I've been an AU on my aunt and uncle's BofA Cash rewards card for the past several months. Due to the recent passing of my 101 year old uncle I was able to apply as a co-borrower on the account. As many of you know, BofA is one of few financial institutions that still allow co-borrowers on a cc.
I was excited about this card because there is a 38 year 100% on time payment history w/ $24k credit limit.
I've been working on my credit and prepping for October 2021 when I expect to have an entirely clean file. I also would like it to be thick. I'm not sure what will happen, with my score, but I'll be sure to update.
Right now my reports aren't factoring in the age of this AU card. My hope is once approved it'll age my file. This may not help right now since I'm on a dirty scorecard but next year when I'm clean, I'm hoping it will. Will report back mid /late September when it should update on my report.
Also, it was a HP and they used TU. Currently my oldest revolving is 8 years old; AAoA 6 years; AooA 12y 3m;
I am confused though ---- so after your uncle passed away (sorry for your loss), they let you take over the account fully
@snickerpedia Thank you for your condolences and i hope i didn't sound callous about his passing. He was 101 and a good man. I believe he's in a much better place now.
BofA credit cards allow co-borrowers but only 2 on the account at a time. Initially the card belonged to my aunt and uncle. I was an AU. Once he passed there was room for one more co-borrower. With my aunt's permission I applied and was approved.
If you have an older relative (you trust) with bofa and they're the only borrower you can ask them if they'll let you apply as a co-borrower. In my case, I had been handling my aunt and uncles finances for a few years. I also do all of the shopping for them. Due to those factors, I'm confident no one will run up the card and leave me stuck with the bill. Under these circumstances, it may be a big benefit as I strive for 800.
Congratulations on your BofA Cash Rewards approval!
@snickerpedia, some lenders like BofA, Disco, and Amex allow AU to assume accounts of deceased in good standing.