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You already know that making payments on your Wells Fargo credit card on time improves your credit score. But did you know that your payments can also help improve the credit score of a family member or friend with a lower score? Or that your payments can help your kids build their own credit score?
It’s right. All of this can happen if you add friends or family members—or anyone else—as authorized users to your Wells Fargo credit card account.
An authorized user is a person who has access to your credit card account. When you add an authorized user to your account, that person will receive a credit card in the mail with their unique number. But when they make purchases with this card, the costs are credited to your account.
You would add an authorized user to your Wells Fargo credit card to help that user increase or rebuild credit. Every time you make a timely payment on your card, it is reported to the three national credit bureaus: Experian, Equifax and TransUnion.
Just be careful: while adding authorized users can help others create or rebuild credit, it can lead to financial problems if your authorized users don’t follow your spending rules.
How to Add an Authorized User to Your Wells Fargo Account
You can add anyone as an authorized user to your Wells Fargo credit card account. This includes family members, of course, but can also include friends, co-workers, or anyone else you want to add.
To add authorized users, you must provide their name, address, date of birth, and social security number.
You can easily add an authorized user to your account by first logging into Wells Fargo Online Banking. After logging in, go to the “Account Services” tab and then click “Credit Card Center”. Then click on the heading “Request Credit Card Features”. You can then click on the “Additional cardholders for your account” link, which will allow you to add authorized users.
Is there a fee to add an authorized user to your Wells Fargo credit card account?
The good news is there is no fee to add an authorized user to your Wells Fargo credit card.
Should an authorized user be added to a Wells Fargo card?
Adding an authorized user to your Wells Fargo card comes with both risk and reward.
- Credit rating upgradeA: When you add authorized users, you can help them repair damaged credit history. When you make a timely payment on your Wells Fargo card, the payment is reported to the National Credit Bureau, which will improve your credit score and the scores of any authorized users.
- Creation of credit ratingsA: Some people don’t have enough history to have a credit score. This often happens to young people who have not yet applied for their own credit card or have not taken out any loans. You can help these consumers increase their credit score by adding them as authorized users. They will benefit from a positive credit history without having to apply for the card themselves.
- Increasing Your RewardsA: When authorized users make purchases with their Wells Fargo card, these charges are credited to your account. This will help you earn rewards and cashback bonuses faster.
- overspendingA: You are responsible for any payments made by your authorized users. If they refuse to pay you for their fees, you will have to make payments, which can ruin your monthly budget.
- Higher credit utilization rate: Your credit utilization ratio — a measure of how much of your existing credit you use — can help or hurt your credit score. If this ratio is high, your score will drop. If authorized users exceed your credit card balance and then do not refund you, your credit utilization rate may increase and your credit score may deteriorate.
- You can also harm your authorized users.A: If you make a payment 30 days or more late than the due date, your credit score may drop by 100 points or more. And if there are authorized users in your account, their points will drop too. Only add authorized users if you are confident that you will always make your credit card payments on time.
Adding an authorized user to your Wells Fargo credit card can improve the creditworthiness of your spouse, children, or friends. But don’t ignore the risks. If authorized users charge your account, you are responsible for their payment.
Key? Add only authorized users that you fully trust. And be sure to reach an agreement on how much these authorized users can charge and when they should refund you.