Add myself as auth. user to wife's card vs trying to get 2nd card right now?

[ssc2761]

I was recently declined by Barclays Priceline visa for my 2nd card. So since a 2nd card is probably not a good idea right now, since I don't want a low limit card with an AF, do you all think it would be a good idea to have add myself to my wifes Cap one as an authorized user. Also to add her to mine as an authorized user. We each have the cap one with $2500 line and no AF. This way we would each show a $5000 available credit and a 2nd card reporting as well. WE have the accounts on auto pay each month and only charge one utility bill each on them. Would this raise our scores and improve our credit quicker? Would this be at all a good idea to do this? Would it help us get second cards by early next year? Any help is appreciated!!! Thanks!

[Logan]

Yes, I'm on my wifes cards which have very high limits and they all show on my credit report.

[ssc2761]

Anybody else have any input on this. I wanted to know the pro's and con's of adding each other as auth. users. I am wondering if it is better to do so, or to just rebuild each of our credit files separately. Thanks!!

[iswmle]

I work at a credit card company and do it all the time for spouses wanting to help each other out, or parents for their kids. They say that being added as an auth user does not affect your credit scores as being a secondary user. I say hokum. I can tell you from personal experience when my ex defaulted on his C1 card and I was an auth user it hit me hard. I've also taken a lot of calls from parents who have had to remove their kids from the cards because they were maxed out and it was affecting the childrens' scores. I don't think it hurts one bit to be added to your wife's acct as long as you guys are properly managing things (keeping d2i low, PIF, etc etc).

[ssc2761]

So are you saying it would help my credit score and my rebuilding process, as long as I continue to utilize less than 10% of my lines, PIF, and etc... It would double my line, but my main reason would to do it would be obviously to rebuild, raise my score, and then get a decent 2nd card by early next year.
What does everyone think? Please any responses are greatly appreciated. Thanks again!!

I work at a credit card company and do it all the time for spouses wanting to help each other out, or parents for their kids. They say that being added as an auth user does not affect your credit scores as being a secondary user. I say hokum. I can tell you from personal experience when my ex defaulted on his C1 card and I was an auth user it hit me hard. I've also taken a lot of calls from parents who have had to remove their kids from the cards because they were maxed out and it was affecting the childrens' scores. I don't think it hurts one bit to be added to your wife's acct as long as you guys are properly managing things (keeping d2i low, PIF, etc etc).

[AngelinaCat]

You aren't going to like my response, and I don't really care, but why are you trying to get a credit card? Or get on someone else's credit card?
You have declared BANKRUPTCY. That means that you are BROKE.

NOW is the time to learn to live on a 'cash only' basis. That means, if you don't have the money for it, you don't buy it until you have saved the money for it, Understand?

[scorpion35]

You aren't going to like my response, and I don't really care, but why are you trying to get a credit card? Or get on someone else's credit card?
You have declared BANKRUPTCY. That means that you are BROKE.

NOW is the time to learn to live on a 'cash only' basis. That means, if you don't have the money for it, you don't buy it until you have saved the money for it, Understand?

i second that

[ssc2761]

I can understand and appreciate your advice, however I am trying to rebuild my credit so your response doesn't help here. Anyone else have any suggestions as far as my original post. I don't want the thread to get off topic. Thanks!!

You aren't going to like my response, and I don't really care, but why are you trying to get a credit card? Or get on someone else's credit card?
You have declared BANKRUPTCY. That means that you are BROKE.

NOW is the time to learn to live on a 'cash only' basis. That means, if you don't have the money for it, you don't buy it until you have saved the money for it, Understand?

[sunshinepa]

I was recently declined by Barclays Priceline visa for my 2nd card. So since a 2nd card is probably not a good idea right now, since I don't want a low limit card with an AF, do you all think it would be a good idea to have add myself to my wifes Cap one as an authorized user. Also to add her to mine as an authorized user. We each have the cap one with $2500 line and no AF. This way we would each show a $5000 available credit and a 2nd card reporting as well. WE have the accounts on auto pay each month and only charge one utility bill each on them. Would this raise our scores and improve our credit quicker? Would this be at all a good idea to do this? Would it help us get second cards by early next year? Any help is appreciated!!! Thanks!

Seems to me that if you are set on another card, this would be the way to go. It will accomplish what you want with the reporting.

[ssc2761]

I guess your right. Not sure where to turn. With a $2500 limit on my first card, I don't think another CC like Orchard with a $300 line would help much at this point. Maybe I will wait until 2 of my 5 inq. fall off my TU by end of October, then try again in January or so. I wish there were a way to know I would get at least a $500 or higher line somewhere and know that I would be approved. Anyone ever apply for a 2nd cap one card and were successful???

Seems to me that if you are set on another card, this would be the way to go. It will accomplish what you want with the reporting.

[jo23171]

I had my BK closed in jan of this year. As soon as it was closed I got 2 secured cards from 2 different credit unions 500 limit on each (no fees whatsoever) and after a year they raise your credit and go unsecured. Stay clear from those secured cards that have high fees like Orchard. Just got my cap1 in the mail today with a low credit limit of only 500. I am not going to apply for any cards for another 6 months and will use only 10% of the credit limit.

Don't get turned off by low credit limit, after a year they will get raised and the second most important thing is to have some aged accounts. I rather have a 5 year old cc account with a 500 limit than a 6 month old with a 2500 limit.

[HHM]

Just keep in mind, the effect of authorized user status has changed recently. It is barely worth anything anymore on your credit.

[Logan]

Just keep in mind, the effect of authorized user status has changed recently. It is barely wroth anything anymore on your credit.

Can you site some sources about this because I disagree? When I added myself to my wife's CC's I researched this subject and found that somehow FICO figured out how to determine if the Authorized user account is legitimate versus piggybacking. Also, when I added these accounts my available credit and my length of credit history both changed on my credit report to reflect my wife's accounts.

From FAIR ISAAC:

"After consulting with the Federal Reserve Board and the Federal Trade Commission earlier this year, Fair Isaac has decided to include consideration of authorized user tradelines present on the credit report in the FICO 08 model. Our scientists have devised a method to consider these tradelines while materially reducing the negative impact that could arise from piggybacking."

[Logan]

You aren't going to like my response, and I don't really care, but why are you trying to get a credit card? Or get on someone else's credit card?
You have declared BANKRUPTCY. That means that you are BROKE.

NOW is the time to learn to live on a 'cash only' basis. That means, if you don't have the money for it, you don't buy it until you have saved the money for it, Understand?

Broke after BK? It was the opposite for me.

[ssc2761]

I know right? Not everyone who files BK is broke. I'm sure many can attest to this. I like Jo's suggestion on getting some credit union cards. I will have to go into my local credit union and talk to a loan officer and see what options I may have. I should take my credit reports that are recent from this month over there. I don't think I will do the AU route at this point. We don't need credit, but like I've said in many other posts, I would rather rebuild my credit so I am ready to do whatever I want when that time comes. For example, either refinance my current mortgage or even get a rental property if I choose to do so. I guess I am good with my one unsecured cap one and my school loan, both which report. The other funny thing is that BofA kept reporting my mortgage as current until 2/2011 and then didn't report again until 6/2011, because after all the loan was d/c in chap 7. So even though it says d/c, a creditor could see current payments from 4/2009 to current. Wierd, but good I guess. I will have to post update once I talk to a CU or two and see if that is a route to continue to rebuild.

Broke after BK? It was the opposite for me.