Credit Hacks: Become an Authorized User

If you’re looking for a way to boost your credit score, then this is the right place for you. Credit scores are used by lenders to determine whether or not they will approve your loan application. The higher your credit score, the more likely it is that you’ll be approved for loans at lower interest rates and with better terms. To increase your chances of getting approved for credit cards, a new mortgage, and other types of loans, take advantage of this easy hack – add an authorized user!

Why Becoming an Authorized User Can Help

Become an authorized user on someone else’s credit card account. This is a great way to increase your credit score if you’re looking for ways to improve it fast. Having someone add you as an authorized user can help boost your overall credit history, which will in turn raise your score. However, this method works best when the account has been open and active for many years. If the account is brand new, then it won’t have as much of an impact on your score.

There are a few other factors that you should look for when choosing an account to become an authorized user. The first thing is the age of the account —the longer it’s been open, the better your score will be boosted. In addition, you want to make sure the overall utilization equals 30% or less of the credit limit. The lower this percentage, the better it is for your credit score. Next, be sure there have been no late payments on this account since its inception. Another thing to look for is the representation of this account on your credit report—if it doesn’t report to the credit bureaus, then you won’t see any benefit.

Using an existing credit card account to become an authorized user is an easy and effective method to improve your credit score, especially if you’re searching for ways to do it fast. Having someone add you as an authorized user on their account can boost your overall credit history and add to your mix of credit, which will raise your score.

Keep In Mind

Taking this simple step can help add points to your score in a short period of time. Remember, it’s important that the account you become an authorized user on meets certain criteria, such as being active and open for a long time, having a low utilization percentage, no late payments, and reporting to all three credit bureaus. If you can find an account like this, then adding yourself as an authorized user will definitely give your score a boost!