"2nd Card Holder"

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Written by: arod on 2008-05-29

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arod's review: I asked my wife to add me as a second card holder and she did so they will send me the card 7 to 10 days

My question is there any benefit or anything that I should know? Our credit limit is $2600. It wont harm both us we both have good to excellent credit.

Please give me some info. If you are second cardholder.

Thank You,

Alex

14 Comments

Comment 1 by arod
HJM331 on 2008-05-29

This is your field...
Comment 2 by hjm331
RE: ARod on 2008-05-29

You will only be responsible for the charges you make on the account whereas you would be responsible for all of the charges if it was a joint account. When you're responsible for a charge, you have to pay for it.
Comment 3 by rockin35
Benefits To Both on 2008-05-29

Well, their are 2 things to look at here. If you want your own line of credit established with a totally different account, then I would break away from my spouses and apply for my own. You may get approved for a higher limit than $2600 (good CL by the way).

Secondly, if you and your wife are making minimal charges on the card, don't really use it that often, I would do exactly what your doing and remain an authorized user. The main thing is getting the 3Bureau Points each month for paying on time, those will only benefit your wife's credit file as opposed to both.

Creditors are now taking note of "2nd Authorized Users" but as far as I know of, it is still not reported on the added users credit file, the creditor only supplies info to the Bureaus on the actual card holder (your wife only).

Let me know if you've heard something different.

Rockin35!
Comment 4 by hjm331
RE: Rockin35 on 2008-05-30

Sorry but I have disagree. My mom is an AU on both of my BofA cards, funny huh? Both of these cards get reported onto her credit report monthly as if she was the account holder. She also picks up the same amount of history as I have with the card. Like I said, whatever is being reported on my report, it's also being duplicated onto her report.
Comment 5 by mark
Being Reported On All 3 on 2008-05-30

I agree with hjm331

i have mycreditkeeper.com monitoring my accounts every month.

i am an authorized user to my brother's BOFA world points plus.

it's reporting to all 3 bureaus and it states there that I am an authorized user.

and the credit limit, credit usage of the card is being added up to my total credit limit and usage since I have other credit cards where I am the principal.
Comment 6 by arod
Thank You Guys on 2008-05-30

Thank you to HJM331, Rockin35, Mark

And for all this information its helpful again thanks for the response.



Good luck,

Alex
Comment 7 by ash
Re Ditto on 2008-05-30

Thats correct. If you are on as an AU it is still being reported to the CRA's as if it is yours. When you pull your files and click account information it list the payment history, credit limit and so forth. It reports as AU...
Comment 8 by rockin35
Varies By Financial Institution on 2008-05-30

My mother is on my Krogers Mastercard as an authorized user/addtional card holder and nothing is reported on her credit report, other than her Macys Card in her name. All tracking/reporting is reported under my credit history and not both.

Have a good day. Rockin35!
Comment 9 by gmac
Reporting on 2008-05-30

It depends on the Creditor as to whether or not they report authorized users, BOA is one that does, but the new FICO scoring will not count AU's as a part of the FICO only account holders and co-account holders this is because of the recent credit meltdown when less that honorable people were having individuals with poor or short credit files added to peoples accounts as AU's for the excellent credit reporting, thus boosting Credit Scores and qualifying individuals for loans they should not have qualified for, so under the new FICO score AU's being reported will have no effect on the AU's credit score, so if you are trying to have a quick improvement of your credit score you have to be added to the person's account as a joint account holder.
Comment 10 by arod
GMAC on 2008-05-30

I HEARD ABOUT THE NEW FICO CHANGE WHEN WILL IT START..?
Comment 11 by rockin35
New FICO Changes on 2008-05-30

GMAC that's great information to know.

I'm not for certain on when the new changes will kick in. I do remember reading a lot of information late 2007 about the new "Risk Score Factor would soon be utilized by some financial institutions. Many continue to use the FICO Scoring system. I have read for the year 2008 that those changes would begin to maneuver its way into major bureaus and small/local credit bureaus etc.

I can say from experience, I use Chase ID Protection and I also use "MycreditKeeper".

My Risk Scores with Chase ID Protection utilizes a Risk Scale from 150-950, unfortunate for me my scores are LOWER.

But with Mycreditkeeper my scores are HIGHER when using the FICO Scoring system 350-850.

I'm going to find some more links to track which comanies are using which scales and I'll try to post them in the forums, if I come across any that have good/accurate information.

Rockin35!
Comment 12 by thomas1
AUTH USERS on 2008-05-31

I'm a huge Suze Orman fan. She said on her show in late 2007, that because of all the "piggybacking" on accounts being listed as AU, that the FICO scoring system was not going to count it in the AU score in 2008. I assume that has been the case this year. I have my mom on one of my accounts and it still lists her as AU and she gets the FICO points. I'm not sure, but it may also depend on the bank from what I've seen. I guess since a lot of the banks have caught on to people riding the backs of respectible good credit rating individuals has prompted the formula change, but I don't see where it has come into play as of yet.
Comment 13 by thomas1
AUTH USERS on 2008-05-31

The banks also know this, but on the other hand, they don't want to lose the business either. They want to pick up as many customers as they can. I really think FICO tries to make even the best peoples' lives miserable on the other hand. Never wanting anyone to really get ahead. I think the whole scoring formula should be overhauled in a big way.
Comment 14 by arod
Thank You Guys.. on 2008-05-31

I thank every one that took time for this topic since a lot people have Auth. User like myself it helps other in many ways

Thanks Again,

Alex
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