My mom recently applied for a discover card, and put me as an authorised user, in an attempt to help me build my credit.
2006-10-15 05:55:00 · 8 answers · asked by tall m 1 in Business & Finance ➔ Credit
It might be taken into (slight) consideration--the credit card company is interested in knowing if YOU can and will pay the bill.
2006-10-15 05:59:48 · answer #1 · answered by williamh772 5 · 0⤊ 0⤋
No. This just means that you can use your mother's credit card. For all that the credit scoring people know, she will still be making the payments on that card. You need to get your own card (which she can still pay) and charge things to it once in a while. It is best not to fill the card with charges each month, then pay it off. When calculating credit scores, they look at how much you spend versus how much credit is available. The lower this number is, the better. Discover is a good card with good benefits. I recommend this one over all others. However, it is not accepted everywhere, so you might want to consider a Visa or MasterCard from Capital One. Both of these companies do not call making offers for services on your card or send you really dumb junk mail for those same services. Good luck.
2006-10-15 13:04:38 · answer #2 · answered by rockinjesusfreak03 2 · 0⤊ 0⤋
It depends on the type of card. You'd have to read the card holder agreement. I'm trying to get my mom to do the same thing for me on her Target Visa she has a $7000 limit. She should have put you on a card thats already established, it would report exactly as it does on her report. My moms had her Target card 2 years, so that will be an instant 2 year old account added to my report if she says yes. It's called piggybacking, look it up Hope it helps you.
2006-10-15 13:01:21 · answer #3 · answered by NETTA M 3 · 0⤊ 0⤋
It really depends on if Discover reports the account in both your names, or just in your mothers name. You credit score is based on what is in your credit report. Ask Discover if the account will appear on both of your credit files or only your mothers.
2006-10-15 14:23:45 · answer #4 · answered by STEVEN F 7 · 0⤊ 0⤋
if you are authorized user on your mam credit card- her payment history will be on your credit report as well. this is very good idea to start building credit.
2006-10-16 00:03:18 · answer #5 · answered by bianca 4 · 0⤊ 0⤋
Yes, it will show up on your mom's credit and your's as a joint account. Her payment terms will help with your credit score.
2006-10-15 17:54:27 · answer #6 · answered by tbourgault 1 · 0⤊ 0⤋
unfortuanatly, no. It only helps or hurts the person whom applied. So that would be your mom. See if you can apply for a card and have your mom be a co-applicant.
2006-10-15 13:03:21 · answer #7 · answered by Aubrey's mommy 5 · 0⤊ 0⤋
If your name is on the agreement/contract as a payer yes, if you are just a user no.
2006-10-15 13:03:28 · answer #8 · answered by mike1985x 3 · 0⤊ 0⤋