Hello, Recently I stated that I had 4 credit cards..2 providian accts with only $300 limits and FCNB with a $900 limit and a CCB with a 350 limit..Well my dad was going to add me to his DMB card which has a limit of $3000 which would look good as far as Credit Limits are concerned and then i would cancel my CCB card... Just found out my mother has a Target card with a $200 limit and 42 months of perfect payments..I was thinking would'nt be wiser to go on the target card to add some age to my CC history ??? And I do not currently own a Charge card and I hear that you need at least one to help your score...But the limit is lousy.....Any suggestions...?????
I think I'd go with the $3000 limit card as long as you are fairly sure that your Dad (and you) will have a very low usage of the card or at least keep the balance below 20%. Otherwise, the age of the other could help you and your mother could probably get them to raise the limit to at least $500. The reason for my opinion is that the debt to c/l ratios account for 30 to 35 percent of your score whereas the age isn't weighted as heavily. If someone knows otherwise, please correct me.
I PERSONALLY WOULDN'T ADD A $200 CREDIT LINE...EVEN ON A DARE!!! 3.5 years...DEMAND a credit line increase ($1,000?)...then add it... Some cards give you no benefit being an AU...to get any benefit...must be JOINT... If your DESPERATE...DO THE DMB...
I would definetely go on the cards as a joint user..As a matter of fact I think I am going to go on both of them as a joint and close my Cross Country Bank account because that only has a $350 limit...After that I would have 4 bank cards and 1 charge account and just let them age...Thanks for the info
I was not aware that a AU has any pull on a CRA. If memory serves me right DMB does not or is very slow in reporting. I am surprise that Target with a $200 CL and 41 months of perfect payment has not received an increase. I think someone here posted that after 4 months Target raise the CL from $200 to $500. Back to your question: Why not apply for the Target card yourself. You have the CC as reference. Best regards, Sam
