My DG has FICO scores in the mid-700's and is thinking about applying for a major CC. My FICO scores on the other hand, are not as good in the mid-500's. If we apply for a joint cc account and my DG is the primary account holder, will my credit score affect the chances of getting an approval? If not, will the limit be affected?
Most large banks and credit card companies will issue an unsecured card to someone with a score below 620. If you are looking for a credit card to improve your credit a secured card would be the way to go.
Well, actually my DG wants the CC, but would like for me to be a joint cardmember. So, I was wondering whether or not my FICO would affect the approval.
If your fico is below 620 most likely a large lender will decline the application. You could always try jointly and if declined your DG could reapply individually.
So in other words, I'm screwed either way? If we apply as joint, the probability is that we won't get approved. If I was to be added as an AU it wouldn't matter in a few months anways.
I don't mean to discourage you. It won't hurt for you to apply together. If it is a bank that you have a relationship with; ie checking, savings, and other loans; they will consider that. If I were in your position I would try it together and if declined then try again as an individual.
If added as an AU you would not benefit from your DGs higher credit score. As an AU you benefit from the good account history and length it has been established. A NEW account would not effect your credit anymore than your secured accounts you have now. If your DG's account was 10 yrs old and in good standing then you benefit from being added as an AU. You benefit from the account history not the account holders credit.
Well I guess that was exactly the point. I wouldn't have an immediate FICO burst, but it would be nice to have a card together. Which is why we were contemplating the idea of making it a joint account. I understand being an AU now, won't help much.
