The Power of an Authorized User

Should you become an authorized user? 

One of the quickest ways to improve your credit score is by being added to a credit worthy consumer’s credit card. You also don’t actually have to have an actual card in your possession to reap the benefits. The positive payment history usually will give you a slight credit score increase and help you continue to qualify for other lines of credit. 

Keep in mind that any financial behavior associated with this line of credit will affect your credit score as well. If the consumer is late you will suffer a credit score decrease. If the account is closed it will no longer continue to report. In most cases authorized users are only responsible for their accrued charges 

Some cardholders allow you to add consumers as young as 16 years old.

This is a great way to gift good credit to your teen.