Added to credit card account

Anonymous · ‎02-28-2008

Hi all!

Does anyone know how beneficial it will be to my credit report since a close friend added me to their credit card as a joint owner; the card dates back to '99, always on time/low balance.

Thanks in advance for the advice.

btw

TU: 486 (grrrr)
Exp: 529
Eq: 525

llecs · ‎02-28-2008

If that is your oldest TL, never late, and very low balances (<10%), then it will help, so as long as it is a joint account. If your friend defaults though, you default too and there is no way to back-pedal. You'd be stuck.

If this account is an authorized user account, then the score bump will be short lived as the new FICO scoring model will no longer count AU accounts come later this year.

Anonymous · ‎02-28-2008

Thank you I had a feeling the difference between "Joint" and "Authorized User" would make all the difference in the world.

Anonymous · ‎02-28-2008

Please be aware that if you are added as a joint account holder, that your friend's credit scores will probably take a nosedive because of YOUR scores! I don't think you would want that would you? Sorry to be blunt, but that's the way it works.

I would suggest being added as an authorized user instead. It will help your scores a lot...not effect her/his scores in any way. Plus.....

the benefit you'll receive in your scores may enable you to get a cc in your name only...which is a good thing!

bamagirl1 · ‎02-28-2008

when you do a joint card, do they have to approve you also?? meaning bc we are expecting i'd love to have a pottery barn kids card..i can't get one bc it's wfnb and i have a bk on file, but my mom said she'd do it...so do they have to approve me to do joint or what? i'm a little confused..must be all the hormones..ahhahah

~01/2008 Ficos TU 571-EX 647-EQ 652~
~3/21/2009 Ficos TU 705 EX 702 EQ 692~
~9/9/09 Ficos TU 718 EQ 693 EX???
~06/25/12 Ficos TU 719 EQ 677 EX??

Anonymous · ‎02-28-2008

I had no idea his scores would suffer by adding me to his account...in that event I will just stick to AU status which is what I believe he gave me. I do have an Orchard Bank credit card and a UltraVX (I know I know, but they DO report to the bureaus) coming so hopefully they will help. Any other way to get some revolving credit lines added to my account, ones which don't require a good credit score?

Message Edited by GBC on 02-28-2008 02:27 PM

llecs · ‎02-28-2008

bamagirl1 wrote:
when you do a joint card, do they have to approve you also?? meaning bc we are expecting i'd love to have a pottery barn kids card..i can't get one bc it's wfnb and i have a bk on file, but my mom said she'd do it...so do they have to approve me to do joint or what? i'm a little confused..must be all the hormones..ahhahah

I was wondering that too. I didn't think it was possible to add a joint user after the approval. I guess there could be exceptions like in a marriage, I guess.

Anonymous · ‎02-28-2008

Yes they do. Because you are assuming the debt just as the original account holder had to do when she/he was applying.

I'd suggest you be added as an AU. It may be months....possibly a year before the new FICO08 takes hold.

OHHH a baby! When's the blessed day? boy or girl.

And congrats!

llecs · ‎02-28-2008

GBC wrote:
I had know idea his scores would suffer by adding me to his account...in that event I will just stick to AU status which is what I believe he gave me. I do have an Orchard Bank credit card and a UltraVX (I know I know, but they DO report to the bureaus) coming so hopefully they will help. Any other way to get some revolving credit lines added to my account, ones which don't require a good credit score?

I'd focus on 5 things...repair, repair, repair, repair, and what was the other one? Oh yea, repair.

You'd be suprised how quick your score will climb given a daily aggresive work-ethic on sending DVs, disputing, GWs, PFDs, and some luck.

And you don't need a lot of CCs for a good score. Conversely you do need a good score for a lot of CCs. There was a lady who posted here or elsewhere who had only about $500 in total TLs, but here score was around 820. If your goal is to have a lot of credit (mine was) then focus on the repair.

llecs · ‎02-28-2008

Sylviatob wrote:

OHHH a baby! When's the blessed day? boy or girl.

And congrats!

As a man, especially a married man, I learned never to ask a woman if she is pregnant. I figure these forums are no exception. If so...bamagirl...Congrats!