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Additional Credit Card Holders

Member

Additional Credit Card Holders

Hi there,

 

I was wondering regarding the effect on your credit when you are an additional credit card holder on the same account.

 

My sister and I have a similar credit score of around 800 - if we add each other as an additional credit card holder on one of our credit cards, especially the longest standing one, would it improve both of our credit scores as long as the credit cards are managed correctly?

Message 1 of 8
7 REPLIES
Moderator Emeritus

Re: Additional Credit Card Holders


orenharel wrote:

Hi there,

 

I was wondering regarding the effect on your credit when you are an additional credit card holder on the same account.

 

My sister and I have a similar credit score of around 800 - if we add each other as an additional credit card holder on one of our credit cards, especially the longest standing one, would it improve both of our credit scores as long as the credit cards are managed correctly?


You'd have to weigh the impact to CC util. If the utilization on this CC is higher than the util on your other CCs, then you can potentially take a loss. Conversely, if it improves your util, then you stand to see a gain. The other to weigh is the age of the account. Obviously it is impossible for the oldest card for each of you to improve both of your overall length of history because one of the two CCs would be younger for one of you, but if either card  is older than your AAoA then you should be OK.

Message 2 of 8
Member

Re: Additional Credit Card Holders

Thanks for your reply.

 

That status with the cards is the following:

1) My credit card is 11 years old, my sister's is just a few months old. We have a similar credit score but she was banned from getting a credit card for 10 years because she went bankrupt, and she finally was able to get a credit card again because the ban was lifted recently.

2) Regarding the utilization - it is hard to say, but I believe that her utilization will be higher than mine, although I don't know if it will be above 30% regulary for either of us (perhaps only once in a while).

 

What do you think based on these facotrs?

Message 3 of 8
Valued Contributor

Re: Additional Credit Card Holders


orenharel wrote:

Thanks for your reply.

 

That status with the cards is the following:

1) My credit card is 11 years old, my sister's is just a few months old. We have a similar credit score but she was banned from getting a credit card for 10 years because she went bankrupt, and she finally was able to get a credit card again because the ban was lifted recently.

2) Regarding the utilization - it is hard to say, but I believe that her utilization will be higher than mine, although I don't know if it will be above 30% regulary for either of us (perhaps only once in a while).

 

What do you think based on these facotrs?


Based on these I'd be very suprised if you both had credit scores around 800 as you mentioned earlier.  Are those scores real FICO ones?  If indeed they are, I wouldn't mess with it at all.  It is better to have utilization on only one card, and then only 5% or so of your total credit available.  If each of you are posting balances on your own cards, it may have a detrimental effect.  With a 30% balance, it will have a major impact.

 

Her card will hurt your score, as it will lower your AAOA, and make it look like you have new credit.  Yours could potentially help her, as long as you aren't carrying a balance.  Again, I recommend getting your true fico scores, because post bankruptcy with only one new card is very unlikely to be above 800.

3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Message 4 of 8
Member

Re: Additional Credit Card Holders

My score is 801 based on this MyFICO website, she checked hers somewhere else so maybe I will tell her to check on this website as well.

 

Maybe you are right, maybe it is better to just not touch them just in case.

Message 5 of 8
Valued Contributor

Re: Additional Credit Card Holders


orenharel wrote:

My score is 801 based on this MyFICO website, she checked hers somewhere else so maybe I will tell her to check on this website as well.

 

Maybe you are right, maybe it is better to just not touch them just in case.


If your Fico scores are 801 based on this site, you definitely don't want to do anything to mess with it.  Did you check just one, or all 3?

3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Message 6 of 8
Valued Contributor

Re: Additional Credit Card Holders


p- wrote:

orenharel wrote:

My score is 801 based on this MyFICO website, she checked hers somewhere else so maybe I will tell her to check on this website as well.

 

Maybe you are right, maybe it is better to just not touch them just in case.


If your Fico scores are 801 based on this site, you definitely don't want to do anything to mess with it.  Did you check just one, or all 3?


you can only check eq and tu on here. 

the only place you can get an ex fico is through lender pull or psecu.

 

x2 if your scores on here are 800+ i would keep doing what you have been. 

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

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Message 7 of 8
Member

Re: Additional Credit Card Holders

My FICO score is 801 based on the free 10 day trial through the My FICO website, I haven't checked the FICO score for each credit bureau independently.

Message 8 of 8