02-18-2009 10:53 AM
I have been reading like crazy for 3 weeks and it seems everyone says NEVER get added as joint user for any reason but want some opinions please.
On my Ex I only have a 5 year credit history and am thinking about getting added as joint on my moms $700 JCP card that she has had for 35 years.
I have 0 baddies, 0 inq on Ex and 5 accounts with 28% utl and next month or two utl will be less than 9% but there is not much more I can do to bump score except get added as joint to gain huge history.
I know if my mom misses a payment it will kill my score and there wont be anything I can do about it but she has never been late in 35 years so I'm not that worried about it. I also read that I'm not be able to be taken off the card without totally closing the account but that's OK.
I think I understand all the risks, did I miss anything?
Also I found out JCP does not report AU so that's why I want to do joint instead.
02-18-2009 11:09 AM
I think that the one thing that you may have missed is consideration for the much safer "Authorized User" status. As an authorized user, the account will report, but should something go wrong (lates, or default), you can have your name removed.
As a joint, you would both legally own the account, and be equally responsible. As an authorized user, you would get the benefit of the good, and could legally 'duck & cover' should there be any lates, defaults, or max-outs.
Friendly, Supportive & Respectful
"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli
02-18-2009 11:17 AM
02-18-2009 05:11 PM
02-18-2009 05:17 PM
I completely agree with you about spouse/ significant other and actually the only person I would do joint cc with is my mom. I will never use the account so no real chance of me screwing her up.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.