Authorized User Credit Cards - Cutting The FICO Line
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- Опубликовано: 28 авг 2024
- Twitter/Instagram @RJ_Financial
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One of the keys to building generational wealth
Great, great video brother!
I signed up for the Amex green card because it fits my kids in college needs as "Authorize user". They don't need no gold, platinum, Black card if you are trying to teach them how to use a charge card responsibly. The new green is awesome for college kids! They attend S.F state U so it's tailored made perfectly.
3x Restaurants
3x Travel
3x Transit
My opinion: These 3 categories is what college kids use the most from the Amex charge cards when in school.
Travel comes in handy when kids are far from home and fly in / or out during their school year to visit home.
I also added them to my gold card, however, I have not gave them the gold card physically, I just added them to the card for building credit purposes.
Authorize users works great RJ, if done correctly. 🙌😎
Keep up the great work RJ, you're the man 👍💪
But think how cool the kids would be with that Platinum card flex lol. That's a great use case for an AU account, thanks for sharing!
One thing to note is that if you’re an AU on a card with a high credit limit, it might hurt your chances of getting certain cards early on if your income is low. I think Chase especially doesn’t want to see you have more available credit than a certain percentage of your income.
Interesting. I didn't think of it from that perspective. Another point for the Amex charge cards as those won't show an CL.
@@RJFinancial Good idea. I’ve got the Apple Card, Discover It, and CFF right now and the next two I want to get over the next year or so are the CFU and the CSP. Then after that I’ll get into Amex but for now I’m not a high enough spender for them to make sense.
They also look at trends to see your spending habits. So if you’re not someone who maxes cards out they might be less worried about that
Also, some lenders will see you’re an AU anyways and if not you can always discuss that with a lender on the reconsideration line and they may override that. None of it is guaranteed but it can work.
Be very careful with authorized users. The banks want your users to run up your cards so you pay interest.
Fair call out. That's why they ask 48 times if you want to use one. I'd only consider it myself if I had a kid. Not sure if I'd give them the card or not but would want to jump start their credit. Can't see adding anyone else myself. We can slum it in priority pass lounges where I get 2 guests over Centurion
Not necessarily, the cardholder is primarily liable for whatever happens. So, the charges are going to be seen but it won’t show who used it
Wow, I am an AU on my wife's Amex Gold. So I guess I'm ineligible for the sign up bonus. That sucks. That's depressing.
Technically its not a new account, so you may still be eligible. I meant more so it makes sense for both players to get their own for the bonus, over just having one. (Not that there's anything wrong with you being an AU) So you could in theory cancel her's and then get one yourself for another bonus, then add the Wife to it... double check with Amex but I think that should work. Apologies on that.
important information you can add bro
- fees for AU/employees for Gold, Gold business, Biz Plat, CSR, CSP, CFF, CFU, CIP, CIC CIU, Citi Premier, Citi Prestige, BOA Alaska, US Bank Cash +, US Bank Altitude Go
- what are the information required by the CC company when adding AU/employees - full name, SSS #, etc (some viewers might find it useful since some are exploring the idea of adding their families based outside the US (example: Platinum for your brother or in laws so that when they travel to the US, they can use the Centurion lounge during connecting flights) ask sebby shared this in his channel that he got a PP for his family member who is based out of HK
That's a good call. Thanks for adding in the criteria. My drop on that! I Its smart if they really want access, Considering you get the additional Platinum benefits with the AU account it can be worth it.
Would adding a AU to more than one of my cards be even better than just adding them to just one of my cards?
Good question. Technically it's another account to report good information to the agencies so I'd think it would. Hard to quantify how much more it would help over having one AU account vs two
Thank you for the info I plan on doing this with a family member but I did some research and they said using American express don't show payment history and more is this true
I haven't heard this myself. I also haven't added anyone to my cards. I can say I've talked to one other person who did this with his young kids and it worked. Amex could confirm by chat to 100% sure I'd imagine.
I think the only thing I'm confused about is, if I have a 10 year credit history and I add an authorized user, do they now have a 10 year credit history or do they start fresh?
The authorized user basically inherits the credit history associated with the specific account you add them to. So not your full history, only the accounts credit history.
@@RJFinancial ok. So not the length of the history, just the positive or negative things associated with it. Inquiries, on time payments, etc? Sorry if I seem dense. I just added my son today. Lol
@@user-jc5fq6dc8z All good. If you added your son to a Chase card that had been open 10 years, son would have that full 10 year history for that specific chase card show on their credit report.
It would only show the full history for that specific card. Not all of your credit history.
@@RJFinancial gotcha. I added him to my Capital One Venture card. Since there's no additional fee.
@@RJFinancial will Amex do the same and report the “10” years associated with that card. I am being added on a Amex card as an authorized user and I really want to gain Some “credit age”. Please help 🙏🏼
*RJ:* “Now take it easy nerds, this is just to make a point about credit cards. The black suit…”
*Nerds:* “IT’S A SYMBIOTE!!!”
Haha, I've seen Venom where they say Symbiote weird the entire movie. How to trigger a fan base in 20 seconds...
@@RJFinancial what did you think of the Maximum Carnage trailer?
@@Ritchie_The_CEO Looks promising. I liked the first Venom movie. Coulda been better it they went for the R rating in my opinion but not bad. I'll watch Carnage for sure
@@RJFinancial Carnage would definitely benefit from an R rating.
Would 1 still get the signup bonus if he were removed from the AU?
You should because technically AU cards aren't new accounts and bonuses are for new accounts where you'd be the primary
I have a question regarding what to do when your child is finally of age when they can get their own personal credit card
You could remove them if you wanted to. It would likely drop their score a bit temporarily but if their established with a few accounts and history then it shouldn't be a big deal. I know when you cancel an account it stays on your record for 7 years but I'm not sure if that goes the same for an AU account.
I'm 30 and still on my mom's card as an AU. I think it can still help balance out my average age of credit as the card is 26 years old... but then again I open a lot more accounts than most people.
I added my wife as an authorized user for Amex platinum for the 20K MR point offer. Will Amex clawback the points if she closes her card within less than a year?
I don't know for sure. I'd say it's a safer bet to leave her on for 11 months then remove her. Amex is always so sensitive....
Sooo, the authorized user only gets the credit history of that particular card. They don’t inherit your credit score correct?
Correct. It's for that specific account the AU has been added on.
Can I add someone as an AU to my Amex Gold to help me hit this welcome bonus? Or does their spend not count towards it? If yes, what can that person see? Can they see all of my transactions or my balance or anything that doesn't involve them?
You are correct, the AU spend will count towards the minimum spend. The only time I've seen this not be the case is with US Bank.
I believe some banks give you the option of making a JR online account for an AU. You can control the level of access they have. I don't know which banks specifically. Aside from that, the AU wouldn't have access to the online account to see anything
Can’t you limit how much the AU can spend on the card ? Or just lock the card
Not fully sure on the limiting of spend. U dint see why you couldn't but you'd likely have to directly ask the bank to do it as limiting spend isn't in their best interest so they don't make it easy. You don't even have to give the AU the card if you don't want to. Simply having it in their name does the trick
Great video thanks wood you add someone
I'd like to think if I had a kid I would add them to a no AF card that I wouldn't close. I can't see myself adding AU's to the Platinum for the centurion lounges. Can slum it in Priority Pass lounges where I get 2 guests still.
I plan on adding my kids to my Amex cards when they turn 13
I have a ❓... I'm trying to get a Amex card do you think if I get put on as an authorized user will that help me get in the door with Amex to get my own Amex
It'll only help if you need to build up a credit score first. It's not a "created a relationship" thing where they'll be more favorable to you. That kinda stuff usually only works when you go in a branch or a BofA that has different rules based on your relationship
Hello, I tried to become a AU on a Amex card, I was able to receive the credit benefits but the credit history did not transfer over to me. It acted as if I applied to a new card. Which lowered my credit history.Can you help or advise?
As far as I know Amex starts reporting the history at age 18+. I think you'll have to ask Amex and see what they say. From the article below it should report so long as your 18, the card is in good standing, and the personal info was entered at application, which I imagine it would have to be.. sorry
www.nerdwallet.com/article/credit-cards/credit-card-authorized-users-build-credit
I did some research on this and they don't from what see
Should I add my kid to my oldest credit card or the biggest credit line credit card?
Either would be fine. I'd go with the oldest I suppose. The most history and age to inherit. Any credit limit is better than what we start off with as kids, which is 0
Will the lender count this in my favor or will they treat me as if i cheated? Or does it depend on the lender??
Speculation here... I believe they can tell but they don't care. Lenders want to sell you a product and if the score meets the requirements they'll sign you up. Talking about CC's. If this was a home loan, you'd need more history than one AU account, still pretty "thin file" as they say. This move would be a good jump start to your credit journey.
@@RJFinancial true
If I were to have my primary user remove me as an authorized user would my credit score drop ?
It would have an effect on the score. If you're established with lots of credit history of your own then not a big deal. If your still on the up swing then probably better leave it for awhile longer.
@@RJFinancial Thanks man appreciate the response
True
I like people who agree with me lol thanks man
@@RJFinancial kool
Will they offer me my own Amex account after a while. Can anyone help with this information
They may start marketing to you as they have your information. That would be the extend of any offers.
Does being an AU add to 5/24 cards
no it does not
What he said lol. I have heard of Chase initially flagging it as an account then a user having to call in to explain its an AU account but that seems to be rare.
Hi
So, if I add an authorized user and that user defaulted in his credit card payment( not my account that I shared(his another credit card), will it affect my credit history?
No, you and an authorized user are only tied together by the specific account you share. Anything silly they do on other accounts will only effect the signers of that account, which you wouldn't be in this example