fokipharmacy.blogg.se - The ascent builds

THE ASCENT BUILDS FULL

That positive activity will become a part of your credit history, too, and it will be reflected on your credit report.

THE ASCENT BUILDS FULL

Say your parent adds you as an authorized user on their credit card and then pays that credit card in full every month for 12 months in a row. When you're added as an authorized user to an existing credit card, any positive payment activity on that account gets added to your credit record. Either way, if you need to build credit quickly, becoming an authorized user on an existing credit card account can be a good solution.

When your payment history (which speaks to how timely you are with your bills) is poor, it can hurt your chances of getting approved for a credit card or loan. Similarly, you may have a rocky payment history as a result of having been late with some bills during a rough patch. But if no one approves you, you can't build that credit history up. If you've never had bills or a credit card account of your own, you might land in a frustrating situation where you can't get approved for a credit card or loan due to your absent credit history.

As long as payments are made consistently and on time, your credit score can go up.

That builds more credit history for you.

Any positive payment on the credit card account gets reported to the credit bureaus.

Here's how being an authorized user can help your credit: How being an authorized user helps build credit Once that person is on your account, they can charge expenses on your credit card account. If you're being asked to add someone as an authorized user, it's the same deal.

You can use that credit card the same way you could use a card you applied for yourself.

The credit card company will issue you your own card on that account.If you need help building a credit history, you may ask a parent, sibling, or friend to add you as an authorized user to their credit card.An authorized user is someone who's added to use an existing credit card account.