Who are the users of credit?
Consumers,Businessmen, and the government.............
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What can you do if a credit card on which you were an authorized user is showing up as a charge off on your credit report?
Authorized users are not legally responsible for debt. Contact the crediting bureau and despute the item (explaining the circumstances.) They have to remove it!
ANSWER UPDATE: It was true per the last answer, but I have been researching this and found out that FICO has "Fair Isaac Innovation Will Restore Authorized User Accounts to Calculation of FICO 08 Scores". This information is directly from the Fair Isaac website. The article found here http://ww…w.fico.com/en/company/news/pages/07-31-2008.aspx. The answer to the above question is definitely yes. Authorized users are reported to the 3 major credit bureaus. And being an authorized user will affect your FICO score. Answer I just researched this a little more, and came up with an article directly from Fair Isaac. As one of the posters below said, they are discontinuing use of authorized user accounts in the computation of the FICO score. The '08 version of the FICO scoring software, available in September 2007, will completely bypass any accounts listed as Authorized User. Fair Isaac expects that about 30% of consumers will see a drop in their FICO score as a result of this. Initially, the new software will only be implemented by one of the credit bureaus (I don't think they named which one). The other two will pick it up in early 2008. So, it's a feature that's being closed due to abuse by the credit-repairing industry. Read the article at: http://www.fairisaac.com/NR/exeres/FAC104CE-DF7F-4610-8A36-85F39C4ED9AB,frameless.htm Answer First of all, let me advise that I work in the credit card division of a major bank. I agree with the Banana Republic poster. If your spouse, boyfriend/girlfriend or whatever (mother, daughter, son, etc) is on YOUR account as an authorized user, that person will ALSO receive the late mark(s) whenever you're 30 days late. I've seen it a zillion times. The authorized user is not financially responsible for the account; however, the information will be reported on the authorized user's credit history as well. Good be good marks, could be bad marks. Keep in mind, the chances of eliminating this from an authorized user's credit bureau reports are slim to nothing if the late payment was a valid late payment. Nothing we can do on that. The authorized user can contest it, especially with the credit bureaus, but good luck on that. Best advice: Keep your accounts separate. His and hers. It makes life much simpler and you know who is responsible for what spending, balance, late fees, etc. I've seen husbands and wives ruin their spouses' credit history, and parents doing the same thing to their kids. Answer NO. You would have to be a joint cardholder in order to get credit reporting. But that means it will report any missed payments on your credit also, and if the card balance isn't paid, they can come after you as well as the primary cardholder; authorized users are not held responsible for balances. (I worked for a major credit card co.) UPDATE: Your credit card company may not but most do. A/U accounts can be reported to credit agencies. The Equal Credit Opportunity Act of 1974 allows this. Most banks do report A/U information. Always take an A/U account over a joint account if possible. With an A/U account the information will be reported to the credit agencies however you are not liable for any charges. With a joint account if the primary cardholder is late or goes into collections the company could try to collect from you. Answer It can MOST DEFINITELY affect your credit regardless of who uses the card the most or who makes the payments. Fourteen years ago, my college roommate put me down as an authorized user on her visa account. She didn't have to supply my ssn or birthdate on the application, just my name and the account still showed up on my credit report. Last year one of my mastercard interest rates went up from 9.9 to 23.99% and when I called to find out why, they indicated it was because of negative info on my credit report. I was dumbfounded, so, I got my report for the first time ever (I know, I should have checked it more frequently) and discovered that the visa account was on there (I had long since forgotten about it and the roommate and I parted ways not long after graduation). It turns out the account had been sent for collections last year and that's what was impacting my credit. Keep in mind, all she put on the application 14 years ago was my name, I didn't have to sign a thing. As a matter of fact, I didn't know about it until the cards came to our apartment and she gave me mine!! My address was the same as hers, so I guess that's how they managed to attach it to my credit; however, I never used the card and have moved 3 times since then and it still followed me. Anyway, I contacted the visa company and explained the situation. They said since I was only an authorized user and not a joint account holder, they could remove my name from the account and remove the account from my credit report. Between the visa company and the collection agency, it took about 45 days for this to all get straightened out, but now my interest rate is back down ....it's even a bit lower that it was originally. So, double check with the credit card company about their authorized user policy. I believe the FCRA governs this, but it wouldn't hurt to double check with the card issuer, just so you know your rights. Answer I just went through this same situation. I received a letter in the mail that said my credit card (the # didn't match MY card) was being closed due to nonpayment of 180 days. I pulled up a free credit report through Experian and it showed that my now ex-wife had opened a card up in her name, with me as an authorized user. I never received a card in the mail (or she disposed of it) so I had no clue of it. I had already turned in PreApproval papers for a home mortgage and my lender called me back and said "NO WAY" due to that bogus credit card. I just called and they took it off. In addition, a letter will be sent that I can use for my preapproval. It states that I am not liable for the outstanding balance. Answer Wow, reading through this forum definitely shows a lot of wrong answers. The answer to this question is a most definite YES it can affect you. Make sure your mom pays on time, and doesn't carry more than a 50% balance relative to total limit. Then it's a good thing to be under that card. Answer I just recently opened up a Banana Republic card that I put my husband down as an authorized user. Because I was 30 days late on one payment, his credit now is being affected. How can I convince the company to retract their reporting about my husband? Answer A/U accounts reporting wise only affect the primary cardholder. The code used on a/u trades exempt them from impacting their own credit report. An a/u account will not help improve their score. Only primary and joint impact scores. A creditor can question why on your bureau there is a delinquent a/u account but legally it cannot be held against you. Answer Lots of misinformation here. Authorized Users can have their credit report (and credit score) affected by the account on which they are listed as an authorized user. The comment about scores not using accounts with A/U code is misleading and simply wrong. "If you're an authorized user on a credit card your FICO score reflects that account in the same way a primary user's FICO score would reflect it" Craig Watts - Consumer affairs Manager, Fair, Isaac and Co. Fair Isaac is the company that generates the FICO score used by credit card, auto, and mortgage lenders. Not all credit card companies report authorized users, some like MBNA only report authorized users that are a spouse of the primary cardholder. A few don't report information for A/U at all. The number of card providers that report A/U information is rising because it is the intent of the federal government to allow A/U information assist people with little or no credit history. For example is you have no credit, and are unable to get a major credit card. Your parents decide to list you as an A/U. You use the card responsible (and they don't remove you from the card). A year later you now have credit history (and a better FICO score) so you can open your own credit account. This practice started in 1974 with the Equal Credit Opportunity Act of Regulation B. Among other things this was designed to allow housewives to establish credit in their own name by being listed as an A/U on their husband's credit account. Just remember the reporting of information can be good or bad. If the primary card holder pays on time, keeps accounts out of collections, and keeps the balance low it will help your credit history (and score). If the primary card holder pays late, ends up in collections, or routinely maxes out the account you could see your credit score plummit along with theirs. In getting listed as an A/U make sure you select a good primary card holder. Parent's, spouses, or anyone with good credit history makes a good choice. Friends, roomates, college buddies, or anyone young, with short credit history, or poor credit score would be a poor choice. For more information see bankrates article on dangers of A/U: http://www.bankrate.com/brm/news/cc/20030312a1.asp Answer An Authorized User may or may not affect credit scores depending on that Cards terms (fine print). Some Card terms will hold the Authorized user responsible for charges (like some AMEX cards) and hold the primary or Joint user blameless. Do not sign up as an authorized user for a credit card whose contract will not allow you to enter your social security number or ITIN number especially if you are trying to improve your credit score. In most cases, the Primary cardholders' seasoned (and assuming good) history will not impact your score, because your credit file can not be traced. In some cases, if you have a no credit history file or very little credit establishment, becoming an authorized user on someone's highly seasoned account can reap substantial rewards. It depends on what type of credit item that is at issue. If that person has 15years or more of excellent and substantial credit amounts ($20,000 or more) with low balances (15% or less), adding yourself as an authorized user, with SS# reporting, can boost a 550 rating (with no bad items) up to the 700 level in as little as 3-4 months. However, the authorized user's card must be used to make some small purchases during this time, and should not be closed in less than one year. In some cases, the primary account holders entire credit history can apply to your score. Your credit card issuer does not control these formulas, Experian, Transunion, and Equifax do. If you have horrible credit, including Bankruptcy or Collections and repossessions, or a combo of these, and your score is in the 400-550 range, applying this method may raise your scores less than half of the example above. However, bankruptcy means little on a credit record as far as boosting your scored is concerned. You can arise at the 700+ range in a matter of 12 months if your clever. If you think it will take too long to raise your scores, you might be able to apply for an ITIN from the IRS, and use it in place of your SS# on all new applications for credit. You will have a new file but no credit history. You may save several months of time achieving the score you want this way, but only for new credit cards or auto loans. Mortgages are more complex. Additionally, IRS is making it a bit more difficult to get new ITINs, unless you insist. A 2nd social security number is possible. There are some firms that will help you do this or sell you more info on it. Your original social security number will be cross referenced with your new one on your SSA files. In this way, a new world of opportunity opens up, as you will be able to get a mortgage out of a fresh start, and apply for a drivers license with a new SS#. +++++++++++++++++++++++++++++++++++ The creap above is encouraging you to commit a felony. I advice you to forget what you read about getting an ITIN and using it in place of a social security number. If you do it the wrong way, you can get in serious trouble. A bit higher, another creap is giving bad advice - 50% utilization is way to high for the card! Think < 30% and better to be < 10%. If the card won't do that for you, then why bother? Also, make sure that the card is 100% clean of lates and that it is at least older than your oldest open credit card account and the history on the card is longer than the average history of your revolving credit. About AU accounts - yes, it does affect your score.....let me put it this way - My TU score went up 45 points when a single AU account appeared. What's interesting is that it also appeared on Experian and I got no bump at all. Also, it never showed up on Equifax. It can take up to 90 days to appear. The reason for this is that Equifax will only show the tradeline if you have the same home address as the primary account holder. When the tradeline first hits Equifax, they grab the reported address and change your address! But the tradeline isn't listed because the address didn't match your current address! Then, the following month, when the card reports again, the address will match and the tradeline will be added. The inpact of AU's is very different based upon the particulars of your credit report. My TU has no derogs at all and a short history, so I got a big boost. My EX has a relatively long history and one CO, so I got no boost. When I get the CO deleted next week, I will report back, as I expect to see the AU contribute to my sudden jump forward! Yeah they do seem to show up on credit scores, but how? When you add someone as an A/U it has no way of identifying who this person is. I can just easily list John Doe as an authorized user and use the card at the self check at Walmart. Who is to say which John Doe gets the credit score? Anytime I request an A/U off a credit card website it does NOT require my new person's SSN nor any other personal identifying information. So, how in the world can it show up on someone else's credit report? (MORE)
You can't be sued by the credit card company since it states in the agreement for authorized users that the person is not responsible. As for your family member, I'm not sure if they would win or be able to prove you didn't pay them back. Yes , you can find yourself in a civil suit as an authoriz…ed user. Bank of America has had me in one for years. They attempt to file for Summary Judgment and the judge denies it each time. This is in NC, so you may have better judges in other states who will drop a frivolous suit before you waste days and days of your life. Thanks BoA and Dominion Law Associates T. Camille French. Dirty lawyers are truly what makes this world as bad as it is. (MORE)
Yes, what happens is you "share" the original credit limit. For example, if you have a LOC (line of credit) of $10,000 and add your 16-year-old daughter as an authorized buyer on the account and give her a card with her name, she shares the $10K LOC with you. Not in all cases. Some companies now, b…ased on the 3 digit code on the back of the card can assign a specific portion of the credit line to that particular card. (MORE)
No. All activity on the card should be ceased. The companies should be notified of the person's demise. A copy of the death certificate or other proof of death rendered to the ccc's. It is illegal for anyone to use a card in such circumstances.
How is a husband's credit affected if he is an authorized user on his wife's credit card and she filed for bankruptcy?
Most credit card companies will have a clause in the Cardholder Agreement to address this. It will likely be 'joint and several liability'. This means that you are consider joint owners of the debt, but can also be considered individual owners of the debt. If one files bankruptcy, then the other par…ty is liable for the debt in full. The Agreement will state as such. What you can/should do is apply with the Card Issuer to have a card in your own name solely and have the balance transferred. This way, the card can't be cancelled and balance demanded in full as it sounds like you are a supplementary or secondary cardholder. Most companies will work with you, but each company will have their own policy on this. Best to not just leave it and address it directly! In addition, a married couple living in a community property state is considered to own property and assets obtained during the marriage equally. Likewise debts incurred during the marriage are owed by both regardless of who is the actual account holder. Therefore the spouse not filing for BK can in most instances be held responsible for the entire debt(s) owed. (MORE)
Answer . \nThe card issuer would need to be contacted to obtain that information, as each creditor has their own criteria for the way AU's data is handled. Most creditor's do not report AU's due to the fact that an AU has no actual control over how an account is paid/used.
Answer . YES! Before me and my husband got married, we were going to buy a house. I put him on my credit cards, and in a few months, his credit was just as good as mine. We were able to buy our house within 6 months of adding him. I hope this helps you out. Good luck!!
Answer . In most cases it's as simple as calling your card issuer, providing proper identification, and asking them to add the person to your account.\n. \nFair warning, though: you'll be just as responsible for what goes on with the other user's usage of your credit card account as you are wit…h your own usage. (MORE)
Answer . \nNot to the credit card issuer.\n. \nThe account holder is totally responsible for debt incurred on a credit card. \n. \nThe exception is married couples residing in community property states, where both spouses are considered have the same rights to property and assets and the same …responsiblity for debts. (MORE)
No, the credit score of the authorized user will not affect themain cardholders credit score but the authorized users score can beaffected as you can seecreditcardideas.com/blog/adding-an-authorized-user-to-increase-credit-scores
Answer . \nNo.\n. \nThe only exception would be a married couple residing in a community property state.
If a college student has no previous credit history but is an authorized user on his father's credit card how long would it take to acquire a credit rating?
Answer . \nIf you are an authorized user on an account that has never been late and has not exceeded the credit limit, then your credit score should improve within six months. If you have a little money of your own set aside, try obtaining a secured visa or mastercard through Bank of America, F…irst Premier, or Capital One. This will help build your credit even faster. (MORE)
If an authorized user of a credit card is NOT liable to the issuer of the card then why are negative credit remarks reflected on the authorized credit report?
Answer . \nIf this is truly a mistake, and the creditor's application does not have authorized user's\nsignature on the application, then the creditor is obligated to correct the credit.\nGet a letter in writing from the lender stating you are not liable and that they are\ngoing to correct all 3… credit reporting agencies. You can send a copy of this letter\nto all three agencies and get it corrected yourself.\nI will warn you to keep the original letter as even if you fix the reports now, you may\nfind that in the future, (no matter how many months/years) you will need that letter again. (MORE)
Answer . If you were unauthorized, you can be held legally -- and possibly ciminally -- responsible for any debt you incurred.
Answer . \nNo.\n. \nAn AU is not legally responsible for repaying the debt to the creditor as it is presumed that the AU has no control over the account itself.\n. \nHopefully the AU would consider it their personal responsibility to pay the account holder.
Answer . Technically, no. Your husband should contact the bank and advise them that you will be an authorized user. They'll send out a unique credit card with your name linked to the same account.\n. \nMerchants that even bother to check the card against your ID will likely not even notice or c…are because the last name is the same.\n. \nThe moral of this story - it's fraud. (MORE)
When you get a card you can request to have another user on yourcard, they will get there own card, but it will be under yourcredit card. (Example: my hubby has a credit card and I'm anauthorized user, so I have a card with the same acct number.) added note:- When adding an authorized user to your …account, youare agreeing to any and all charges that person places on theaccount. If the authorized user chooses to abuse the account, suchas making purchases beyond the amount that you are able to pay orby exceeding the limit of the card, the negative effects goesagainst the primary users credit. The authorized users credit isnot affected at all and they are not responsible for payments. Sobe careful who you chose to add to your card. (MORE)
What do you do with items on your credit report that show you as an authorized user and you are not anymore?
Answer . Notify the company that has the listing, and tell them you are no longer a user on the card.
Answer . No, authorized users should not report to the credit bureaus since they are not legally resposible for the debt incurred with the credit card. It will not have any impact on your credit score since authorized users are not reported.
Authorized user . It will depend on the credit card company...Ask if they report AU accounts to the bureaus. From personal experience I know that American Express does...and I think Citi and Chase do as well. With the Amex, it showed on my report exactly the same as the cardholder, so make sure y…our cousin has a good payment history with that account. (MORE)
Can your credit score be effected when you remove yourself from a credit card as an authorized user If so what is the best way to remove yourself as an authorized user?
Your score will only be affected if the account is past due/derogatory. Otherwise you may see an increase in your score due to debt/income ratio becoming smaller. WHAT!?! to whomever answered this. An authorized user can use the account/card. They can also make payments to the account, but they ar…e not required to make payments. These are the only things they can do. That being said, The Primary account holder is the responsible party. Anything that goes wrong or right with the account gets reported to the Primary's Credit and only the Primary's credit. Removing yourself as an authorized user, regardless of the status of the account, has NO effect on your credit score. (MORE)
Answer . If someone adds you as an authorized user on their credit card account, and they supplied your SSN when adding you, it would probably show up within 30 days. Of course that means that you would have to get a new report each month or sign up for some kind of Alert service.
Yes, usually, but not always. It depends on the credit card, andwhether you have the information required. Sometimes the primaryuser has to activate them, but then the other authorized users canuse them. For instance, this is the message on a popular credit card site: "If you are an Authorized User… for this credit card account you'llneed to have the Primary Cardmember's date of birth and the last 4digits of their Social Security Number. If they don't have a SocialSecurity Number you'll need their billing address zip code." So, unless you are the primary user, or have the primary user'sinformation, you can't activate until they activate it. (MORE)
What is the affect of adding your fiance with no credit as an authorized user on credit cards have on my credit score?
\n. \nHaving him as an authorized user on your credit card won't impact your score, however if he uses the card and doesn't pay the bill then your score will be impacted. Being an authorized user is one way to help jump start his credit, but it will impact you if he is responsible for paying the bi…ll and doesn't pay it on time (obviously).\n. \nKeep in mind that while this will boost his score in the short-run, an actual "credit history" of his own is what lenders are looking for, so eventually he will need to get his own credit.\n. \nAlso, if you co-sign for him on a car in the future this WILL impact your score, as it will show as 100% on your credit and 100% on his credit. And it will also mean that if you want a car loan of your own he may have to sign with you (or someone else), because car lenders will loan 1 car for 1 income and if you already are on a car loan you will need someone else's income to justify 2 car loans. (MORE)
No, as an authoriezed user on someone else's card, any purchases you make goes on the primary cardholder's statement and his credit bureau file, not the authorized user's file
an authorized user is someone who has been given consent by the owner of the account to use it and morally should pay for what they purchase but will not be financially responsible to do so even tho the creditor can and probably will report the account to both the owner and the authorized users cred…it profiles with the credit reporting agencies. (MORE)
Contact the credit card company. Usually they will close that account completely and move to a new card for the remaining member.
It depends on if the account was good and helping your score or a bad account that was holding your account down. Removing a good account cold lower your score.
When adding an authorized user to your account, you are agreeing to any and all charges that person places on the account. If the authorized user chooses to abuse the account, such as making purchases beyond the amount that you are able to pay or by exceeding the limit of the card, the negative effe…cts goes against the primary users credit. The authorized users credit is not affected at all and they are not responsible for payments. So be careful who you chose to add to your card. (MORE)
If you are an authorized user on your parents credit card and they claim bankruptcy how will that affect your credit?
It will not affect your credit at all. Their credit information was used to secure the card. You are in the clear.
Why not, GoLeads provides you the mailing list of credit card user with all essential details. It too has mailing list leads for. Premium / Gold Credit card user . Credit rating . Goleads offers details with 100% assurance with an affordable price where the customer support is excellent.
As far as I know these credit card companies will allow authorized users to be added. 1. CitiBank 2. Barclays 3. CapitalOne (some cards) 4. Bank of America (some cards) 5. USAA There may be more but these are the ones I know about.
NO. IT wILL BE NOTED AS "A" FOR AUTHORIZED USER ON THAT persons credit file. it does does not increase or decrease your credit score. It should boost theirs in you pay the bill on time. . JUDE KAGABINES . LEXINGTON SC
Absolutely not ! If the card is not i your name - you have no legalresponsibility for any outstanding balance. HOWEVER - IF you arenamed on the account as a joint card-holder - you're legallyresponsible for fifty percent of the balance, regardless of who ranup the debt. Additionally, if you have a… second card on the sameaccount - YOU are liable for the expenses occurred on your and the account-holder is also liable for fifty percent ofthe balance. (MORE)
In the US, there are some agencies that will provide a credit card to a person 13 years of age, as long as it is attached to another person's card (similar to being a co-signer).
Yes, you can remove your name by writing the credit card company.You could also customer service and have your name removed.
No. That credit obligation does not belong to you, you have simply been authorized to sign for purchases made. Think of the example of a corporate credit card. A company would authorize you to buy things with the card but it is not part of your personal finances. You don't legally have to make payme…nts on it, and if the card defaults they don't come after you for payment. Therefore the account is not your liability. (MORE)
In Massachusetts is the wife responsible for her husband's credit card if she is an authorized user of the credit card?
Only in community property states, also authorized user is just that, now if you signed as co-applicant than yes.
Send an EMail to facebook, or send them a letter asking them to transfer the credits. Look up Facebook Headquarters address and info on google or yahoo, and you'll probably find it.
yes... you just E-mail Facebook telling them what you want to do... everything has to go through HQ at Facebook.. because of hacked accounts people would be stealing them from everyone if they did allow it on some kinda app.. its actually real money in a way.. but Answer is YES you can.. as long as …everything goes between you and site. did it twice....:) (MORE)
You can't transfer for one user to another because of safety issues and people trying to still your credit card number that you use to buy the credits with so sorry.
Being an authorized user no longer has an impact on your credit score like it used to. In the past, you were able to be added as an authorized user on a credit card, and all of the credit history and credit limit would be reported on your credit report as if it was your credit effectively obtaining …unearned credit for the authorized individual. A few years ago the credit reporting industry changed, and no longer recognize an authorized user as credit responsible and therefore it has little to no impact on your credit score. If you would like to obtain credit from this card, contact the card issuer and request to be added as a joint user. If you are jointly responsible for the credit, it will report to the bureaus and impact your score. Approval is still required, but it is typically easier to be approved when you are already and authorized user on a card. (MORE)
NO. Only the primary and/or joint owners are responsible for paying the owed balance, even if all charges were accrued by an authorized user. They are also the only ones 1) held accountable if the bill is not paid and 2) whos credit rating is affected.
The owner and/or joint owner are solely responsible for the credit card. This includes everything from making payments, dealing with fraud, being reported to the credit bureaus, etc. If an authorized user abuses his/her credit spending, the responsibility still lies in the hands of the owner of the …credit card. (MORE)
Having an authorized user card does not help the authorized user's credit bureau score. ie) if I had good credit and I gave someone an authorized user card, that person's purchases would be on my statement and I would be responsible for the other person's purchases. If I don't pay for the other per…son's purchases, it would reflect on my credit bureau negatively as not paying on time and be charged interest. (MORE)
How much would it raise your credit scores if you were added as an authorized user on a credit card?
If you are an authorized user of another persons credit it has no effect on your credit at all. It will not raise nor lower your score. The credit card company simple issues you a card with your name on it and then holds the person who holds the credit with them responsible for any charges you make.… (MORE)
Credit card users can find the secure code in the back of your card the three digest number that is in back of your card.that is were I think you can find the Master card secure code.
I seriously doubt it ! A credit check on your name would flag up that you're in the throes of bankruptcy - and thus are a very high risk !
Some companies that allow users to perform credit monitoring online include Experian and Equifax. Another popular option is the Credit Report website.