My mom has great credit. If she puts me on one of her credit cards that has a 10,000 dollar limit?

Question

will that help my credit. Her score is 750 and mine is 678. Another thing, will the credit card company report the credit history and card limit to me credit report.

Answer 1

Unlike the first poster stated, you don't have to be a joint user
to gain the benefit of your moms card history. In fact I would recommend not being added as a joint user and only added as an AU.

If your mom puts you on as an authorized user and her account is in great standing, no lates, low utilization, long history etc, and if the card company reports to your reports, you will definately see a good increase in your scores.

When you are added, be sure it is requested that they report to your reports. (if you live at the same address they may report even without being asked)

While there are a few card companies that do not report AU's (unless they are a spouse) most "will" report an AU.

Answer 2

Yes, your mother's adding you as an Authorized User to one of her accounts can help your FICO credit score.

For this to be effective, it takes more information and follow-through.

First, she must call the creditor (issuer of the card) and ask that you be added as an authorized user. Some creditors allow this addition, some don't; it's the creditor's decision.

Next, the primary creditor must give your Social Security number, date of birth and some other personal information to the creditor and see that you are properly added as an Authorized User.

Third, the creditor must report all activity in the account to the Credit Rating Agencies (CRAs) to which it normally reports for BOTH your mother's AND your Social Security Number. Again, this is another bank policy whether or not to report to the Authorized User's credit history or not.

If completely successful, the result is that you will add what is called a Seasoned Trade Line to your credit history, complete with balance, credit limit and payment history, and if Mom's credit score is higher than yours, your score will improve in about 30 - 90 days, whenever the creditor first reports the account to each of the CRAs keeping a history of the account.

Call the creditor and find out what their policy is, and how they determine their report date for the account.

BTW, your 678 score, if it is a genuine FICO score, is within the average range (673 - 723, depending on the survey). You are above the 670 level, which is enough to get you flooded with offers for credit cards.

For her safety, your mother should never give out the credit card number to you, and never give you a physical card to use.

Answer 3

If your mom adds you as a co-applicant, the card should report to your credit bureau report. If she adds you as a supplementary card holder it will not. Each bank has their own rules around this, so I would suggest that she check with her bank to see how she could add you.

You might want to consider increasing your own score without adding your name to your Mom's card. One way to increase your credit score is to keep your account balances at less than half of their limits. If you or your mom were to use the credit card to more than $5000 it might defeat the purpose.

Another way to increase your score is to stop applying for credit. Each time a creditor makes an inquiry, your score is lowered for a while.

Another way (goes without saying) is to ensure your monthly debts are paid on time. Some people make the mistake of skipping a few months because they know they'll be making a large payment in a few months.

Answer 4

NO! its her credit. You screw it up its credit that gets lowered. Get your own card.