hello, I have 4 cards with a total of $1500 of credit...My father just got approved for $5000 on a Getsmart Visa and that is the only card he has..But he is planning to apply for 3 others and since his beacon is a 689 and mine is a measly 533 his credit limits will be much higher...I am wondering if being the secondary card holder on those accounts will help my debt to income ratio and is it worth it...Will i get the benefits on my credit report from his payment history..?? thanks
BENEFIT YES...IF YOU ARE A JOINT ACCOUNT HOLDER... IF AUTHORIZED CARD HOLDER...IT'S 'IFFY (BENEFIT). If for some reason he doesn't make a few payments on time it will BITE YOU!!!
...ALSO, IF YOU LIVE WITH HIM, YOU CAN USE HIS INCOME (TOTAL HOUSEHOLD INCOME) ON SOME APPLICATIONS... TOTAL HOUSEHOLD INCOME DISCUSSED IN OTHER POSTS...
If you're an authorized user, the account will appear on your credit report, marked "authorized user" or something to that effect. So it will be of some benefit to your credit as long as he keeps the account in good standing. Once you are no longer an authorized user, the account will, in my experience, remain on your credit report until you dispute it. I was an authorized user on two of my mother's credit cards when I was in college, and I'm just now getting them off my TU and EX credit reports. This is a distinct non-benefit, because my credit is now better than my mother's, and I don't need her outstanding balance on my report. One big benefit - one of the cards I was an authorized user on was my mother's Amex (green). Now I have my own Amex (gold), which I got several years after I was removed from her account, but Amex is reporting my account as having been opened when I was added to my mother's account, rather than when the account was actually opened (and that's the date in the "member since" place on my card as well), so it gives me a much older credit history than I would have otherwise had. So there's a good benefit.
My Mother gave me a Target card with my name on it, but it does not show up on my cr. Can I call them myself and ask them to report it? The bill is sent to her in another state. Thanks, Terri
How long ago did she get the card? It takes a few billing cycles sometimes before they report. Some companies only report quarterly and I've heard some only report bi-annually.
