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Credit Card Question

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Credit Card Question

My parents just got the Blue credit card from American Express.  They added me as an additional cardmember/authorized user.  They have great credit and have a chase sapphire as well, but this Amex is a new card and they are new to Amex.  Does that mean my credit score will be good because they have a great credit score, or does that mean nothing since the card is nEw.

 

Will there credit score transfer onto this card so I can get the benefits of them having good credit ?

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Senior Contributor

Re: Credit Card Question

The only benefit you get from having this card is the benefit of the card itsefl.  In other words, you get another major bank card, and you get the benefit of whatever their credit limit is factored into your utilization.  As the account ages, it will help you as well.

 

You also get any negatives associated with the card.  So if they carry high balances on the card, it could negatively affect your utilization.  Because it is a new account, for now it probably lowered your score unless you previously had a very thin file.  Obviously, if they ever pay late, have charge offs, etc., it would really hurt your score.

 

A plus factor is that if the account ever goes sour, it is easy to remove from your reports.

 

You do not get any benefits from the fact that they have a really good credit score.

 

[Edited for typos and clarity (hopefully)]


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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