authorized user on a credit card
Terry –
I added my son as an authorized user to 1 credit card. He doesn’t even have possession of the card but he defaulted on his own card which was a totally different card /company. He went into collections and is actually repaying his debt to the collector. Should i remove him from mine? Will this adversely affect my score (785). I wanted to help him build his credit then he screwed up on his own name. thanks!!
Terry Says
Bad move on your part. Yes, please remove him from your credit card ASAP. Commingling your credit can only downgrade your credit score.
Instead he needs a “secured card” — where he opens a deposit in a bank that becomes his “link of credit” for a card that bank issues. He should charge a bit every month, and pay it off promptly and in full every month, and that will help restore his credit.
Find a secured card here: https://www.creditcards.com/bad-credit/
