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JUST OUT of CURIOSITY

Regular Contributor

JUST OUT of CURIOSITY

Hello all
 
 
need some advise
 
AS my previous post OLD AMEX ACCOUNT, I will be getting the Green Amex with the history from 1984
 
the question is if possible, I have a 21 yr old son he has no credit card no student loans
 
no history,
 
Can i make the that account joint with him? The card member will be 3 yrs older then him
 
will he get all that history? will that hurt him on the long run?
 
will it rebuckett him if he aplies for new cards and make his scores go down?
 
I know they are kind of strange questions, but i do want to teach him about credit and FICO
 
Thank you all
 
 
 
 
 
 
3 REPLIES
Regular Contributor

Re: JUST OUT of CURIOSITY

Rather than make him joint, you could just add him as an authorized user. This would kickstart his credit report and give him a nice long history. Since eventually FICO 08 will not count authorized users, I'd recommend you do this, wait until it reports, then have him apply for a few cards on his own to build up individual history.

Yes the AU account will report as 1984, before his birth, which is fine. I've got a card reporting 1978 from the exact same scenario.

As long as the new card account has a good payment record, that will not hurt him at all. I'm not sure what you mean about rebucketing. With 1 AU card his average credit age would be 24 years. The only harm would be new cards (under his own name) would factor a 0 into there each time you apply, but of course this is necessary in the long run (after AUs don't count), so better sooner than later.

Doing this should give him a nice FICO, and therefore eliminate the need for him to start off with the subprimes/rebuilders.

Message Edited by akhan on 06-21-2008 06:57 PM
Senior Contributor

Re: JUST OUT of CURIOSITY

amex doesn't do joint, au is the only option.
 
as for the bucket thing, there's no real answer. bucketing is a little more mysterious, there's no confirmation outside fi has to even how many buckets there are.
 
fico au will stop factoring in au's, supposedly. however, i'd deal w/that scenario if/when it happens.
 
i would add him, if you trust him.
Regular Contributor

Re: JUST OUT of CURIOSITY

If you read some of the other threads on there, there's also the possibility that once he is on your Amex as an AU, he can apply for his OWN card and get the full history of your card.

Just something to keep in mind, however, I haven't had any luck with that one yet.