01-09-2013 01:52 PM - edited 01-09-2013 01:53 PM
Okay I have a few questions regarding joint credit cards.
Basically I didn't have any credit history in 2011 when I started trying to apply for a bunch of Capital One credit cards and Department store cards getting declined for everyone. This in return put 4 hard inquirys on my credit report. I finally decided to become an authorized user on my sister's Discover account in November 2011. That was my first credit card with shared $2500 CL. So then when I was an authroized user after 2 months i decided to try again to apply for Sears and Macy's department store cards, once again being declined. I ended up just giving up because I knew it was ruining my credit report.
In May 2012 my dad opened up a new American Express Blue Cash Everyday credit card which he was instantly approved for with a $14,100 starting CL, and added me as an authorized user.
Fast forward to 2012 August, I finally got approved for my own Sears Mastercard credit card with a starting CL limit of $5000. Then in September 2012 applied for Macy's Department store card, and got approved with a $300 CL limit. Then getting excited applied in November 2012 for Chase Freedom credit card. Was declined, and even spoke to recon dept. and they stated to short of credit file.
So in December 2012, I convinced my dad to add me as a Joint account holder on his Chase freedom Mastercard which he has had since 1996 with no late payments ever and always paid all balances in full each month. His credit limit for the card is $13,000. After filling up the paperwork I was added as a Joint cardmember on the chase card and my credit report started showing the card and increased my credit scores by 45+ points.
my current credit scores are FAKO EXPERIAN PLUS Score: 745, Credit Karma Trans-union score: 767, and FICO Equifax score: 745.
my AAoA: 3 years, 11 months
Credit utilization: 25%
Total accounts: 5
Ontime payments: 100%
Hard Credit inquires: 5
Sorry for the long post, but I want to know if credit lenders would not give me credit because of me piggybanking on my dad's chase account, being a joint card member.
I'm thinking about applying for another credit card this time on my own. Would love to hear what you guys have to say!
01-09-2013 03:48 PM
I think you are doing the right things. Pay down your UTL to 9%, and only have a balance on 1 card.
Unfortunately being a AU counts differently for every lender. My guess would be that chase did not count these on your original application.
Are you a joint card holder or a AU...... Are you liable if the card is defaulted on, or just your father?
Your score is high. What is your income if you do not mind me asking?
I would say you qualify for a Discover it card.
01-09-2013 04:27 PM - edited 01-09-2013 04:28 PM
When I applied for the Chase Freedom account (in october 2012) I didn't have any joint accounts only two authorized user accounts (Discover and American Express) and one MasterCard credit card (my own) and one Department store card.
I became a joint card member (sharing financial responsibility as well as if the account is defaulted I am responsible) on my Dad's Chase Freedom MasterCard account in December 2012. That's when my score jumped from 702 FICO EQUIFAX to 745 FICO equifax due it the credit report now showing the Chase credit card which was opened back in 1996 and has always been paid in full and on time.
The reason my utilization was 25% is because of some holiday computer purchasing at the Apple Store which I've already paid off the credit card but the reports haven't updated the payment yet.
01-09-2013 08:27 PM - edited 01-09-2013 08:29 PM
I want only one credit card for this year.
Deciding between the Chase Sapphire Preferred and American Express Blue Cash Preferred. Or anything you guys think might be better than those two?
Also what are my chances of being approved for the CSP or BCP Based on my credit score and info provided above.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. 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.