Got a question for the wise ones again. My credit is slowing lifting off, around 690 from 550. Still i am wary to shoot for a normal credit card in fear of getting declined and screwing up my score. My question is, my father has excellent credit even tho he has a few credit cards with high credit limits, and balances to match, but i am guessing his credit is excellent because he never misses a minimimum payment due. If i was to get added as a co-user on his credit, would that increase my score? And maybe i can get one of those normal people credit cards with a grown up credit limit?
Getting your father to add you to his card as an AU (authorized user) will boost your score. How much it boosts your score is indeterminable.
Adding you as an authorized user will most likely raise your scores, but it will depend upon how old (or "seasoned") the accounts are. If the accounts are old enough you should move over the 700 mark, and be eligible for more reasonable credit cards.
If the balances are high in relation to the credit limit (above 30%), it will actually diminish your FICO scores. Utilization weighs heavily in the eyes of Fair Issac. You may consider opting for some aged tradelines with higher balances for two reasons: 1) Age will help a recently established file and 2) accounts with higher limits may compel competing creditors to match the aforesaid limits. With that said, there are many vendors which offer this service. Be sure to do your due diligence in order to verify that they are reputable; i.e., licensed, registered, and a member of the Better Business Bureau.
