Has anyone experience with adding aged credit accounts to their credit file to increase score?

Question

I read somewhere that you can boost your credit score by adding aged credit accounts(becoming an authorized user or joint account holder on someone else's account) with a positive payment history to your credit file.My credit used to be pretty good,but is now suffering severely and my parents are trying to help any way they can and are willing to add me as an authorized user on two of their 10 year old credit card accounts with high limits and perfect payment history.I want to know if anyone out there reading this has ever done this and the results/experiences they had and if it actually raised their credit score.Thanks

Answer 1

Yes, if the cards have a good history and low utility, they "will" raise your scores.

That's nice that your parents will do that for you. I would suggest that when you get the cards, hand them over to your parents.

I wouldn't recommend that you be added as joint, unless you want to be held responsible for the debt that your parents have on those cards if something should happen to them. Stay with being an AU.

I would suggest that while those cards are upping your scores, learn how to deal with the baddies on your reports. Check out the site that I listed. It is a "free" do it yourself credit repair site.

Answer 2

Yes, this "trick" will work. It will boost your score some. How much depends on how bad yours is now and why you say its bad. If your credit is marginal, it could put you up enough points to get approved for a lower interest rate or higher dollar amount loan.
If your credit is totally screwed, then it could like pissing on a fire. Sure it never hurts, but work on the larger problem as well, pay your bills ON TIME and dispute as many bad things as you can with each of the 3 credit bureaus. Eventually they may remove them. Good luck!

Answer 3

Have a look here.