Getting a loan when your an authorized user????

My situation. no credit established.
I was wondering what if I become a authoizd user on parents good credit. And it boost my score to perfect. Can I get a loan from being athorized user?


It takes many years of solid payment history and good credit usage to get a score of ‘perfect’. Becoming an authorized user of your parent’s credit cards will help develop your credit score and add to your credit file. Getting a loan will depend upon your credit worthiness, the purpose of the loan etc.

It depends. you will benefit from their good history but you usually need more than one trade line to qualify - at least for investor properties.

Home many trades do you think I would need? Im only looking to get a loan for under 200k.
Also what if I bought the 1 trade and then I just opened a new credit card. cause thing is I have no credit established.

Just out of idle curiosity: Why do you think that you need a “perfect” score to get a loan for $200K? A perfect credit score is 850…I read somewhere recently that less than 5% of all people have credit scores over 800…


One of the things that effects your credit is the length of time you’ve had the account. So, it will be awhile before you see any results. Also, keep in mind the card balance vs. card limit will effect your score.

A friend of mine, who is a mortgage broker, told me that a car loan from a first tier lender and one or maybe two credit cards are better than having all revolving debt.

Usually need 3 tradelines. You can also qualify with what is called an alternative credit file. They will consider it if you have other verifiable bills in your name like utilities, cell phone, etc.

It sounds like the OP is considering the purchase of seasoned tradelines.

If this is the case, I suggest that you don’t.


Scott Miller

Why should I not purchase tradelines?

There was a recent very long thread on this forum regarding the purchase of tradelines. Some supported the practice as a way for low/no credit individuals to bolster their credit file while others saw it as an unethical means to alter your true credit picture. Search for the thread and enjoy the reading.

Be careful. That’s mortgage fraud. Creative Financing doesn’t mean deception.

It’s the reason that Lender’s have stopped offering 100% financing for SubPrime loans. Due to the Foreclosure rate, they can sell loans on the secondary market.

Plus, I have submitted loans before that are similar…they got denied or the LTV changed in underwriting. It will only waste your time and money.

There are other ways to get financing. I will advise Investors(esp. SubPrime) to prepare to pay a 5% -10% downpayment.

Also, have a backup Lender just in case. This will save time and make sure you don’t lose a deal.