Credit Score

[Heinzftw]

So after applying for my first credit card last week. The parents warned me to watch my ass. (It's only used for gas) It comes in the mail yesterday and I was told that my credit score is almost perfect. How? Apparently my mother let me inherit her credit score. Looks like I won't need a co-signer for my 1'er anymore! Looks like my 1'er is easily 2 years down the road. I feel blessed being 18 and have credit as immaculant as everyone's here! :thumbup:

[scrapiron7]

How do you 'inherit' credit score? I've never heard of such a thing.

[tkbr0wn]

There is no way your credit score is anywhere near perfect at 18. What was the actual score? You may have gotten the card but I doubt you have a Fair Issac score of 850.

[lannypoffo]

I was gonna say... you dont inherit a score. you build from scratch. maybe she cosigned or something. no 18 year old has a perfect score. It takes years to get that without ever having one missed payment.

[TunedM2C]

Be forewarned, the way the bureaus calculate your score has changed. I'm guessing you were listed as an authorized user. This is what parents used to do in order to build up their kids credit. This practice will no longer fly:

http://www.credit.com/credit_informa...la-Changes.jsp

[Buschy]

although you probably have imaculate credit, that s different from an imaculate credit "score"
you r creidt is probably good but you probably in a true sense dont have any. if that makes any sense.
in any case good luck thats pretty awsome

[Heinzftw]

Well I guess she just co-signed the credit card. And, did a few extra papers and I inherited her credit score. At a 769 right now I believe. I really would like to find out the process of this also. Seeing as some of you may want to give this to your children.

[stampchez]

Originally Posted by Heinzftw

Well I guess she just co-signed the credit card. And, did a few extra papers and I inherited her credit score. At a 769 right now I believe. I really would like to find out the process of this also. Seeing as some of you may want to give this to your children.

If she co-signed on your credit card you are likely just an authorized signer on the card. You didn't inherit her credit score but they used it to approve that one card. You likely have no credit and being an authorized signer isn't going to build it. There is no way to inherit a credit score.

[InsaneSkippy]

I was gonna say, I'm 19 about to be 20, and I don't have nearly that good of credit. I've never missed a payment, I think I've gone below the balance in my bank account once on accident, even then it was only for a day. I still had to use my mom's credit (top tier) for my 135i loan.

Now, because I'm a co-signer on the loan, does that do anything to help improve my credit? Or does it only affect the main person on the loan?

[scrapiron7]

Originally Posted by stampchez

There is no way to inherit a credit score.

+1, that's not even possible. Someone misinformed you.

[Riss Racing]

You cannot inherit credit scores. However, as many mentioned above you can be signed as an authorized user on a CC which will improve your credit score. If the primary user is current & ratios are up too par. Such as owing 19k on a 20k card = no good 6k on a 20k card = good

[135i_TT]

Originally Posted by InsaneSkippy

I was gonna say, I'm 19 about to be 20, and I don't have nearly that good of credit. I've never missed a payment, I think I've gone below the balance in my bank account once on accident, even then it was only for a day. I still had to use my mom's credit (top tier) for my 135i loan.

Now, because I'm a co-signer on the loan, does that do anything to help improve my credit? Or does it only affect the main person on the loan?

It affects both of you... it helps your credit score go up and your moms as well.
Of course any fault on the payments affects you and your moms credit its a shared thing like a mirror...
It's sometimes bad for someone to get a co-signer bc since you dont got good credit your co-signer can sign but youll be stuck w/ a high interest rate just bc your name is on there even if your co-signer has good credit.. but thats not in alll occassions just sometimes..

[InsaneSkippy]

That's not the case in the situation of my loan. I got BMW's best rate possible on the loan at the time (5.09%). They said it would have been the same if I was the co-signer or if it was just my mom's name on there.

[adrean8j]

Regardless of whats going on Heinz just make sure you keep making your payments on everything that is credit related and you should be good for the future, inherited credit or not...Trust me I made many mistakes when I was about your age with money and credit and it has taken me the last decade to fully fix it (credit score now ~700). Keep it up buddy!

[135i_TT]

Well thats good you got a good rate for the 2 of you together, but the answer to your question is yes, your credit will improve as well as your moms as long as your consistant with the payments but it wont show its a long run thing depending on how long you financed for.