Do I have Any Credit in my name??

Question

Since I was 17 I have been on my Dads credit card account, every card he has I also have one in my name. So this is where my question comes in, do I have any credit built up in my name or is it all in his name?? I've heard it both ways so at this point I have no idea? any ideas?? They would be greatly appreciated! Thanks in advance!

Answer 1

If you live in the US.  Get a free copy of your credit report.

On the account you have your "own card" it may be reported to the credit bureau.

https://www.annualcreditreport.com/cra/i...

Answer 2

If he has set you up as an authorized buyer and not a joint account holder then no you don't have credit in your name.  Request a free annual credit report from all three of the credit bureaus to see.  You could also talk to your dad, about putting you on his account as a authorized account holder responsible for  the account also, but he would still be the person responsible, just so this establishes/builds your credit.

Answer 3

My guess is that you do not have any credit from these cards.  He has probably set you up as an authorized buyer on the card but he remains liable.  You should ask your father whether you are a joint account holder or authorized buyer.  As a join account holder, you would be able to use the account as a credit reference, however, you would also be liable for all debts on the card should your father decide not to pay or pass away.  

Most likely, given your age, you are an authorized buyer, since most credit cards companies prefer not to establish minors as card holders (liability issues arising from minority status).  The reason why an authorized buyer would have a card in his/her name is to be able to verify identity and has nothing to do with liability or card holding.

Also, to add to the post above, it is wise to get your credit reports from all three credit bureaus on an annual basis.  I highly endorse the suggestion to grab your credit report.  Please get all three and read them for accuracy.  You are entitled to one free update every year plus an additional copy every time you get declined for credit due to a report.  You have the right to dispute negative reports as well as add a 500 word explanation to anything derogatory.