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Thread: Credit

  1. #26
    SitePoint Guru SharifTK's Avatar
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    Is getting a card/account co-signed the same as joint? My mom is saying she doesn't want her credit and mine to be together now.
    SK

  2. #27
    Life is short. Be happy today! silver trophybronze trophy Sagewing's Avatar
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    It depends who is using those terms - all credit card companies have different terminology (i.e. 'co-applicant, etc').

    What matters it the way it's reported, like: individual, joint, etc. You can call the bank and they'll usually tell you this info..
    The fewer our wants, the nearer we resemble the gods. Socrates

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    SitePoint Zealot amberstar702's Avatar
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    Quote Originally Posted by dhecker
    760 is pretty good, though
    Sure it is but the lender's logic in wanting to see more credit escapes me.

  4. #29
    Word Painter silver trophy Shyflower's Avatar
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    OK. Dhecker is right about joint accounts. After I read his last post I did some research and laws have changed.

    There's some good information about building credit (in the US) here: http://www.federalreserve.gov/consumers.htm
    Linda Jenkinson
    "Say what you mean. Mean what you say. But don't say it mean." ~Unknown

  5. #30
    King of Paralysis by Analysis bronze trophy
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    Quote Originally Posted by beley
    If you can pay cash it wouldn't be a problem
    If you're paying cash for a house then you would be better off financially leveraging your money and investing a large portion of that and putting less down on the house in the long run.

  6. #31
    SitePoint Addict JordanTW's Avatar
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    The easiest way to get "credit" to build your score is a secured visa card. Most companies that offer these cards submit your data monthly too all 3 agencies. On your credit report it will not show up as a secured card either.

    Anyone can get a secured card. You must be 18 and have a phone number. With your parent's help you could get one.

  7. #32
    Life is short. Be happy today! silver trophybronze trophy Sagewing's Avatar
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    Sorry to do this again, but that's not exactly accurate. Most secured cards WILL show up as secured accts in the CRA's and are HEAVILY marked down as a result. A secured card is much, much less desireable than a joint acct and is therefore only recommended for people who have no other options.

    In addtion, they usually have awful interest rates and big fees.

    CAVEAT: Yes, there are SOME secured cards that will report as 'individual' on the CRA's, but these are being stamped out by the CRA's so be sure to check with the vendor and check your credit to make sure that this is actually happening.

    A better way to get started is with gas cards or retail cards, which are typically easier to get and will report as individual credit accounts, or bank loans as mentioned above (if a joint acct isn't available).
    The fewer our wants, the nearer we resemble the gods. Socrates

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  8. #33
    SitePoint Guru SharifTK's Avatar
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    Well guys I really want to thank all of you for such great replies (this deserves a sticky!). Next week, after my 17th birthday I'm going to the local bank and gonna see if I can't get a account that will establish some sort of credit for me. Also going to try and get a co-signed account from my mom. I'll keep you guys updated.
    SK


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