Joint Accounts and Authorized Users (Piggy Backing)

**Meya** · November 28th, 2007, 09:49 PM

Hi buddies, I thought this was a real nice article from Mary. For those who choose to apply for credit cards with spouse or family, or become an authorized user on someone else account, this will be an excellent story to read about. If you want to get deeper, read the message below before clicking the link.

http://www.financeglobe.com/Finance/...nts/Page1.html

A word from the Crystal Ball:

Think before you try,
Try before you apply

Apply by knowledge of each others income amount,
If you don't, then refuse the joint account

Many have gained scores by riding as abusers,
Thats why FICO eilliminated all the riding Authorized Users,

Read these article and you will see,
why members confessed and joined FG.

How did It sound?

**Meya** · April 14th, 2008, 08:25 AM

4/14/2008

**hjm331** · April 15th, 2008, 01:59 PM

The difference between these two are:

Joint account: Under the name of two people and both are responsible for paying all of the debt back equally.

Authorized User (AU): Not responsible for paying the debt back.

Now that the FICO scoring system has changed, AU's can't use someone's credit line to help out with their utilization so this forces everyone to get a card under their own name.

**dreamr802** · April 15th, 2008, 02:46 PM

My fiancee and I are going to be getting a joint account. Where we are both users and equally share the debt. But no matter what he and I are going to keep our own separate accounts. We are mainly going to use our joint account to pay household expenses, rent, utilities etc.

**Crazy2k5** · April 15th, 2008, 02:59 PM

When is the new fico system going to start because My aunt has a BOA Platinum plus visa card with a $4400cl and I am an authorize user on it and it shows on my credit report and it counts in my credit card utilization.

**Meya** · April 15th, 2008, 05:12 PM

Well she better add you as a joint account user because it is going to disappear from your account faster than how it was added.

**hjm331** · April 15th, 2008, 07:11 PM

I think that the new FICO scoring system will be launched this summer. Each CRA has their own different launch date.

**Meya** · April 15th, 2008, 07:14 PM

You are right! And I do feel sorry for those who have not yet established their own accounts. It is time to get off of the pig's back you guys and oink your own.

**hjm331** · April 16th, 2008, 12:11 PM

oink your own? lmao

Wait 'til Eric reads this one!

**Crazy2k5** · April 16th, 2008, 12:16 PM

When you are added as a joint account do they do a credit check. Because BOA would not give me a card on my own. This was about 6 months ago. If they are not going to add me I wont have her do it. Lord knows I dont need anymore inquiries.

**Meya** · April 16th, 2008, 12:31 PM

Yes they do a hard pull, both credit are liable and if you are in a not too good sitaution, then they will not add you.

**hjm331** · April 16th, 2008, 02:18 PM

Originally Posted by 100656

When you are added as a joint account do they do a credit check. Because BOA would not give me a card on my own. This was about 6 months ago. If they are not going to add me I wont have her do it. Lord knows I dont need anymore inquiries.

If you're liable for the debt on the account, then they will do a credit check and pull a hardy inquiry because they would like to know if they can come to you if the other join account holder doesn't pay the debt like they're supposed. Basically, it's something like a co-sign.

**Izach30** · November 24th, 2008, 03:51 PM

Question????

I recently applied for the 4 major bank secured cards. BOA, Citi, Wells and Us Bank, becuase of my low Fico scores (LOW 500's). I was quite sure that I was going to be approved since all 4 banks cashed my deposit funds ($1000.00). To no avail BOA sends me an email 2 minutes later stating I was DENIED. I was determined to carry a BOA card, I had my brother apply for the secured card, of course he was apporved for some other crazy card with a $10,000 CL, (812Fico) but I had him decline the offer and I told him to simply go with the secured card with my $1000 deposit, then add me on as and authorized user. I called BOA to verify that authorized users can be added on to the secured card and that there reported to all 3 breaus, the rep was so adomint to the fact that they do report but it does not buid credit historty(SHE WAS SO ADOMINT SHE WAS ALMOST RUDE).....HOW IS THIS POSSIBLE, how can a major bank report to all the 3 credit breaus but it not buiilding history??? does fico not see authorized users....my sister did this with my nephews when they turned 18 she added both of them to all her cards as auth users, there credit score was over 700 within in months??? It hs been a family practice for years, many have done ithis in tha past and it has worked to help buld credit......any advise anyone??? or was she just not telling me the truth

**hjm331** · November 24th, 2008, 04:27 PM

Realistically, I don't think anybody would pass up an approval for a card with a $10k limit.

**jeepy1983** · November 24th, 2008, 10:25 PM

You should have just kept the card with the 10k limit ur bro was approved for and been added as an AU on that one. It would have served the same purpose but you would have a heck of a higher limit and most likely a lower APR.