08-13-2013 10:21 AM - edited 08-13-2013 11:29 AM
I was wondering how AUs work in the credit world. I know that I "piggyback" on someone that has already established a credit history but what are the advantages and disadvantages of doing so?
1. Do I sign up for the same card as the one my parent is using?
2. If my parents FICO score is not that great, will that make me start at a poor score as well?
3. If my parents were to miss a payment, would that affect my credit history?
4. Do all CC vendors allow AUs on their cards?
5. Is there a way to graduate from an AU to a regular account?
6. If I were to close an AU account, what are the ramifications for doing so?
7. As I do well with an AU card, will that boost my credit score? Or just my parents?
8. I see that AMEX does an ACM instead of AU and will I be able to backdate to my AU opening date later when I apply for my own AMEX card?
08-13-2013 11:19 AM - edited 08-13-2013 11:19 AM
08-13-2013 11:28 AM - edited 08-13-2013 11:30 AM
Thank you Lexie, you have been a big help to me.
I have another question, if my parents charge a lot on let's say an American Express Costco card, will my credit utilization shoot through the roof since it would be my only card?
Also, will I be able to backdate to my AU opening date when I apply for my own AMEX card?
08-13-2013 11:35 AM
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