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Joint Accounts - Do they "share" scores?


debtmamma
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The *one* thing I have going for me on my CR are my student loans that I starting taking out when I was 17 becuase of their age.

If would like to give my son the same "advantage" with his CR, the longer he has a history the better his FICO score. If I get a joint account with a minor, will my score effect his score? My CR is trashed right now so I do not want to do that if it will hurt his score, but I would like to give him history before 18 if that is possible. My plan would be to get a joint account cc from the credit union - no fees - and then just cut it up and let is sit.

OK I hope that makes sense!:oops:

Thank you in advance!:)

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Scores and credit reports are not shared. It IS possible for a lender to pull a merged report on any two people. But each person still has their own scores, and the TL's are designated to either the borrower or co-borrower.

So the only way a co-signed account will mess up your son's credit is if either of you don't pay on time, or allow it to go into default.

However, an open account with no activity isn't going to do him much good. To be effective the CC needs to be used and paid on time.

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