CityOfAngels

My father just hooked me up with a credit card that has my name printed on it, but it's on his own credit account. By using this card and paying it off every month, will I be building my own credit? I already read NoSoup's awesome guide; I was just wondering if I'm building MY credit or my father's credit with this card.

Another question: Does this mean my dad can fark up my credit with this?

Edit: I re-read NoSoup's guide for the millionth time and it answered my first question on the second-to-last true/false statement. My second question, however, remains unanswered, so I'm gonna leave this up here.

macmanmike6100

I do the same thing with my parents, but of course there's a lot of trust there. Yes, they can absolutely fuck up your credit.

Regardless, good luck!

CityOfAngels

Wow, really? That's unnerving; 'cause I didn't sign ANY papers for my dad to get me on his card. He just got the cards in the mail and handed me one.

xepherys

This often depends greatly on the actual bank that owns the card. For some banks, additional card holders must co-sign, and therefore your credit will be built, and can be destryoed by other co-signors.

If you signed nothing, and are a cardholder by name only, then they cannot damage your credit, but you are also not building credit. The signator being the only person whose credit is affected either way.

In other words, it's all or nothing. Since you say you didn't have to sign on for it, I'd imagine that your credit is in limbo either way.

amonkie

The way I remember is this - if the bill is coming to YOU in YOUR name, you are building credit - Credit history is essentially a record of payment. Good credit history = On time payments and responsible spending.

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punx1325

The master account holder is the one who has the credit affected. Citibank is the company I have the most expertise in. If I have a card under my dads account then my credit is unaffected. We learned this when my mom had zero credit because my father had been the primary account holder for literally everything. Long story short if you want to build credit get an account in your name...

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maleficent

When I went off to college, my parents gave me a for 'emergency use only' amex card -- their credit -- card was in my name... Having the card I don't bleieve did anything to improve my credit standing, but it did give me the ability to get credit in my own name.

even though amex has no limit - i think (not because they didn't trust me - but because you never know what could happen) they put a limit on the card

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