Does piggybacking credit still work?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
14 posts
Philosophuer
Gold Member
Gold Member
 
Posts: 35
Joined: Tue Mar 27, 2012 12:59 pm
Location: New jersey

Does piggybacking credit still work?

Postby Philosophuer » Tue Apr 03, 2012 9:16 pm

If I add my wife as a user on my credit card account, will she get the benefit of piggybacking on my credit reporting?


CC Deville
Centurion Member
Centurion Member
 
Posts: 1075
Joined: Thu Aug 04, 2011 7:07 pm
Location: Phoenix

Postby CC Deville » Tue Apr 03, 2012 9:20 pm

It depends on the card type, it's history, credit line and balance. Also, some of the newer FICO scoring models have something in place to exclude AU accounts when scoring.

But generally speaking, yes, it will help her as long as you don't have a huge balance or any derogs.

Philosophuer
Gold Member
Gold Member
 
Posts: 35
Joined: Tue Mar 27, 2012 12:59 pm
Location: New jersey

Postby Philosophuer » Tue Apr 03, 2012 9:23 pm

nice, thanks for your your help. one last thing, does the gold card report similar to every other card. ive been getting mixed answers. if there is no limit, does it hurt or help my score?

bmw1990Z
Centurion Member
Centurion Member
 
Posts: 341
Joined: Sun Mar 18, 2012 10:08 am
Location: USA

Postby bmw1990Z » Tue Apr 03, 2012 10:36 pm

i was told it does...
Cards in my wallet:
-Citi Forward Card for College Students-July 2011
-American Express Platinum Delta Skymiles--July 2013

Philosophuer
Gold Member
Gold Member
 
Posts: 35
Joined: Tue Mar 27, 2012 12:59 pm
Location: New jersey

Postby Philosophuer » Wed Apr 04, 2012 3:18 am

It does hurt or help?

UPS Gregg
Platinum Member
Platinum Member
 
Posts: 86
Joined: Sun Jan 01, 2012 4:14 pm
Location: Tennessee

Postby UPS Gregg » Wed Apr 04, 2012 12:24 pm

Philosophuer wrote:It does hurt or help?


Helps. My wife is already getting offers and USAA confirmed it.
Current FICO: 805 (Equifax)

Current Cards:

*USAA Platinum MasterCard CL-$1,000.00
*USAA Signature Visa Card CL-$15,000.00
*USAA Rewards Amex CL-$15,000.00
*HSBC Best Buy Card CL-$3,300.00
*Amex Macy's CL-$8,000.00
*JPMorgan Chase Marriott Rewards Premier Visa Signature CL-$20,000.00

CC Deville
Centurion Member
Centurion Member
 
Posts: 1075
Joined: Thu Aug 04, 2011 7:07 pm
Location: Phoenix

Postby CC Deville » Wed Apr 04, 2012 4:17 pm

Philosophuer wrote:nice, thanks for your your help. one last thing, does the gold card report similar to ever other card. ive been getting mixed answers. if there is no limit, does it hurt or help my score?


The Gold card is a charge card so it will report as an Open account instead of a Revolving account. It will not report a limit but instead will report the high balance (the highest balance ever on the account). It is my understanding that all of the newer FICO score models take into account Open accounts and their balances are removed from the debt to credit ratio. It could help your credit if you have high utilization on other cards (say from balance transfers or just high balances) because any new balances on the Gold card wouldn't be calculated against the debt to credit ratio. It would only "hurt" your score if all you had was the one charge card with nothing else. But even then, having an Amex charge card won't really hurt at all as long as it is not in default.

Philosophuer
Gold Member
Gold Member
 
Posts: 35
Joined: Tue Mar 27, 2012 12:59 pm
Location: New jersey

Postby Philosophuer » Wed Apr 04, 2012 4:37 pm

So it report highest balance, but debt to income as zero, that's where I'm still getting a little confused?

CC Deville
Centurion Member
Centurion Member
 
Posts: 1075
Joined: Thu Aug 04, 2011 7:07 pm
Location: Phoenix

Postby CC Deville » Wed Apr 04, 2012 7:44 pm

It reports the highest balance ever on the account sort of as the credit line. Debit to credit ratio you mean? Because it is an Open account, it is not factored into your Revolving credit ratio. So if you have two credit cards with $500 limit each ($1000 total) with combined balances of $250 and you have an Amex Gold with a $300 balance, your Revolving debt to credit ratio would be 25% or if your Amex was at $0 it would still be 25%. It is confusing but it seems to be the case that the balance on the Open accounts don't seem to count against you.

Philosophuer
Gold Member
Gold Member
 
Posts: 35
Joined: Tue Mar 27, 2012 12:59 pm
Location: New jersey

Postby Philosophuer » Wed Apr 04, 2012 7:58 pm

As long as It doesn't affect u negative, it's a win win I guess



Return to “American Express”

Who is online

Users browsing this forum: No registered users and 1 guest