Joint account / How will this affect my score

[2wheel]

My mom just gave me a joint account on her chase card it has a 25,000cl

her current balance on card is around 500 dollars she has had card for over 7 years

will this affect my fico scores since they are going to report this to my credit bureau

she has no lates ever and highest amount charged was around 11k about a year ago

[cobaltnv]

It is difficult to answer your question without additional information. What do your credit reports look like? I assume that this 7 year old card is older than your average age. The card also has low utilization (2%) so I would guess you will see an increase in score.

As an aside, it seems odd that she added you as a joint holder are you sure it is joint and not authorized user? 

[2wheel]

I am a au on the card now i am trying to build my score up a little. my credit is decent with my fico's in the mid 600 range

have 1 small credit card 500 limit

1 revolving 1k limit

home 2 years old

car payment 9month old

1 baddie from 2003

1 collection 194 dollars( that i am going to pay) time warner

been current on everthing else in last 2 years

I have over 12 years reporting on cb

just the 1 baddie and not getting credit for around 6 years kinda hurt a little

[cobaltnv]

AU makes a lot more sense. Joint accounts are much more complicated and I do not even recommend them fro married couples.

   Before you pay the collection do a search for PFD here (paid for delete). Paying the collection will not remove it. Lots of people on here have experience getting these things removed. Be sure to take advantage of their experience and advice.

Your overall utilization will certainly go down with the addition of a 25k card with 2% utilization.  With the number of new accounts you have your average age of accounts should go way up (hard to tell this without knowing how many trade lines and their ages are on your accounts). You will see a jump in score when your car reaches 1y.

I would guess that you could be in the low 700's in 6 months, mid to high 700's if you can get the collection removed. 

Good luck! 

[2wheel]

I just looked at my ficos they were as followed

Transunion 662

Experian 681

Equifax 623  no love there probably from the baddie in 2003

Trying to get above 700 to help out in future financing .

spent last 5 years keeping my dnb paydex over 85 great business credit poor personal.. LOL

Thats what happens being a small business owner.

[2wheel]

thanks for the pfd advise I will try that out. As for the joint/vs au thing my mom has ficos in the 800 range  she is very well off and wouldnt have no problem payin 25k in a single month if she had too she just keeps the card for emergencys i guess I know I would be responsible for card if something was to happen but I am really not worry about that because of her current financial state

Message Edited by 2wheel on 02-09-2009 04:08 PM

[oracles]

Hi 2wheel

With the util% decreasing and AAofA increasing, you should definitely see an increase in your scores.

Good job

Definitely listen to cobal and do the PFD.  Very good advice here

HTH

[2wheel]

THAT IS WHY I LOVE THIS SITE ..... GOOD ADVISE. Hoping to get in the 700 range and go farther down the road i will update if I see a increse in score after it posts

[oracles]

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@2wheel wrote:

THAT IS WHY I LOVE THIS SITE ..... GOOD ADVISE. Hoping to get in the 700 range and go farther down the road i will update if I see a increse in score after it posts

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Definitely keep us updated