the benefits of being a "registered cardholder"

[amdforever2]

I have a Bank of America visa card tied to my parents account. How will this appear on my credit report? Will it serve to boost my score or give me a score at all? Will it report monthly each time a payment is made?

 

[Anubis]

itll help it out alot. im on my dayd cradit cards. he has an amazing credit report an as a result so do i. Discover recently offered me a CC with 2.9% financing and a 10K limit and im still in college.

 

[amdforever2]

Are you a "coborrower" though, or did they just slap your name and his card number on a piece of plastic?

I called BofA, they said they didn't really know how high the benefit to me would be.

Great support. . .

 

[RossMAN]

1) People usually get a debit/check card confused with a CREDIT CARD. So make sure that you have a CREDIT CARD and not just a fancy debit/check card which has the VISA or MasterCard logo on it, 16 numbers, an expiration date and your name ...

2) It is possible for you have your own BOFA credit card and not have it report to the credit bureau which is BAD. How do you find out for sure? First of all did you sign on the application? If yes, then your name, social security, previous credit history, income and debt all were factors in BOFA approving your parents for a cc.

To make 100% absolutely certain ... look on the back of the BOFA card call and call the customer service phone number listed and ask them:
1) Is this a CREDIT CARD or a debit/check card? It doesn't hurt to ask.
2) Am I an account holder on this CREDIT CARD, are my name and social security on this account? If the answer is YES then congrats.

If you're REALLY paranoid (like I am) you could always order a copy of your credit report for $12.95 from EquiFax.com (one of the 3 major credit bureau agencies) this will give you instant access to view your credit report online AND see what your credit score is.

 

[amdforever2]

It is a credit card. It's solid gold, instead of half blue half gold/half platinum like BofAs check cards.

I signed on the application, and my social security number was on the application, but I was not an applicant, I'm just registered to ahve a card for use of the account. I am not an account holder, but a registered cardholder.

 

[RossMAN]

Originally posted by: amdforever2
It is a credit card. It's solid gold, instead of half blue half gold/half platinum like BofAs check cards.

I signed on the application, and my social security number was on the application, but I was not an applicant, I'm just registered to ahve a card for use of the account. I am not an account holder, but a registered cardholder.

Ok thanks for the clarification. I don't think it will report on your credit bureau then, which is a bummer because you could be building your credit history

 

[amdforever2]

Originally posted by: RossMAN

Originally posted by: amdforever2
It is a credit card. It's solid gold, instead of half blue half gold/half platinum like BofAs check cards.

I signed on the application, and my social security number was on the application, but I was not an applicant, I'm just registered to ahve a card for use of the account. I am not an account holder, but a registered cardholder.

Ok thanks for the clarification. I don't think it will report on your credit bureau then, which is a bummer because you could be building your credit history

How could I be building my credit history at 17? What is my best option?

 

[white]

when i was on my parents card it showed up on my credit history. every credit card i had was listed on there. it should be good for your credit as long as your parents make sure the bill is paid. you can work out with your parents what portion you pay but the credit card company only looks at whether the bills are paid or not. and if it's not, it could show up on your credit.

 

[amdforever2]

bump

 

[MacBaine]

As far as I know, if you just have a card under your parent's account, it does not at all affect your credit rating. You'll have to start just like everyone else and get an easy CC, like a student card or something, and work up from there.

 

[amdforever2]

With blank credit and taking maybe 6 or so hours at a community college, is that enough to get a student cc?

 

[RossMAN]

Originally posted by: amdforever2
With blank credit and taking maybe 6 or so hours at a community college, is that enough to get a student cc?

Yes BUT most cc's require that you're at least 18 years of age.

If you were 18, you could apply for a SECURED CREDIT CARD and you have a 99.99% chance of being approved.

 

[Dragnov]

I don't get it, whats so hard about getting a credit card.

It looks like your parents are paying for wahtever charges you incur on that credit card anyways, so just sign up for a student credit card when you're 18 that has liek a $500-$1000 limit. Since your parents are paying off the charges, when you buy textbooks and stuff charge it and then just have your parents pay it off thus helping build your own personal credit at the same time.

I think I got my first CC when I was 18. $1000 limit through Barnes and Noble mastercard. I just use it for school and stuff, things that my parents usually pay for so I just charge it and the pay it off at the end. Right now, I have like a $3000 limit as they jsut continuously increased my limit even though I dind't say anything. I'm not bothering to do a credit report because I have no need to know it right now, but I know I can get a cell phone w/o any deposit if I wanted to which is good enough for me right now.

 

[amdforever2]

As long as the day after I turn 18 I can call up citibank and they'll give me a card no questions asked because I'm a student, I'm fine.

My parents have 0 credit. The card they have that I'm allowed to use is secured, and I pay for it.

I don't know if any of you have tried living without credit, but it sucks. If the transmission goes out and costs $1000, and you don't have $1000, you're screwed. If tuition is due tommorow and you only have half and you'll have the other half in 2 weeks, you're screwed.

Credit pwnz j00z. I just wanna make sure I'm able to get that first card to establish myself.

Day after I turn 18 I should have at least 6 hour schedule at the local community college and a 12K approximate annual income. I hope that's good enough.

 

[RossMAN]

Originally posted by: amdforever2
As long as the day after I turn 18 I can call up citibank and they'll give me a card no questions asked because I'm a student, I'm fine.

My parents have 0 credit. The card they have that I'm allowed to use is secured, and I pay for it.

I don't know if any of you have tried living without credit, but it sucks. If the transmission goes out and costs $1000, and you don't have $1000, you're screwed. If tuition is due tommorow and you only have half and you'll have the other half in 2 weeks, you're screwed.

Credit pwnz j00z. I just wanna make sure I'm able to get that first card to establish myself.

Day after I turn 18 I should have at least 6 hour schedule at the local community college and a 12K approximate annual income. I hope that's good enough.

I'm afraid it's not going to be that easy. When you turn 18 I would strongly suggest getting a SECURED credit card as your first.

However my first cc was a CitiBank UNSECURED cc with $300 limit, they were at the college campus handing out applications so I applied and was approved.