curse08
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It will help your credit. Someone had mentioned lenders not looking too highly on being on an account with your mom. When a lender pulls a tri-merge report they don't care that you are joint on a trade line. All the lender will see is an open joint, revolving account. A lot of lenders now with the subprime market a mess want to see accounts open for greater than 12-24 months, no lates, and an account balance over 2,000.00. That is a great trade line to have.
At first your scores MIGHT take a dip because you just added a new large account..... but they will go up quickly. Make sure the account is always on time and make sure you keep the balance at app. 33%. At lease keep the balance under 50%. Most companies report to the credit bureau once a month so I'd pull your credit around month three to see how far it has climbed. |
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Mortgagemom
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If your mom's account has been open a long time and all payments have been made on time, then adding your name to it will help improve your score. Also, it helps tremendously when the amount owed is less than 50% of the available credit. Don't close your old account though. If you have limited tradelines, closing the account will hurt your score. |
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JR
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no |
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tim2honorgod
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It will help, so long as the card is in good standing. |
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BLUE
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it will help u , if u stop use the all the card and keep it open or keep all the balance under 50% on the limit and no late payment ever. cause credit rateing are base on the total % of revolving credit available,(higher is better) and payment history , lengh u had it. but it's so easy to mis up the criedt but so hard to rebuild it |
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tennessee
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help you yes!!! |
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JOHN
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The start of a credit disaster...proceed with caution |
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mygirlsmom
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Whether or not reporting this credit account will help or hinder your credit profile depends on the total amount of debt on the card, and whether your mom has always made her payments on time, etc. Once you are a joint cardholder, the payment history on the account applies for both cardholders, and all debt reports as one. So, if you owe $4,000 on the card, but Mom owes $13,000, it won't matter. The total amount of the debt will show up on YOUR credit report.
Same goes with the payments -- if the payment history is good, then you'd be okay. |
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timberleigh
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Sounds like youre riding your mommy's apron strings, but this could work to your advantage provided that you both keep the account in goodstanding.
Your parent being the one with the higher credit limit could benefit you in raising your personal limits faster and more productive.
So I seriously suggest that you report this. Any credit rating is better than no rating at all. |
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DCK2003
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That was a bad idea. You are obviously over 18 if 4000 dollars in debt. After 18 you need to build your credit on your own. Lenders do not look highly on "I have one credit card with my mom." Also, if your mom forgets to make a payment you can be held liable. After 18 you should be in control of your own finances. You need to open another card in your own name and try to get a zero percent for 12 months offer. Try to transfer all or some of the balance to the new card. Time to grow up. |
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Denise S
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What you should have done was open a card in your name with your Mom as a co signer?
Your Mom will get the credit for you transfering over.
You may get some benifit but not immediately.
Remeber credit is developed over time, good or bad. |
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Mrs.H
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It will help your score because you will receive your moms great credit from on time payments and an established account. As long as that continues everything is good. |
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Gallo
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I'm siding with the folks that are saying it would hurt before helping.....
It doesn't matter if you've reported anything or not. They'll figure it out that you're on the card sooner or later and they'll add it to your report. |
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