join parent's credit card, get their credit score?

Question

i heard if i join say my dad's credit card, i get his credit score and his credit limit. how exactly does this work and once i get his score and credit limit, that becomes my current score and i can build on that?

Answer 1

This is how it works. When you open a line of credit you get what is called a trade line on your credit report. You can have good trade lines and bad trade lines. The credit bureaus look at the number of trades lines, payment history, and balances and they give you a score. If you pay your bills on time and you don't have high balances you will have a better score than someone who maxes out their credit cards and pays late all the time.

If you dad adds you as an authorized signer on his credit card, you will get a trade line on your credit report. You will not get his score because he probably has many trade lines that make up his score and you will only have one. There is a benefit to him doing this for you though. It will help you to establish credit. Sometimes if you don't have any credit banks won't give you loans or you won't be able to get a credit card, etc. This is a good way to give your credit a boost.

Answer 2

No. You don't get his credit score. When you're father put your name as an additional carrier, he's accepting the rights of your purchases. The only thing you could do is damage his credit. It also goes down in your credit history and when you and your dad continue to make good payments, your credit will go up. But no, you don't automaticallly take his credit score.
Here's an example. My credit sucked awhile ago. My wife's credit is great. When we bought a house and car, we used her credit as the primary and mine as the secondary. What that means is that they use her credit score to base the purchase and use my income as additional for the criteria of the loan.
Through time (5 years to be exact), my credit built back up to a satisfactory score and I was able to buy a vehicle this year with using my own credit and not my wife's.

Answer 3

First of all you do not get his score. You will have your own score based on your credit and the additional trade line.

If he adds you as a authorized user he is wasting his time because in September FICO is changing the way credit scores are calculated so authorized users no longer get additional points.

If he adds you as a joint signer or Co-signer then his account pay history will show on your credit and help your score if it's good and he has a long history.

Answer 4

It somewhat does not remember how long which you have been an approved person. What concerns is the size of historic previous of the cardboard (how long that it somewhat is been open). on each occasion that card replaced into first opened is the size of historic previous this is reporting on your credit comments, no longer the date you have been extra to it. in the adventure that your dad and mom opened that account in basic terms 4 months in the past, to function you to it as an AU, then you definately would desire to attend a minimum of a few extra months earlier thinking getting a card on your person. in case you're desiring your person card then i'd advise forgetting a pair of fee encumbered secured card and pass with a student card. Many lenders have an extremely low threshold on how a good number of an earnings a student would desire to make, case in point Wells Fargo says their earnings standards for a student is that the student would desire to have a minimum earnings extra advantageous than $3000. i does no longer advise getting a joint card along with your dad and mom. Being an AU is one element, being a joint is plenty diverse. i'm no longer an advise of joint debts on 'something' aside from a private loan (along with your companion). in case you're a joint along with your dad and mom and you chop back to rubble, by ability of being late or defaulting, then no longer in basic terms would you be detrimental your person credit yet you would be detrimental your dad and mom credit besides.

Answer 5

"There is a benefit to him doing this for you though. It will help you to establish credit. Sometimes if you don't have any credit banks won't give you loans or you won't be able to get a credit card, etc. This is a good way to give your credit a boost. "

As of September (I believe it is) this will no longer be allowed.

Answer 6

Rules are changing. Authorized users don't inherit the good credit history.