If you join somebody else's credit card will it boost your credit score drastically bein given a $5k limit?

Answer 1

If you are a joint card holder and the account gets reported to your credit file, it may have a positive affect if the account remains in good standing with a low balance.
As far as how much it will improve your score, it really depends on how much credit you currently have, how much debt and how many adverse items are being reported.

Answer 2

Yours is not a question that can be answered without knowing exactly what is on your credit report and what your score is. Your credit score never jumps dramatically from from one month to the next, in most all cases it is gradual as it all depends on when different delinquencies hit your credit report. You would also have to take into account the balance on the 5K limit card, and the length of time the account has been opened. Let's say that you have average to below average credit carrying high balances on the credit cards you already have. Let's also say that the 5K card has been open a long time and has a very low to zero balance. Were you to join the account as a JOINT cardholder your credit score would most likely increase by around 20-40 points in a few months, depending on your individual circumstance. Also keep in mind that you have to be a joint cardholder not an authorized user. This means you are jointly responsible for the debt and you would have to provide your social security number and then the account would start appearing on your credit report. This will look favorable when applying for a loan as it will help to lower your debt ratio.
Myself I got out of college in 2003 carrying about 9K worth of credit card debt. My credit score was 610. I only made minimum payments for the first year, but I was always on time. My score inched up to 630 over the next year or so. Then I got a great job and was able to pay off the entire debt in three months. Once I did that my credit score, over past two years has gone from 610 in 2003 to 740 now. Not bad for 4 years but I'm sure some people might have done it faster. The thing is to keep your oldest account open as that helps your score, but close newer accounts, especially store charge accounts.
Here is the reverse scenario for ya:
Let's say you have pretty good credit 750+ and have several accounts open also, with little to no balances. If you were to then open another 5K account (again it depends on the balance of the 5K card...) it could potentially drop your score if lenders think you have too many revolving accounts. Again, always close the newer accounts first!

Answer 3

What the other writer said is not correct. The person who has the credit card can add you on to their credit card and it will help your credit, provided the other person already has an excellent credit history on that card and doesn't have the card charged up to it's limit.

If your name is on the card, it will start reporting on your credit as if it was your own card, so if the other person is making payments on time, then it will show up on your credit as a good account and your score will go up. There is no way to know how much it will go up, but it will go up. This is a little secret some mortgage brokers tell borrowers to do if they need to raise their credit scores quickly.

Answer 4

it extremely is right. Your honest Isacc (FICO) score relies on your USE of credit. you're able to desire to instruct which you're able to utilising credit responsibly so as to boost your score. utilising merely money makes them think of you don't understand credit familiar jobs and as a result are volatile. positioned it on vehicle-debit on your checking account so as which you on no account have any probability to pass over a fee. you could set it to pay the finished stability each and each month, no rely what that stability is, with out having to place in writing a examine. Over a 300 and sixty 5 days or so it is going to offer slightly advance on your FICO. you want to maintain a quite low quantity on it, because of the fact FICO additionally degree your used credit against your obtainable credit. A intense ratio ability a low FICO score. do no longer max it out each and every of the time. confirm which you do get a card with out annual value and, if conceivable, money back. the superb card on the industry is the yank show Blue money card, seem it up and you will see why.

Answer 5

I completely disagree with Scott above. I actually did this with my girlfriend (added her to my credit card) and her credit score improved dramatically. Initially I believe her FICO score was ~620 and about a month or so after I added her, her score was ~710 (just below mine ~730). I think it depends on the credit card. If the credit card you are added to shows up on your credit report, you should have a higher credit score than without it.

Answer 6

Yes it will as long as you are joining it as an authorized user.

Answer 7

I DONT ADIVCE YOU TO GET A JOINT CREDIT CARD. BUT YOU CAN APPLY FOR ONE AGAINST MARGIN ACCOUNT , OR AGAINST SALARY , NOT TWO SALARIES IN A JOINT ACCOUNT.