In the last few years due to the financial crises which still is not over, many people have had to find alternative options to help build up there credit report or file. One option which was once dismissed a few years ago, seems to be making a come back very fast. This option is called Authorized User. An authorized User account is where one that may have more established credit or accounts or less may have for example, a JC Penny's credit account. Well, This person can add an Authorized User to their credit card account, which will give that user the benefit of using that account to charge credit as well, and a second card, linked to the main account holders account is issued to that Authorized User with there name on the card. Now this is beneficial for one that does not have any or no credit at all, because it helps them to start building up there credit profile of report. Transactions of use and good payment is reported on not just the main card holders credit file but the Authorized User as well. The cons to this method or option if you will; is that the Authorized User is not held responsible for the principal credit of the account, only the main card holder is, and the Authorized User can not make any little or vital changes to the account at all. Another down fall to tis option is if the main card holder does not pay there bills and goes into default, this information will show up on the Authorized User Credit report. So be cautious with this method.
Please, leave me your comments or questions I am here to answer them and help.
Also check out our new ebook called: The Come-Up Compilation Ebook.
This ebook has a ton of great information on Health, Trading, Notary, SIC Codes, Top 10 Secured Credit Cards to get, Top 10 Credit Unions to join, How To Keep An A+ Credit Score And Report, And The 10 Step Business Plan. Which takes you from step 1 all the way to step 10 showing you how to incorporate all the way to getting funding for your business.
You can get it out at: http://www.tradebit.com/filedetail.php/222443902-the-come-up-compilation
www.itsmapps.com
www.itsmapps.blogspot.com
Blue Mitzi
Mapps Clothing
No comments:
Post a Comment