts?


JCarter
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Postby JCarter » Fri Mar 16, 2012 4:59 am

Not if he is working to rebuild his credit, they should help.

randeman
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Postby randeman » Sun Mar 18, 2012 12:29 pm

Make sure that you are adding your dad as a "co-owner" of your credit cards (they will want his social security number, date of birth, etc.) because some cards (like Macy's and Discover) allow authorized users to simply have use of your credit and do not report to the authorized user's credit report. You might also consider co-signing for a card that he applies for himself directly
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irvine801
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Postby irvine801 » Mon Mar 19, 2012 10:57 am

Yeas because if you give them your dads social they will report it as payment history and having a healthy good standing account will help out. I know because I did the same thing for my girl declaring a bk.
-American Express Zync.
-Discover IT. 4.5k limit 7.99%
-MC Citi diamond preferred. 1500 limit
-Visa Chase freedom. 2k limit.(23.24%, NOT IN USE)
-Miles by discover 1.5k limit.7.99%
-Best buy store card. 1500 limit
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DGenerateKane
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Postby DGenerateKane » Tue Mar 20, 2012 7:25 pm

I thought they changed it so anyone added to an account did not get reported to the bureaus anymore.

irvine801
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Postby irvine801 » Tue Mar 20, 2012 7:30 pm

I work for discover and legally we are required to report any information. Including those of a authorized user. :)
-American Express Zync.
-Discover IT. 4.5k limit 7.99%
-MC Citi diamond preferred. 1500 limit
-Visa Chase freedom. 2k limit.(23.24%, NOT IN USE)
-Miles by discover 1.5k limit.7.99%
-Best buy store card. 1500 limit
-Mt. America visa 1k limit

JCarter
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Postby JCarter » Tue Mar 20, 2012 11:22 pm

No, due to the blow back from most married couples and the destruction of credit for those who use it in an approved manner the issuers report them. (Both positive and negative)

If you call your issuer and provide them with his DOB, and SSN then they will start reporting to his credit fairly quickly. Be sure to provide them with that information, or they will not report at all.

irvine801
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Postby irvine801 » Tue Mar 20, 2012 11:48 pm

^^ well put. It's weird.because sometimes we report without ssn or dob sometimes... It's odd and I can't seem to figure how we do it.
-American Express Zync.
-Discover IT. 4.5k limit 7.99%
-MC Citi diamond preferred. 1500 limit
-Visa Chase freedom. 2k limit.(23.24%, NOT IN USE)
-Miles by discover 1.5k limit.7.99%
-Best buy store card. 1500 limit
-Mt. America visa 1k limit

JCarter
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Postby JCarter » Tue Mar 20, 2012 11:57 pm

You either already have the credit file number on file through other means (Database links to the same address for example) or you just are not reporting to the actual credit file.

Celestine
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Postby Celestine » Fri Mar 23, 2012 9:42 pm

egzen75 wrote:My father is rebuilding his credit and I want to help him. I'm thinking about adding him to my healthy and aged credit lines. I've recently got some new cards with high limits. Will adding him to the NEW accounts hurt his credit because they will show as new accts?


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.
"Nearly all men can handle adversity, but if you really want to test a man's character - give him power." - Abraham Lincoln



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