Im confused as to whether me and my wife should add each other as authorized users on our credit cards. How does being an authorized user affect one's credit score? Will they evaluate both or scores and give us both a hard inquiry, when opening a card? Is an authorized user's credit score affected by credit utilization? Would we lose the option of opening two of the same card and each getting the same sign up bonus?

Hard inquiry is only for the primary cardholder's application. Adding an authorized user happens after the application is approved. I was never sure about utilization. It shows up on the credit report (usually), but I can't tell if it's incorporated in the score. @kind-diamond-92297? It shouldn't affect the bonus. I've never seen that, but of course any cc company can make whatever terms they want for a bonus.

Because of all of these uncertainties I never add AU's on my cards and instead I wait a week or two and then request a replacement card (due to damage) and then end up with two of the same cards so my wife and I can spend on the same card. Apple Pay is also a good option for this but some stores don't accept contactless payments yet.

AU does affect chase’s 5/24 rule so I always recommend people don’t do at AU.

I do AU on everything, but never had any issues applying for cards because of credit history. 🤷‍♂️ @thousands-sunset-8939's point about 5/24 still stands.

@thousands-sunset-8939 is that the same for both personal and business Chase credit cards?

Yes for business chase cards. Business cards do not count toward your 5/24 status (except capital one) so you can apply for a lot of Chad biz cards if you’re under 5/24, but if you are over 5/24 you can’t get any chase, personal or business.

I would have to guess that it affects utilization

Friendly reminder that business cards/accounts do not qualify for important federal fraud protections like the FCBA and EFTA

Really? What's that, in a nutshell? I thought the burden of proof is always on the cc company to prove a charge is legitimate and that you therefore owe them money

That’s essentially true but only for personal cards/accounts Also, importantly, there are attorneys fees provisions in federal protections governing personal cards/accounts so you’ll often find an attorney to represent you on contingency (i.e. - no out of pocket charge) if the bank is obstinate Not so with business cards, to my knowledge. Much messier

what on earth is the 5/24 rule?

https://www.nerdwallet.com/article/travel/chase-5-24-rule-explained TL;DR no more than 5 cards total (any bank) in the past 24 months

@melodic-restaurant-25257, I always thought they'd cancel the old number and give you a new one?

Not for damage that’s only if lost or stolen. @busy-forest-32211