Adding a joint user

[p-]

Hey all,

I'm working on my credit as well as Wifey's, and each of us have some good positive accounts.  She has a Chase card with a 5k limit, and my report is low on available credit.  I'm using 1% of my available $300.

We are considering adding me as a joint user to that card to increase my avg credit age, and total available credit.  We have a policy of using these cards only for emergencies and paying them down to 1 cent every month.  Will this help my score based on the information in my credit log?

I also included her as a joint owner on my Motorcycle installment loan, as she had no installment credit on her report.  I know the three inquiries will hurt for a little while, but in the long run will the installment account help round out her report?

Thanks for the help, and please feel free to read my log and offer any ideas or advice.

Regards,

[Anonymous]

I would have her add you as a AU  not joint.  An AU gets all the good and bad!

IMO because you have no idea what can happen down the road ( an injury or illness) if you each have your own accounts and can not make all payments.....you can keep one person credit good and only hurt one person.

[p-]

I thought under the new FICO 08 guidelines the AU can't help your score...  Can you confirm this is correct / incorrect?  See news story:

http://carolinanewswire.com/news/News.cgi?database=columns.db&command=viewone&id=331

[fused]

FICO 2008 will continue factoring in legit AUs...from the horse's mouth

http://www.fairisaac.com/fic/en/news/press-releases/fair-isaac-innovation-of-fico-08-score.htm

[p-]

and then I found this: http://credit.about.com/b/2008/07/31/260.htm which makes it sound like they will consider AU accounts....

???

[p-]

... sweet....  AU all the way, that's perfect.  Thanks for the help.

[Anonymous]

How are they going to determine "legitimate" AU's? I just got added as an AU on a few of my grandmothers cards with large limits and less than 5% utilization. I'm hoping to see my score jump after these start reporting.

[fused]

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silllyme wrote:
How are they going to determine "legitimate" AU's? I just got added as an AU on a few of my grandmothers cards with large limits and less than 5% utilization. I'm hoping to see my score jump after these start reporting.

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OF course, it's top secret, nobody can answer this. What else do you have on your reports?

Message Edited by fused on 08-14-2008 02:43 PM

[p-]

Applied today to be an AU on Wifey's chase card...  They asked my name only but not ssn or anything; how will that get on my credit report?

Message Edited by p- on 08-21-2008 03:23 PM

[Anonymous]

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p- wrote:

Applied today to be an AU on Wifey's chase card...  They asked my name only but not ssn or anything; how will that get on my credit report?

Message Edited by p- on 08-21-2008 03:23 PM

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I wondered the same thing when I made DH an AU on some of my accounts and they only asked for his name.  They found him though.  I think it might have something to do with the name and mailing address being enough to link to a person.