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Patrick O. Oswald
Patrick O. Oswald, Wealth Advisor
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Experience:  20 years experience on wall street with both major and boutique investment banking firms
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I currently make $80,000. I dont have any open credit lines.

Customer Question

I currently make $80,000. I dont have any open credit lines. My current score is 680. My fiance wants to add me as a joint account Holder to his Target credit card. Limit is $5,000. Amount owed is $4,500. He has never been late on payments.My question is because of the balance being so close to the limit will this lower my credit score?
Submitted: 3 years ago.
Category: Finance
Expert:  FiveStarLaw replied 3 years ago.
Hello,

So sorry to hear of this dilemma. If my answer is not clear to you, please ask me for clarification by using the reply button.

Typically yes it would lower your credit score. You may want to consider obtaining your own target credit card
Customer: replied 3 years ago.

I was told that showing 1 yr of payment would help increase my credit. I dont have any other debt. Why are yousaying it will "typically" lower my score. Do you have rules or variables that will determine if this will be the case for me?

 

Expert:  FiveStarLaw replied 3 years ago.
I say typically because this is an open forum and I cannot represent you. Having your name added to your fiancées credit card will not show that you had one year of payment. It will show your payment only from the date you were added to the card. If you apply for and obtain your own credit card, maintain a loan balance and pay timely, you will typically establish a positive credit record
Expert:  Patrick O. Oswald replied 3 years ago.
yes being on a card near the credit limit would bump your score a bit... It's all a mathematical equation, and believe me nothing is in your favor. I would guess -10-15 pts...

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