We are going through a home renovation right now and my wife has started a few new credit cards, and I have the mortgage in my name. I am an authorized user on a few of the cards, and now atleast one has shown up on my credit? Is that legal even though I'm not legally responsible for the payment, nor did I even provide a SSN for this. Just a name to be put on the card. They must have crossed referenced my name and address and posted it to my credit.
I don't mind that it is on my credit but right now it is really high balance until we get the remainder of our renovation loan to pay it down.
How does being an authorized user on another person's credit work for me. Is it calculated into my credit score as it was my card, or does it not effect my score at all.
Thanks
getting added as an authorized user
Hi Paul,
Yes, getting added as an authorized user on somebody else's account is legal, and this can affect your score in a positive way. Your score will increase, as this will get listed on your credit report.
However, you should also keep in mind that if the main holder of the account to which you are getting added as an authorized user, fails to maintain the good status of the account, it can affect your credit score negatively.
Hope this helps.
Regards,
Aaron