Think twice before becoming an authorized user on your parents’ credit cards — even if you are handling their finances for them. If they have great credit, being an authorized user can help raise your score. On the other hand, if you have great credit but your parents don’t, being an authorized signer on their cards is risky. If the banks report you as an authorized user on credit cards with an iffy track record, your credit score could fall fast.
Except on a temporary basis when necessary — for example, when a parent cannot get out and needs someone to do the shopping — financial experts don’t recommend becoming an authorized user on someone else’s card. Co-mingling finances is just too risky.
— Adapted from article by Sally Herigstad on www.creditcards.com. Used with permission.