I have always used debit cards, I felt if you didn't have the cash then don't spend it. What I did not understand is I should have been building credit history all these years (it's confusing to me too) all I have is a car loan that is 4.2 years old so that is my oldest accnt. I have read and been told I need to have someone put me on their card as and AU for at least 6 months so I can use their history as my own. My long time BF (8 years) has offered to put me on his card for the 6 months, I don't need a card just his history. What, if any, will this do for my score? I would like to at some point to possibly refinance my car at a better interest rate. All responses are welcome.
It should help your FICO score ~ revolving credit utilization is a very large component of your score. If you have never had any credit cards at all then when the account shows on your reports it will boost your score, and hopefully enable you to obtain revolving credit in your own name and also get a better rate on your car loan.
I'm not sure I understand what you're asking about, with the 6 months. Are you asking if you have to be an AU for 6 months in order to benefit from it?
Yes, if your score initially rises from the additional history, then removing it will probably drop your score. It's not a bump that will stay with you once the history goes away.
If you are asking if you have to be an AU for 6 months in order for it count towards your FICO score then the answer is no ~ unless it is the only thing on your credit report. Initially you must have at least one account reporting with 6 months of history in order to generate a FICO score.