karnoir

piggybacking and adding seasoned accounts

Recommended Posts

The new FICO scoring model is going to be changed this year to ignore AUs so adding someone else's seasoned account will be of no use. Now, if you can be added to a seasoned account as a joint holder, that would be a definite plus to your score. Read about AU and the new FICO scoring here:

http://www.credit.com/credit_information/credit_report/Consumer-Alert-FICO-Formula-Changes.jsp

Link to post
Share on other sites

okay....so for a example

I have a credit score 550

my dad has a credit score of 700

my dad adds me as a joint card holder on one of his credit cards (high limit, long credit history, no lates.....perfect)

I assume that my credit score would improve....but what about my dads', would it drop?

I sure it won't....but i though i would just ask.

Link to post
Share on other sites

Can't really answer that. I wouldn't think that his would drop but I'm not sure they would add you as a joint card holder without running your credit. That may prevent you from taking advantage of that little deal. Always no until you ask though. Good luck.

Link to post
Share on other sites

Your dads score is safe. They might pull his report and he will be hit with an inquiry which will drop his score only a couple of points. I suggest that you become an AU on one of his cards. Once that AU account boosts your score, try and be added as a Joint account. You will need that score boost first because they will run your report and you do need to qualify to become a joint user. Also, you would have to do this before the new fico scoring starts in september.(not positive that it's sept, think I read that somewhere)

Link to post
Share on other sites
Guest
This topic is now closed to further replies.