More screwed up legislation is being inacted tomorrow in what was an effort by the Obama administration to help credit card consumers. Now we get to have cards with 79% interest, most certainly pay late fees of 35-39 dollars, not be able to obtain a credit card if under 21 without a parental cosigner(good luck), have inactivity fees (no more paying the entire balance each month) and much much lower credit limits. Thank You to the administration for another hastily ramed through bill http://news.yahoo.com/video/business-15749628/new-credit-card-law-to-take-effect-18255024 Hey, but on the bright side, (Monday) we will get to hear President Obama's personal idea of what Health care should be......I can't hardly contain myself!!
I'm not sure how I would've made it through college without credit cards. Without them I certainly wouldn't have the very good credit score I have now, and I definitely wouldn't have been able to get financed for a house on my own, and maybe not even a car. There is an ABC article that is linked near the video on your link that says: It was my understanding that an authorized user doesn't have their credit affected, only people who are joined on the account.
Authorized users can ask to have "good" credit reported on their credit reports and vise verse. A authorized user does not automatically have the payment history reported because they don't "own" the account, they actually have to ask for the information to be reported. Also if a authorized user's owner starts to have late payments and/or defaults on a card......has the option of having the derogatory credit info removed because they are not the "owners" of the account.
Got it. Well I just added my fiance as a joint owner on one of my accounts (so she could build credit), and they had told me that an authorized user's credit wouldn't be affected. That's why I thought what I did.
Call them back and tell them you want them to report the history of the account to the credit bureaus under her social....they will......unless maybe something changed with the new rules that just came out Feb 22. They won't just do it....you have to ask
Actually, I carried all 3 of my daughters on my cards when they were teens. They didn't have the cards themselves but just by them being on my cards and making payments on time, etc., they got their own offers upon graduating HS. They all have their own now and to this day, they have no clue what I did.
