Hi im looking for advice on raising my credit score
I am about to open up a joint credit card account with my mom, she has a perfect credit score while I have absolutely no credit. I was curious to know is it possible for me to piggy back off her credit rating?
Also what credit card do you guys prefer for this? Once again it will be a joint credit card account and my main goal is to raise my credit score
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Thanks for the help guys. the thing is my mom doesnt use credit cards, she strictly uses debit and she is only doing this to help me out. Is becoming an Authorized User the only way? She is only doing this to help me out
I havent had a chance to read the 9 pages that Pondus recommended. One of the reasons is because you said "become an Authorized User on one or two of her oldest cards" and my mom doesnt have or use a credit card at the moment.
Im curious to know, and hopefully you guys can help me out with this. My mission is to pretty much gain my moms credit score, so if we were to open up a joint credit card what type of activity would the card need to have for me raise my score? Also if we open up a joint credit card together am i considered "under her" and then down the line I can become an AU on it?
curtisekarr, i believe i can obtain a credit card on my own without issues, its just i want to obtain credit as fast as possible. I figured there had to be some way i could get a duplicate of my moms credit score by just being in a joint account with her?
connerton said:curtisekarr, i believe i can obtain a credit card on my own without issues, its just i want to obtain credit as fast as possible. I figured there had to be some way i could get a duplicate of my moms credit score by just being in a joint account with her?But the advantage of being on a joint acct with her would come from a long account history (this is why you were advised to become an Auth User on her oldest accts). Since she doesn't have credit cards this isn't possible. Opening a new joint account with her now won't gain you access to her credit score, it will simply make it easier for you to be approved for the card.
What exactly is on her credit reports that you want access to? Mortgage, car loans? Perhaps you could co-sign on to one or more of those loans?
Part of the reason her score is high is because the number of years she has had credit. So even if you both open a joint card, it will still be brand new for you. It won't lengthen your credit history.
connerton said:Im curious to know, and hopefully you guys can help me out with this. My mission is to pretty much gain my moms credit score, so if we were to open up a joint credit card what type of activity would the card need to have for me raise my score? Also if we open up a joint credit card together am i considered "under her" and then down the line I can become an AU on it?Opening a joint card would not make you under her, it would make you both Account Owners and thus equally responsible for the debt. Down the line you would not become an AU on this card, you are already liable for the debt. AU generally means that you can use the card, but that the account owner is responsible for the debt.
For example, I have several cards:
a.) Some in my individual name (my responsibility only). b.) Some held jointly with my wife (both mine and my wife jointly responsible). c.) Several of the joint accounts with my wife, we have made our children Authorized Users. This way they will have very long account histories, and hopefully have very high credit scores (both mine and my wife jointly responsible).
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