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Joint account holder question

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Anonymous
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Joint account holder question

Hi, I have 0 credit and can't seem to get approved for a credit card. I'm very responsible with my money and my father is considering to allow me to become a joint account holder on his credit card. I'm worried that my 0 credit history might damage his credit score somehow, and would like to understand exactly how this works for both me and for him.

 

For him, does my score (no history) hurt his credit score? He's looking to purchase a home soon and I don't want to hurt his score.

For me, do I only get the benefit of that particular credit card portion of his credit score? His debt:credit ratio is a little high on his card (would it even matter since it's going from no credit history to whatever he has already?)

 

Thank you very much for any help.

Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: Joint account holder question

You just being on the card will not do anything to his score. I'm 99.9% sure on this lol.

 

Pros of being an AU:

- good payment history transfers

- your average age of accounts will increase if you have none or his is older than any of yours.

- increases your overall available credit

- adds a type of credit (revolving in this case) to your file so you can start building your score

 

cons:

- bad payment history transfers

- you probably won't want to use the card if he gives you one.

- not sure if he gets a collection for the card if it goes under your name as well.

 

 

Message 2 of 7
Anonymous
Not applicable

Re: Joint account holder question

He has perfect payment history, I don't plan on using his card, and I don't foresee a collection agency ever going after him - sounds like no cons so far! I have no credit cards (literally no history - 1 college loan is on my credit report and that's it - seriously).

 

So what will show on my credit once I'm an AU? You said so far:

Good payment history transfers

Average age of accounts (I have none - how will this work?)

Available credit increases

anything else?

 

Thanks so much for the quick reply.

Message 3 of 7
Anonymous
Not applicable

Re: Joint account holder question

everything that displays on his credit report from that account should transfer to yours. So if his account is say 6 years old then I your AAoA would be however old that account is.... i would check to make sure that the card you are doing this on will work like this though as i hear not all report on the AU's credit.

Message 4 of 7
MarineVietVet
Moderator Emeritus

Re: Joint account holder question

 


@Anonymous wrote:

everything that displays on his credit report from that account should transfer to yours. So if his account is say 6 years old then I your AAoA would be however old that account is.... i would check to make sure that the card you are doing this on will work like this though as i hear not all report on the AU's credit.


 

Hi and welcome to the forums.

 

As Alexandria says you will inherit the entire history of this account. Not all cards will report to the CRA's. You need to ask the company first. I know that Cap 1, Citi, BoA, and Discover will report AU's.

 

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
6/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

Message 5 of 7
abbotttl
New Member

Re: Joint account holder question

Hey Marinevietvet, I had a few questions for you on your sig (about the BK etc)

 

I didn't see a way to PM you. I'll write more later today, unless you have AIM.

 

thanks in advance Smiley Very Happy

Message 6 of 7
MarineVietVet
Moderator Emeritus

Re: Joint account holder question

 


@abbotttl wrote:

Hey Marinevietvet, I had a few questions for you on your sig (about the BK etc)

 

I didn't see a way to PM you. I'll write more later today, unless you have AIM.

 

thanks in advance Smiley Very Happy


 

Hi and welcome to the forums.

 

Just click on my screen name. That should give the option to PM. Also make sure that option is turned on.

 

Go to My Settings====> Preferences====> Private Messenger.

 

 

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

 

 

 

Message 7 of 7
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