Get Money by Kristin Wong

Author:Kristin Wong
Language: eng
Format: epub
Publisher: Hachette Books
Published: 2018-03-27T04:00:00+00:00

Hack #3: Become an Authorized User

You can become an authorized user on someone else’s credit card account. This isn’t a decision to be made lightly, but it can be an effective way to boost your score by increasing your available credit. When you’re added as an authorized user on someone else’s credit card account, their credit limit and history with that card show up on your report. Provided they have a decent history of paying in full and on time, that could mean a boost to your score. Your activity with that credit card will now show up on that person’s credit, too, though, and vice versa. So if you rack up a bunch of debt on that card and never pay it off, it’ll affect both your credit scores negatively.

Personally, I used this hack with my husband. I added his name to my credit card to help him rebuild his credit, but then neither of us used the card. Obviously, you want to make sure you share a card with someone you trust (and someone who trusts you). Parents can add an adult kid as an authorized user to help him or her build credit. The kid never even needs to have a physical card.

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