Description: The article is about costco visa login. The author introduces us about which authorised user card is going to give you the best benefits such as airport lounge access. He also gives his own suggestions on how to get a authorised user card easily.
We upload credit card tips and tricks on how to improve your credit almost every day. Today’s topic is which authorized user card and is going to help you build your credit the best. We’re not talking about which authorised user card is going to give you the best benefits such as airport lounge access. We’re talking about building credit which authorised user card is going to help you build your credit the best.
First of all,what an authorised user card is. It’s if you have a credit card for which the accounts in your name and you can ask for an additional additional card that has someone else’s name on it. But it still linked to your account. You can give that card to that person maybe a family member and they spend money on your account. So they’re spending your money. They’re not legally obliged to pay it back. It’s your responsibility to pay it back.
But they benefit from it because that account shows up on their credit score. As long as the accounts in good standing with on-time payments,all that history will show up on their credit score too. So it can help them build their credit. Who would this be useful for? Parents can do it for their kids growing up,so by the time they are 18 they will already have a bit of a credit history and going to help them in applying for credit cards.
If you’re a new immigrant to the country maybe a colleague or a friend would be willing to do that for you. if you feel it’s a bit awkward for asking someone if you can be an authorized user on their account or can I spend money on your account,you can say to them. They don’t have to give you the card. That’s also another thing about it. They can chop it up or they can put in and draw a home.
You do not have to spend on that card. But the on-time payments and the credit history will still show up on your credit report. So don’t feel awkward about it. If you’re asking a friend you can reassure them by saying I’m not going to have the card. You can keep it. Let’s now look at what criteria this account needs to fulfill. There are two sections. There’s the behavior of the cardholder,the primary cardholder and there’s also the attributes of the actual card itself.
First we’ll look at the situation where the status of the account of the primary cardholder. The account should have been opened for at least two years because you want a longer credit history. If you are new to credit you haven’t even got a credit card of yourself,the only way is that you need to make sure that the account has credit history to get the maximum benefit out of it.
In addition to that the person should have on-time payments. They shouldn’t have missed payments in the last two years or even a longer period of time if it has been open longer. The account should be in good standing with on-time payments no miss payments. Their credit utilization shouldn’t be too high. We always recommend credit utilization ideally shouldn’t go over 30%. If they can be under 10% it’s even better.
That’s going to have the best effect on your credit score. Those are factors to ask the person if you’re becoming an authorized user of their account,you can ask them if they have missed payments on your credit card account that they are adding to you. I don’t want to be an authorized user. If it’s your colleague,you can ask them a few polite questions about it. You need to make sure that they have on-time payments. We’ll now look at the attributes of the cards themselves and there are two things to consider.
The first thing is to make sure that this card is going to report the full credit history on that card to the credit unions on the authorized users credit report. Now notably American Express does not report the full history. It reports from the time that you became an authorized user on your credit reports.
So this might not matter to you if you’re brand-new. But I read a story on a my FICO forum this morning of a man who he had been doing credit repair rebuilding his credit. He already had a couple of basic credit builder credit cards and his wife put him as an authorized user on an American Express card thinking that it would help build his credit faster. Because American Express doesn’t report the full credit history it looked like a brand new account had been opened and it shortened the average age of accounts on his credit score and it decreased his credit score by 20 points.
This man was complaining that he could no longer get the best rates on the mortgage he was applying for because he had this taken this 20 point hit and it will cost him an extra $2,500 a year on his mortgage. That’s something to watch out for. Notably American Express doesn’t report the full credit history like most other major card issuers do. You might want to look on some online forums like my FICO to get the most up-to-date information on that.
Secondly for the maximum impact on your credit score,you also want to make sure that this authorized user card is going to report to all three of the credit bureaus. Now primary cards of all major banks in the US will report to all three. Maybe there’s a few that don’t but the major banks should report to all three such as Chase,Americans versus Sarah. But for authorized user cards,it is not always the case and I can demonstrate this on my credit report if we open up Credit Karma.
This one is TransUnion and there are three chase cards listed. Now one of those cards Ayman is an authorized user card on my wife’s account. If we go over to Equifax you can see there are only two chase card listed under this. That’s because the authorized user card must not have been reported so Chase is reporting this authorized user card to only two or perhaps even one of the credit bureaus.
This changes all the time. So to get the most up-to-date information you may have to go online. Luckily there is an easy resource. The author of this book your score,Antony Davenport give you information about that and this is a great book. I’ll probably put the amazon link to it if anyone’s interested in reading it.
He is a credit insider who used to be a mortgage originator and now he runs a credit repair business. This is his website Antonymdavenport.com/yourscore. He has a little resource that has some information that he updates if there are any changes in the industry and he tells you which cards report to all three bureaus.
At the moment those cards are Capital One,Discover,Bank of America and Wells Fargo. He updates this if there are any changes in the industry so this might be a useful thing to look at if you’re thinking of getting a card. If the one that you’re thinking of getting or thinking of giving to someone is not on there,you may want to phone up the card issuer and you can ask those two questions.
Does it report the full credit history on the authorized users credit report? Does it report to all three bureaus for the authorized user cut? Those two questions are most important so that is how to pick a good authorized user card. Those four we looked at are currently ones that Mr Davenport the author of this book recommends.
Lastly I’d like to talk to you about a few things. First of all we have credit wallets and the new RFID blocking cases coming this evening so they probably will go on sale tonight. These are the small minimalist wallets. Unfortunately I don’t have the traveler wallets yet.
They’re coming in about two weeks. We’ve got several hundred of them on order. Many people have been sending me questions about when in a while it’s coming in the walls. I’m frustrated too. I know you want to get them. One man even said that he’d got one for Christmas.
He liked it but he’d lost it and he wants to buy another one. They’re coming soon. But they should be going on sale tonight if not tonight it’ll be tomorrow. But hopefully tonight. I will put a post online when they do. You can also join our Facebook page facebook.com/the creditor who. we’ll post it on when they go and sale.
Secondly I also want to ask you about some future products. We’ve been selling wallets. I’ve also kicked around the idea of doing a paid credit of building course credit building and credit repair course. I had prepared for that course. I’ve been doing a lot of research. I’ve read loads and loads of books like that. This is one of them I’ve read. I’m wondering if people want that.
I am wondering whether people would pay 20 or 30 bucks. It would be affordable. It would be very targeted and progressive. I’m wondering if people want that. If there’s not sufficient interest and people think that there’s already so much information available out there online for free then I’m not going to do it. I’ll consider trying out new products like new wallets so that’s another thing I want to ask people would you be interested in a credit shift from t-shirt or if we were to do a sort of luxury version of the wallet.
Because our wallets are nice the leather is imported from Italy. But it’s an affordable price. It’s 28 bucks or 18 bucks. It’s not like what you would class as a luxury wallet. If we were to do a luxury product maybe a hundred and fifty dollars would people be interested in? Leave your comments on would you be interested in a credit course,would you be interested in a t-shirt or would you be interested in a more luxury products reward or some other products.
Leave your ideas and we’d love to hear them. I’m always trying to do what’s best for defense. I want to make a product that people want not a product that is designed to take the money out of your wallet and put it into mine. So the criteria has to have has good quality and it has to have a reasonable price and people have to want it.