If my dad adds me to his credit card account. Will it build my credit when i use it ?

Question

If my dad adds me to his credit card account. Will it build my credit when i use it ?

Answer 1

nope!! that scam has been turn out to pasture!!!

Answer 2

No -it is in your fathers name so it won't help you at all

Answer 3

No, it will only help or hurt your dad.  if you run up his balance it will hurt his credit.  

Answer 4

If the account is kept in good shape and if you are added as a joint user, it will help you. But being added as a joint user will also make you liable for the account if your dad defaults.

Being added as an authorized user (AU) will help if it reports to your credit reports. If it doesn't report ask your dad to call the card company and request that they report.

FICO had reworked their scoring models to keep all AU's from being counted. But they ran into to much opposition and recently scrapped the idea before it was even put into use.

Because of that, family members who are AU's will continue to be counted in their scoring system.

You, yourself, do not need to use the credit card for it to count. As long as your father uses it ocassionally, pays it in a timely manner and keeps the utilization down it will help your scores.

Answer 5

No, FICO scoring changed this almost more than a year ago. It was creating an unfair advantage to young people who had not shown their ability to pay or manage credit responsibly.  

Answer 6

No, it will not build your credit. You'd be better off getting a credit card in YOUR name, and having your Dad as a cosigner. That way, you'll build up your credit. Just make sure you pay your bills before the due dates, and don't over extend your credit and you'll be fine.

Answer 7

Seeking answers and Mister Ed are incorrect. As Echo clearly stated in her post, FICO 08 *was* going to re-work the authorized user scoring, but that idea has been scrapped and there are no plans to change it in the future.