@Anonymous wrote:
My fico score is in the very-low 600 range since I am just starting to rebuild my credit. How much can I expect my fico to go up (immediately?) by being a co-applicant on a new card ($15k limit if that is relevant) with someone who has a score in the high 700s.. 780 perhaps. Also, as time goes on can I expect it to go up more assuming a low usage level but all payments are made on time?? Anyone out there who actually knows or has experience in this realm? Thanks!
Hello and welcome to the forums.
Are you talking about a joint account or being added as an authorized user? I think most here would advise against a joint account because you will be equally responsible for all charges if the co-owner defaults. As an AU you will have access to the account but have none of the responsibility for repayment.
For a new card your score will not go up immediately and in fact may temporarily decrease because of the new inquiry and a new credit account showing in your file. Also it will likely lower your AAoA (Average Age of Accounts).
Being added as an AU can help you IF the account is older than any of yours, IF the payment history is long and clean, IF the utilization is very low, and IF it will report to the CRA's. Not all cards will do this. You need to ask the company first. You will inherit the entire history of this account. One caveat however; if this account starts to go south your credit will be affected as well. Keep that in mind.
From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772
You can do the same thing with hard work
Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Credit Problems Which Is Worse?
Whats In Your FICO Score
