Questions about my credit.......

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Questions about my credit.......

Postby jimbo360 » Thu Apr 29, 2010 1:43 am

So I'm 19, never had a job, and when I recently went to apply for a student card, I was denied because of some negative account on my credit report. I've since sorted it out, but in the process of doing so, I learned that I have several accounts in good standing that are listed in my credit reports for the 3 agencies.

The accounts are all credit cards, I guess opened by a parent in my name, but I didn't know they would appear on my credit report, since I didn't apply for them myself, and all of them were opened before I turned 18, one even dates back to 2000.

Now my question is, does this mean I do in fact have established credit, since these accounts do appear on my credit? I'm just very confused as to what the situation is. Is this going to help my credit?

Also, when I apply for a credit card and am notified of my rejection and the reason, do the credit card companies list EVERY reason why I was denied the card? Or not necessarily? Basically, the only thing they stated on my rejection was that I had a negative account, so if I fixed it and applied again, would I be approved, or is this not necessarily the case?

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Mogul of Pineapples
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Postby Mogul of Pineapples » Sun May 02, 2010 10:21 pm

Dating back 8 years... so I guess that means you technically had a credit card when you were 11? Funny!

You're right in that it does mean you have an established credit history, but from what I understand is accounts like that won't count the same as a normal account in your name only.

On the rejection letter they will usually just list a generic reason, like the "negative account" which could mean any number of things. Did you find out from your parents what this is? That is the double-edged sword with letting others piggy back on a credit card or loan; it helps if everything goes good, but if they face troubles with that account, then it can end up hurting.
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