Off the wall idea...

[Anonymous]

I just had an idea after a couple of beers, and I wanted to toss it out for feedback. Before I get into it, here's a little background:

Starting in 1991 when I was in college, I had several credit cards. I had a Discover, a Citi Visa, a Goldsmith's, an MBNA Mastercard, and a Radio Shack, in that order. In 1996, I came into a bit of money through an inheritance, so I paid off all the cards and closed them. I closed them because, like most college kids, I was carrying rather large balances (for a student) and kept maxing them out. At the time, removing the temptation seemed like the thing to do.

So now they're all gone from my reports, and despite everything I've tried, there doesn't seem to be any way to regain any of that history. My reports now show that I have no credit history prior to 2000, and I think I'm taking a pretty big hit on my account age. And it will only get worse with all the new accounts I've recently opened. My oldest account is 8 years, and my average is 3 years. 2 new CCs and a new mortgage yet to report.

So it just occurred to me that my mother has had a Visa and a couple of clothing store cards since the mid-80s. I don't know what her scores are, but I know that she's never been late in her life. On anything. And I know that AUs are being eliminated from FICO 08. But what if it were possible to become a joint user on her Visa, at least? I don't know who the issuer is, but I suspect that it might be a local bank.

Is this a line of thought that might be worth pursuing? Or am I just drunk?

[Anonymous]

Great idea so long as Mom doesn't mind and the ccc will allow joint users.

[Anonymous]

I just called her and the issuing bank is Fort Financial, which is a credit union through her work. She also has Belk and JC Penney store cards. She's going to call tomorrow and see if they will allow joint users.

Anybody know anything about joint users on any of these issuers?

[shawnette]

Joint user is not the same as authorized user, so even when FICO08 kicks in, you'll retain the benefits.  However, if she ever defaults, you will be held equally liable for the account(s).

[Anonymous]

Also, if you're a joint user, you probably won't be able to get off those cards without closing the accounts.

I love my parents and trust them completely, and I also have a very young average age of accounts, but I'd never go joint on a CC with my parents. Just mixes too much together for me. I'm not even planning to do it with my fiancee (marriage in 9 days).

[jmbfl]

Joint accounts are bad business. Just say, "NO".

[RobertEG]

Laser, I suggest that you  look first at the Authorized User path, and dont worry about FICO08, at least for the near future. It has not implemenation anywhere, and wont for a long while.

I dont like AUs, but if she is willing to do it, and neither of you screw up each other's CR, then that is the way to go  Instant gratification, which is the American way

FICO08 is just in the early release test acceptance phase, and at least one CRA wont adopt it for a long, long time due to current lititgation with FairIsaac  ,  The CRAs and other lendors decide which version of FICO scoring they choose to buy, and not FairIsaac 

FairIsaac has suffered prior releases of its "improved" scoring algorithm that the lendors have not chosen to purcase or use.  Each CRA currently purchases its own separater version of the FICO algorithm from FairIsaac, and each is free to accept or reject any new "FICO 08" mod.

Joint accounts have mutual legal liability, and I agree that this is not the path to tread..... 

If you want to game the system through the AU route, I would not hesitate because of a proposed and unaccepted revision called FICO 08 that might sometime in the future eliminate AUs..

Message Edited by RobertEG on 05-22-2008 12:22 AM

[Anonymous]

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@RobertEG wrote:

Laser, I suggest that you look first at the Authorized User path, and dont worry about FICO08, at least for the near future. It has not implemenation anywhere, and wont for a long while.

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That's an interesting take on it. I wasn't aware that there were multiple versions of FICO available simultaneously from one CRA. I was under the impression that EX had already adopted it, TU was in the process, and EQ was holding off.

However, I can say that I have no concerns at all over the joint liability issue. My mother almost never uses her Visa for anything more than an occasional pair of socks or something, and I found out has actually had a few store cards closed for inactivity in the last few years. And she is the sort that has never been late for so much as church, so I'm not worried about anything falling back on me. If something did somehow happen, I would happily pay it and view it as money I owed her anyway for college and all the other things she paid for me over the years. And if I do this, I have no plans to even have an actual card because I have plenty of my own now, so her standing wouldn't be jeopardized by me, either.

Here's the possibility I find really intriguing: Even though it's not an idea I find very comforting, I had also thought that although my mother isn't terribly old, it might be an account that could survive her eventual death. Even many years after she is gone (hopefully a long time from now), the card and its associated history could continue to benefit me. And then if I did the same with my (hypothetical) future children, the account could theoretically continue forever and we could eventually have an account with 100 years of history.

Or have I misunderstood something about how it works?

[Anonymous]

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LaserBlue wrote:
. And then if I did the same with my (hypothetical) future children, the account could theoretically continue forever and we could eventually have an account with 100 years of history.

Or have I misunderstood something about how it works?

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I have no idea, but I LOVE the idea of someone saying, "I see here that you have 147 years of credit history.....we may be able to give you a lower APR..."

[momof2]

I am confussed, what is the difference between a joint account holder and an AU? Doesnt both let you use the card to buy things? someone please explain to me in laymans terms