Few questions about Costco

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Essential
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Few questions about Costco

Postby Essential » Sat Mar 16, 2013 3:59 pm

Hello everyone. I'm 18 (college student) and recently got denied for a Chase Credit Card. My dad has the American Express Costco Cash Rebate Credit Card. I have a few questions specifically about the Cash Rebate card.

1) If I am added as an authorized user, will it still affect my credit score positively? My dad has never missed a payment and he has saved a huge goose-egg of cash so debt will not be an issue. I was wondering if the loophole for this was fixed yet?

2) For this card, is an authorized used the same as an "additional cardholder?"

3) Does anyone know if there is a fee to add on an authorized user?

4) Is the card an American Express Platinum Card? This is confusing because the card itself has the word Platinum written on it and looks slightly similar to the real Platinum card. I don't believe the Costco card has the same benefits as that one thought if it does, that would be awesome.

P.S. Costco Cash Rebate is different from the TrueEarnings card from what I can see.

Thanks in advance and hopefully I get some great answers from this forum.


MaxPunishment
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Postby MaxPunishment » Sun Mar 17, 2013 6:15 am

1. If you provide your Social Security Number when becoming an additional user, then yes it will go on your credit report but it will marginally help you improve your credit vs. if you were the actual cardholder because you're not in fact responsible for paying the bill. If your dad has good credit and you're having difficultly getting approved for a card, look into getting a joint credit card as that will help with your credit significantly and you may be able to get a card on your own after a few months

2. Yes

3. There's usually not a fee for adding additional users unless it's an ultra premium card, but check with AMEX to be sure

4. No this is not the same card as the popular AMEX charge card, just AMEX's trying to capitalize on the popularity of that card to sign up new people when in fact they are only diluting the prestige of their product further than they already have over the years. This card has none of the travel benefits the Platinum charge card does

Essential
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Postby Essential » Sun Mar 17, 2013 1:39 pm

MaxPunishment wrote:1. If you provide your Social Security Number when becoming an additional user, then yes it will go on your credit report but it will marginally help you improve your credit vs. if you were the actual cardholder because you're not in fact responsible for paying the bill. If your dad has good credit and you're having difficultly getting approved for a card, look into getting a joint credit card as that will help with your credit significantly and you may be able to get a card on your own after a few months


Thanks for the great answers. I'm mainly worried about 1 because I'm just trying to build credit for the future. My dad does have good credit and I am having difficulty getting approved for a card (though I only applied for one but I don't want any more hard pulls for now). So the only way to significantly improve my score would be to open a new joint credit card with my dad? I feel that this would be more expensive than just getting a secured card. I'm trying to improve my credit for free but if that's not possible, I'll just want to pay the cheapest fee. However, I thought piggybacking on my dad's credit card would help. So I shouldn't become an authorized user because it has no real benefits?

cashnocredit
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Postby cashnocredit » Sun Mar 17, 2013 4:22 pm

Amex Charge card AUs, unlike other AUs, are responsible for paying their bills as is the Cardholder. I don't know if this applies to Costco Amex AUs but would be surprised if it doesn't.

MaxPunishment
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Postby MaxPunishment » Sun Mar 17, 2013 10:42 pm

Essential wrote:Thanks for the great answers. I'm mainly worried about 1 because I'm just trying to build credit for the future. My dad does have good credit and I am having difficulty getting approved for a card (though I only applied for one but I don't want any more hard pulls for now). So the only way to significantly improve my score would be to open a new joint credit card with my dad? I feel that this would be more expensive than just getting a secured card. I'm trying to improve my credit for free but if that's not possible, I'll just want to pay the cheapest fee. However, I thought piggybacking on my dad's credit card would help. So I shouldn't become an authorized user because it has no real benefits?


A joint credit card is actually free to open. The only difference between that and a regular credit card with you as an authorized user is that in a joint credit card both are equally responsible for paying the bill whereas the authorized user is vary degrees of less responsible than the cardholder

Essential
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Postby Essential » Mon Mar 18, 2013 8:19 am

MaxPunishment wrote:A joint credit card is actually free to open. The only difference between that and a regular credit card with you as an authorized user is that in a joint credit card both are equally responsible for paying the bill whereas the authorized user is vary degrees of less responsible than the cardholder


I thought there were annual fees for cards. But regardless, does my dad have to open a new account or can he just add me on to his card as a joint cardholder or something like that?

Edit: Also, how do you sign up for one? I googled joint credit card application for american express and nothing really showed up.

Edit2: Is a joint credit card backdated?

Edit3: Sorry for all the additional questions but are co-branded store cards easy to get (like Amazon) and do they help with my credit score?

Essential
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Postby Essential » Thu Mar 21, 2013 9:07 am

Bump, still looking for answers!

Essential wrote:I thought there were annual fees for cards. But regardless, does my dad have to open a new account or can he just add me on to his card as a joint cardholder or something like that?

Edit: Also, how do you sign up for one? I googled joint credit card application for american express and nothing really showed up.

Edit2: Is a joint credit card backdated?

Edit3: Sorry for all the additional questions but are co-branded store cards easy to get (like Amazon) and do they help with my credit score?



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