• Ryan Torrens

Want To Be An Authorized User? Read This

Good Morning! I hope this email finds you and your family doing well. For this week’s newsletter, I would like to discuss a few things to consider before deciding to be an authorized user on someone’s credit card account. First, remember that authorized users are not contractually bound to make payments on the credit card account. If your intention is to be an authorized user, make sure that you are not signing a credit card agreement making you a joint account holder. This will make you jointly responsible for payments with the joint account holder. Second, remember that being an authorized user can have an impact on your credit report. Most credit card providers report authorized user info to the credit bureaus, so it will most likely report on your credit. You may want to ask the credit card provider (for example, Capital One) whether this will be reported on your credit report before you agree to be an authorized user. Third, this can have a positive impact on your credit but also a negative impact. If the primary account holder has a consistent record of on-time payments on the account and generally does not utilize more than 30 percent of the credit limit, this will have a positive impact on your credit score. If, on the other hand, the primary account holder misses even one payment on the card, your credit can really take a beating. Of course, make sure the primary account holder has a consistent record of financial responsibility before becoming an authorized user on the account. Finally, remember that adding you as an authorized user will not impact the primary account holder’s credit score. These are just a few things to consider before making the decision to be added as an authorized user on a credit card account. I hope this information is helpful to you and your family. Best Wishes, Ryan C. Torrens


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Disclaimer: The information provided in this email does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available in this email is for general informational purposes only.

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