Joint credit. My son's score is 797, mine 613. If we become joint card holders - will that lower his score?

Question

I actually pay all his bills as he has Down syndrome. But I have enormous student loan debt and one bad debt I refuse to pay as it is not mine. I don't want to hurt his score, but would like to improve mine. My recent history (last 4 years is perfect) - including a mortgage, 4 credit cards, 5 revolving credit cards, a paid off car, and all utilities. Student loan history is perfect for past 7 years.

BTW - by perfect I mean all the credit card balances are paid in full every month. I do not need any more credit. I am just trying to find a way to raise my score. I am finding that my credit score is affecting what I pay for insurance - so a better score will lower my car and house insurance bills.

My understanding is if we are joint holders it is reported. I can't get it removed as the business refuses to agree to it. They say if I did not use the card - someone else did. I know I never had one of their cards.

I've sent numerous letters, certified return receipt requested with signature. They can't prove its mine, but I can't prove its not. I sent letters to all the credit reporting agencies and they refuse to remove it - so I am waiting the 7 years. :)

I can live with my credit score - just hate paying extra for insurance when I shouldn't have to. I have consolidated student loan debt with a great rate - I have an amazingly great mortgage rate.

Answer 1

The only way is if you are true joint signers.

If you do that then yes it will help your credit as long as the pay history is good on the accounts and it will not affect your Son's credit at all.

Do not make it a authorized user account, this no longer works due to the way FICO changed the way credit scores are calculated to not give additional points to authorized user accounts.

Answer 2

If you open a joint credit card, that credit card will be reported on both credit reports but it won't really improve your score.

Getting the bad debt removed would be the best way to increase your score. Have you disputed the debt with the credit bureaus as not yours?

Did you send a certified, return receipt letter to the creditor denying the debt and requesting they provide proof that the debt is yours, including signed contracts, charge slip signatures?

If they don't respond with proof after 30 days, dispute with the credit bureaus again, including a copy of your letter indicating the creditor failed to respond. That should get it removed.

Otherwise, you are going to have to wait out the 7 year reporting period for that negative.

Answer 3

this no longer works anymore as it would not be reported on your credit reports.

if the bad debt is not yours then go about getting it removed from your reports.

good luck you are doing great