Credit Building Question

[gluck]

If some one adds you on his credit card, does that count towards your credit building ? Its in not a joint credit card, it is just adding an authorised used. My cousin had added me under his card like a year ago, then I heard that no matter how much I spend on that card my credit would never build up, it'll be his, so I applied another card and have never used that card.

Surprisingly the other day I applied for a best buy card and the lady out there asked me about my cards. Since I had been using only one card I said just one but she said you have another card joint with someone else and she rejected me because the information that they have doesn't match what I provided !!

Damm !!!

 

[dirtboy]

Originally posted by: gluck
then I heard that no matter how much I spend on that card my credit would never build up, it'll be his

That is correct.

 

[gluck]

Now what is correct ?
That I don't build up my credit using my cousins card. If that is the case then why is the details of that card associated with me.

 

[Yossarian]

who is responsible for paying the bill? that's the person whose credit will be affected. if you're only on there as an authorized user it has no effect on your credit.

 

[conjur]

Did you fill out an application and provide your SSN and some credit background?

Nope....so...the answer is no.

 

[gluck]

Nope I did not do anything. My name is just on that card, nothing else.
So if he pays his bills or not, how does that effect me ?
So how on earth would that be my card ? Why does the lady at best buy have the information ? How does that become my card ?

 

[dirtboy]

Originally posted by: gluck
Now what is correct ?
That I don't build up my credit using my cousins card

Yup.

 

[Vic]

If it's not a joint account and you're just an authorized user, then the account should not show on your credit. Did you fill out a credit app and sign for the card when you got it? I'm assuming not. Does the bill come in your name, your cousin's name, or both? If just your cousin, then it shouldn't show on your credit bureau. But then again, FAR more serious mistakes have been known to happen on bureaus...

You do NOT want a Best Buy card anyway. Merchant cards are nearly worthless and can actually lower your score just by having one. I despise the fact that nearly every dept. store tries to force me to sign up for their cards just to buy something. Is this not a Visa Gold in my hand?
Anyway, if you want your own credit card, get a major bank one, not a merchant or finance company card.

 

[StageLeft]

If all he did was get you a card authorized on his account with simply your name on it then no it won't affect your credit in any way whatsoever. There must be something else going on if that lady thought she saw something else.

 

[StageLeft]

I despise the fact that nearly every dept. store tries to force me to sign up for their cards just to buy something. Is this not a Visa Gold in my hand?

Yeah I was at target and she was saying I get 10% off just for signing up and I said I don't want to but she couildn't understand why because hey free 10% right! I explained that it would be an inquiry on my credit history but she wasn't grasping my words.

Gluck, try and get a secured credit card from your bank (there was a thread recently about which secured card to get).

 

[Vincent]

I am an authorized user of one of my parents' credit cards and this account appears on my credit report even though they are responsible for all of the charges on it.

 

[RossMAN]

Originally posted by: Skoorb

I despise the fact that nearly every dept. store tries to force me to sign up for their cards just to buy something. Is this not a Visa Gold in my hand?

Yeah I was at target and she was saying I get 10% off just for signing up and I said I don't want to but she couildn't understand why because hey free 10% right! I explained that it would be an inquiry on my credit history but she wasn't grasping my words.

Gluck, try and get a secured credit card from your bank (there was a thread recently about which secured card to get).

http://forums.anandtech.com/messageview.cfm?catid=38&threadid=1185965

Read my post dated 11/17/2003 8:46 AM

gluck - Who do you bank with (checking/savings account)?

 

[Vic]

It's not the inquiry, Skoorb. Those only hurt your credit if you get a lot of them. I regularly see mortgage shoppers with 20+ inquiries in the last 90 days who still have upper 700 scores.

Having a merchant account or finance company account harms a part of your credit score calculation called "Types of Credit Used", which accounts for 10% of your score. Opening those types of sub-prime accounts basically means that you are not disciminating in the type of credit you obtain, i.e. a credit whore. Text

 

[gluck]

Well I have a Bank Of America Visa Gold and pretty satisfied with that. The thing was that I bought a laptop like two weeks ago from best buy and they had the 18 months financing whatever ! so I just applied for that !! Don't wan't best buy's card anyway

 

[RossMAN]

Originally posted by: gluck
Well I have a Bank Of America Visa Gold and pretty satisfied with that. The thing was that I bought a laptop like two weeks ago from best buy and they had the 18 months financing whatever ! so I just applied for that !! Don't wan't best buy's card anyway

Best Buy's financing is outsourced to Household Finance which I hate with a passion!

If you didn't want a BB CC then why did you apply for financing?

 

[gluck]

Just coz the add said no payments till 2004 or something. I was never going to finance. It was just getting the comp out of the door for nothing and paying them back before they start charging. That way I wouldn't have to spend 1500 cash $$$

 

[Vic]

Originally posted by: RossMAN
Best Buy's financing is outsourced to Household Finance which I hate with a passion!

:Q:Q Those freakin' crooks are the fscking anti-credit. :|

They're the only mortgage lender (yes, people get mortgages from them if you can believe it) which I actually see as predatory. Most people who sign with them are permanently screwed and don't even know it.

 

[gluck]

So is there anything that I need to worry about now ? Its not my card still they associate it with me !!
Is there anything to worry ?

 

[Vic]

Nothing to worry about unless your cousin is always late on the payments.

 

[gluck]

Well, what if he is then ? Should i just cancel that card ?

 

[RossMAN]

Originally posted by: Vic

Originally posted by: RossMAN
Best Buy's financing is outsourced to Household Finance which I hate with a passion!

:Q:Q Those freakin' crooks are the fscking anti-credit. :|

They're the only mortgage lender (yes, people get mortgages from them if you can believe it) which I actually see as predatory. Most people who sign with them are permanently screwed and don't even know it.

They may be the anti-credit mortgage wise.

However Sears and the former Montgomery Ward are the anti-department store card.

I swear they had so many false derogs on my 3 bureau's I nearly flipped. Fortunately most lenders who know what they're doing, look at the whole picture and realize that Sears/MW suck and do not take those derogs into consideration.

and I think Household bought out Beneficial? Damn bastards!

 

[Vic]

It's your cousin's card still. Just have your name removed from it.

 

[gluck]

ok. That should be fine !!
Thanks

 

[Vic]

Originally posted by: RossMAN
They may be the anti-credit mortgage wise.

However Sears and the former Montgomery Ward are the anti-department store card.

I swear they had so many false derogs on my 3 bureau's I nearly flipped. Fortunately most lenders who know what they're doing, look at the whole picture and realize that Sears/MW suck and do not take those derogs into consideration.

and I think Household bought out Beneficial? Damn bastards!

Yeah... Sears is infamous for their false derogs. Usually ignored unless serious. Still impacts your score though.

And yeah, HFC bought out Beneficial back in '99 (IIRC). Then HFC got bought out by HSBC (Hong Kong-Shanghai Bank) this past spring. Been a lot of shake-ups in the sub-prime consumer finance industry these past few years... Citibank bought out the Associates awhile back and re-named it Citifinancial (after the Associates took it up the ass doing too many bad manufactured home loans), Norwest Finance is now Wells Fargo Finance since Wells Fargo bought out Norwest Bank, American General is owned by AIG and is still just as filthy as ever, and even WAMU opened up Washington Mutual Finance in a number of strip malls.

 

[Yossarian]

Originally posted by: Vic
It's not the inquiry, Skoorb. Those only hurt your credit if you get a lot of them. I regularly see mortgage shoppers with 20+ inquiries in the last 90 days who still have upper 700 scores.

Having a merchant account or finance company account harms a part of your credit score calculation called "Types of Credit Used", which accounts for 10% of your score. Opening those types of sub-prime accounts basically means that you are not disciminating in the type of credit you obtain, i.e. a credit whore. Text

This is true but of course it is still possible to get a very good credit score even with retail accounts. In the past I have opened accounts with Best Buy, Circuit City, Target, Linens n Things, Sit and Sleep etc. just to get the bonuses and then closed them when paid off. My score is 800ish.