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Should I add myself as an Authorized User on a credit card?

Currently I have three tradelines (Barclays Bank, Capital One, Capital One). Only Experian shows all three, Equifax & TransUnion only show the two Cap One cards.

I'm currently in underwriting for a new construction (not scheduled to be complete until June/July). I want to make sure my credit score goes up (currently mid. score is 642) before doing the final loan approval in 5-6 months but not sure what the best way would be. I can't apply for anything new but I could add myself to my wife's Capital One which is a 3 year old account with a $0 balance.

Should I go ahead and do that? Will having another Capital One credit card on my credit report be beneficial? Any potential downsides?
  • December 20 2012 - US
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Answers (2)

Your score may increase. Did you talk to your loan officer? Are in interested in a competitive quote as we may have a lower APR and lower fees if you are in one of my footprint states for a construction loan?
  • December 20 2012
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I am not a credit expert, but that last time I heard about people adding cards to their names to boost FICOs was as Joint owners--not authorized users.

Contact a local loan professional and they should know of many Credit Repair, etc experts that can help you out.  I have a person I work with on that down here in California, but am not sure if they provide services to folks outside of the state.  I can ask if you like?  Feel free to PM me in private so I can get you that contact information when I have a chance if interested.

Best wishes from So-Cal and good luck
  • December 20 2012
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