Jump to content

Rebuilding Credit: Joint Account with Mom?


Luckyword
 Share

Recommended Posts

Had a Chapter 7 discharged in January '09. Now have an Orchard credit card with a $39 annual fee. Credit score around 619. I had my mom add me as an authorized user on one of her cards...she has great credit. Her credit card company told me that having me as an authorized user won't help or hurt my or her credit scores. They said if she were to add me as an authorized user, that would help my score. Mom has no outstanding debts, and may be willing to add me even if it only hurts her score slightly. QUESTION: If I have mom add me as an authorized user, which she is willing to do, would that hurt her credit score? Thanks.

Link to comment
Share on other sites

So, if I don't use the card, but am a joint user, will that increase my credit score? Someone on another site suggested that, unless I'm a joint user who actually uses the card, it will have no affect on my credit. Is that person correct? Thanks.

Link to comment
Share on other sites

First off don't confuse joint and auth. Joint you are a co-maker on the account, auth user means just that you are auth to use the card. If you have to use the card or not I can not say for sure but my gut is no. What ever credit history is reported on your Moms should mirror yours. Now a couple of things to consider and I don't know for sure. FICO 08 claims "piggy backing" is limited to immediate realitives. Now I would think your mom would meet that criteria but for FICO who knows, I would think last name and address might come into play here. Again I don't know for certain but hopefully someone here will and can answer that Q.

Link to comment
Share on other sites

Thanks for the response on that. I do hope someone can clarify further, like you stated. I'd like to add myself as a joint account holder, only if it means I don't have to use the account to further rebuild my credit. My mom is 76, and doesn't need the headache of keeping an eye on the bill to make sure I pay what I owe. Not that it would be a problem, she's doing fine, I'm doing fine, working every day, accruing savings, and our relationship is as good as it's ever been, and it's fantastic. I love my mom, and am grateful she's still in my life. I definitely don't want to cause her any headaches. So if she were to add me as a joint user, I'd only want to do that if I didn't have to use the card in order to further rebuild my credit. So...? :)

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.