Will The Joint Account Strategy Work?

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Will The Joint Account Strategy Work?

Postby DaftMonk » Wed Apr 10, 2013 3:12 am

Hi All,

I would like to get a Chase Freedom card to start building my credit, as I'm thinking of applying for a car loan in about 1 to 1.5 years.

I was recently laid off, however, and so my current income has shot down to zero (unless I'm able to count unemployment benefits as income, which is $240/week). I plan to start working again by September.

I doubt I would be able to get a Freedom card if I applied now, even though TU score is 736 and I have 27 years of AAoA (due to being an authorized user on my parent's Amex).

Here's my question:

Would I be able to get a Chase Freedom card if:

1) My Dad gets a Chase Freedom card in his name
2) After the card is activated, he adds me as a Joint User
3) I receive my Freedom card in the mail
4) My dad shreds his Freedom card, effectively leaving me as the main user (aka we agree that this is my card and that I'll keep an excellent record with this card, since he's still liable)

Would this work?

Also, in the future, can my Dad take his name off the card, leaving me as the only person liable for the payments, etc?

Here's something I read on a 2010 article from Bankrate:

"Once the account is booked, a customer can request to add a joint account holder, but there is no option to do so on the new account application," says spokeswoman Gail Hurdis.

Which credit cards allow co-signers?


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Postby 3MDR » Wed Apr 10, 2013 7:15 pm

Do you know your Experian score as well? Chase always checks Experian. Just apply without your dad. Use your previous income on the application and you will get approved as long as your Experian score is also above 700.

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Postby cbkhor » Wed Apr 10, 2013 7:23 pm

I was approved for Chase Freedom 2 weeks ago (with a equifax score lower than 700 and subsequent approval letter that chase sent also show me as having CS of below 700.). It took me 3 times calling to the recon line but I managed to get myself approved for it.

Give it a try.
AMEX BCE - $10000
Chase Freedom - $2600
Discover IT - $3900
Capital One Quicksilver - $1700
Citibank Diamond Preferred - $3500
Members Choice Credit Union Secured - $500

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