Authorized user question...

[magyar123]

Suze Orman constantly pushes the "authorized user" issue - that the fastest way to increase your credit is to become an AU on a person's stellar/very good credit cards accounts, that that person's credit histories will also be reflected on yours, yada, yada, yada.
But how do CRAs, and ccs record that information if authorized users' SS numbers are not revealed.
I can request that my daughter, or my son be given a credit card in her/his names and therefore become AUs, but the credit card co. does not ask for her/his SS number.
So, without an SS number how is that possible, or is Suze only blowing smoke?

[bkdone]

I guess they verify addresses...I have no idea. All I know is that I added both my husband and son to each of my cards and I never provided a SS#. The accounts are showing on each of their reports. I dont know what they use to verify...but somehow they figured it out. I added myself to my husband's account and his card reports on my file too! Go figure!!

[lrprn]

Suze Orman constantly pushes the "authorized user" issue - that the fastest way to increase your credit is to become an AU on a person's stellar/very good credit cards accounts, that that person's credit histories will also be reflected on yours, yada, yada, yada.

This advice used to be true...however (as usual) as soon as Fair Issac (the true owners of our actual credit scores) found out about this, at the beginning of this year they removed this part of the credit score calculation. Now there is no credit score increase for being an authorized user on another's good payment record credit card. Sorry.

See http://www.creditscorequick.com/2008...ized-user.html and http://www.credit.com/credit_informa...la-Changes.jsp for the sad details.

[magyar123]

This advice used to be true...however (as usual) as soon as Fair Issac (the true owners of our actual credit scores) found out about this, at the beginning of this year they removed this part of the credit score calculation. Now there is no credit score increase for being an authorized user on another's good payment record credit card. Sorry.

See http://www.creditscorequick.com/2008...ized-user.html and http://www.credit.com/credit_informa...la-Changes.jsp for the sad details.

That is still "in the works". Nothing definite yet. Women's groups, as well as other consumer rights groups are trying to lobby against the changes. Actually I'm surprised that the big banks haven't chimed in yet by suggesting to let authorized users have their score improved but in the same breath be able to go after them too if the original cardholder defaults.

[lrprn]

That is still "in the works". Nothing definite yet.

Interesting you are stating this as a fact because everything I can find online says the exact opposite - that Fair Issac implemented the changes in Sept 2007 when they made their announcement. Groups may be protesting the change and lobbying to get it reversed but the scoring change appears to be in place currently. See CNN's money column at http://money.cnn.com/2007/09/05/pf/c...ion=2007090518 as an example.

Would love to see your reliable source stating Fair Issac hasn't implemented the authorized user scoring change yet, Magyar - can you please share it with us?

[MomIcantFindmy]

Interesting you are stating this as a fact because everything I can find online says the exact opposite - that Fair Issac implemented the changes in Sept 2007 when they made their announcement. Groups may be protesting the change and lobbying to get it reversed but the scoring change appears to be in place currently. See CNN's money column at http://money.cnn.com/2007/09/05/pf/c...ion=2007090518 as an example.

Would love to see your reliable source stating Fair Issac hasn't implemented the authorized user scoring change yet, Magyar - can you please share it with us?

That is exactly what I was thinking Lrprn! I cannot find it either.