Rebuilding Your Credit

[Tictoctech]

Hello all! So two days ago I sponser my mom an she opens an NFCU account. I tell that she should app for an credit card. She doesn't want two at first . She had an amex an other cards about 15yrs ago and in trouble with them. But since then she only has an open JC Penny card. So she apps an to my disbelief she get an NFCU Cash Rewarded Visa Signature Card with an $7000 limit. Then she add me as an user an the send me an card! Wow I hope this helps me on my quest to get an higher credit score! So now I have NFCU nrewards scured $2000, NFCU Cash Rewards $7000 aux user, Cap1 300, Cap1 500 credit steps cards, CareCredit $3000 limit. Wow 4 mouths ago I nonthing . I hope by next year I could get the Visa Signature Card. Thanks

[RobertEG]

Addition lowered your average age of accounts, as it is a brand new account, so take a look at that opposing effect, which most probably did not offset the gain you received by increasing your overall CL.

Probably a net gain, but not assured....

Additition as an AU might also cause some issues if and when you app for your own new credit, as your score is now based, at least in part, on the credit history of another.

If you app for credit that involves a manual review of your credit report, and the creditor wishes to determine your score without the presence of the AU account, they have no way of doing so.   Just be aware of that potential.

[Tictoctech]

Thanks for the input. I didn't look at it from that angle! Hope I gain more than I lose! I just know that I am at least two years away from this level card. I have an big CO that is support to come off my credit in 4/14. So hopefully an good year of gardening .Plus the CO fall off then maybe I can get one then.

[Shogun]

The hit to your AAoA will fade fast, then you it will begin to grow again.