If you are looking to build or rebuild your credit profile quickly, you may want to consider what is called an authorized user account. What this is, and can do for your credit profile is adopt a friends or family members credit history to a particular account if they have an open line of credit.
How to go about this:
Ask a friend, or preferably a family member to add you to their credit card account as an authorized user, this will not allow you to use the account, but it will allow you to adopt the payment and credit history on the credit account to help boost your scores, quickly.
Benefits of being an authorized user on an account will bring a dramatic increase in your credit scores, especially if the balances are low, and the credit limit is high. So if you are looking for a quick easy boost in your credit scores, ask a family member to add you to their credit account as an authorized user, and watch your numbers soar!
But beware, you must do it right, or it can hurt you. You should also know that the new FICO 8 score will discredit Authorized User Accounts that are not from direct family members. We ALWAYS recommend asking immediate family versus friends, so when the time comes and all lenders are using FICO 8, you will still have that adopted positive credit history.
Questions, comments..or concerns?
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