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headhawg7

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I was just added to my dad's credit card
Will that help my score? He has a FICO of 823 and CK shows his score at 840. He added me to his Discover it card and his limit is 16k. My CK scores are 674 and 683 respectively and my FICO 8 score on AMEX website shows my score at 712. I have a 300 limit with citi and it's a secured card. I have a $300 limit with cap1 and it's unsecured and a $500 unsecured limit with AMEX. My oldest card and account is only 6 months old show my history is relatively short. Any help is appreciated guys. Thanks

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As long as your dad is responsible in keeping the balance low, then yes it should definitely do a lot of help with your scores.   So the question may be, in what ways does this move affect your credit?

a. "Credit Card Use" - This is two-fold; the new card has a limit all it's own, which is added to the amount that you already have.    So, once this is reported your credit amount will be a total of 17,100 which tells other lenders that you're a safe bet because others have entrusted you with high limits themselves.   The other hand of this is how much of that 17K is used, so long as the new card has a lower usage limit this will drop your overall usage to less than 10% if you maxed out all of your own cards.

b. "Payment History" - you'll get all the same payment history for the account moving forward;  So, if he's on auto-pay, there's nothing to worry about really ( aside from an NSF ).  If he's not on auto-pay, as long as he makes his payments on time, you'll continue to get all the same benefits of keeping a positive payment history.

c. "Credit Age" - this one is an awesome side affect of this move but can also be a detriment.   So, if your current "Credit Age" or average age of all credit accounts, is 8 months and you get a new card added that is many years old - your average will jump.   Conversely, if you get a new card added that is younger than your own, your credit age will drop.

d. "Total Accounts" - having a new account being reported, will increase the total number of accounts you have.  So this number will be bumped by one.

As you can see, there are ways that this can both help and hurt you based on certain factors.  That's awesome that you've got the option to be added to a credit account.   Nicely done on the scores thus far!

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That's exact what I wanted to hear. He does have this card set up on auto pay and uses way less than 10% per month. I am going to use the card for tiny purchases just to keep my card active.

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