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## Your Credit Score – FICO Plans to Eliminate Authorized Credit Card User Accounts – Part 3

Do you feel penalized for practicing good money management habits in our country? Learn about it.

If you paid for your own college education and refused to fall into the credit card trap that lenders use to purposefully suck the financial lives of unsuspecting students, you can graduate debt-free and have no credit history.

When you want to buy a car or mortgage on credit, you can’t get a loan without a credit history and a decent FICO credit score.

**Young adults with no credit history, limited credit history or defective credit for years** Historically, people with good credit—usually a parent, spouse, or good friend—have worked around the problem of being added as an authorized user on their credit card.

Once an authorized user is added, his or her credit card payment history is added to the account, giving the original cardholder a higher credit score and access to loans and better loan terms.

It’s all about to end because Fair Isaac (the developer of the FICO credit score) will create a new scoring formula to eliminate the official user strategy. Learn what you can do to protect yourself.

Fair Isaac is taking this action because it estimates that 30% of the 165 million consumers with credit cards have authorized users on their accounts.

Once the new system is implemented in mid-2008, millions of authorized users will see their credit scores drop or go into free fall. Authorized users without their own credit history will see their credit score disappear. Young adults and married women may be hurt the most.

**Here are some strategies that these two population groups can use to fight back:**

1) Apply for a credit card in your own name if married and listed on your spouse’s account.

2) Apply for a revolving credit card from a department store or other retailer because they are easier to get because they usually have lower credit limits and higher interest rates.

3) Apply for a secured credit card because you keep money in an account upfront to cover your card transactions. If you default on your payment, the lender debits your account to cover the payment.

Sometimes secured credit cards become unsecured credit cards when you make timely payments over a period of time. In some cases, you may even get back the initial deposit and interest on the secured account.

**4) Try to keep your balance below 30% of your available credit as credit utilization** Improve your credit score.

You can research the fees and other features of the credit card

http://www.bankrate.com

(**Note:** (This is the last of a 3-part series.)

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