Credit history "transfer" from parent to student

Parent Cafe
1

<p>Reading Pizzagirl’s recent thread about how to handle credit cards, it occurred to me that I have no clue how the financial situation has changed due to the new CC legislation.</p>

<p>My first job was on campus this semester, and I opened a bank account with my college’s local credit union (branch office at the dead center of campus, which has been very convenient). I also have an “authorized user” credit card with my name on it, but attached to my parents’ account. They have good reason to trust me wrt credit, for both personality (I’m the hyper-organized, paranoid type) and previous history of restraint (“borrowing” their CC).</p>

<p>My parents have excellent credit and also personal experience, having changed country of permanent residence twice, with the difficulties of getting started without a credit history. Apparently, it was pretty simple pre-new legislation to “inherit” their history by adding me to their CC… but no longer.</p>

<p>So my question: is it still possible for me to “inherit” their credit history? Does applying for a new card with them as cosigner accomplish this?</p>

2

<p>

I am pretty sure that it does. It also will make getting your own credit card (without a co-signer) much easier in the future.</p>

3

<p>My children, once they began driving, had an America Express with their name on it, but our account. November 2009, we suggested that they each see if they would be able to get an AMEX of their own before the laws changed and it would be possible. Neither of them had a bit of trouble and AMEX did say that having the cards on our account was a big help to them. They also already each had a Visa of their own, but I believe originally those cards had us as co signers as they were minors when they got those.</p>

4

<p>Yeah, I really wish I had thought to get a CC before the new rules came into effect… but too late now.</p>