Being put on parents CC account

TheEffect

Sorry about the second thread within a few hours. I'm 18 and I was speaking with my mum about the credit cards I have (Aqua, Vanquis both at around 40%). She said she'd be willing to get a CC in her name and put me as an additional card holder.

She said if she did this, she'd be keeping an eye on the balance and purchases each month, which I'm fine about, however would she just ask for me to be put as an additional account holder and they send me a card?

Would I be able to ring up and speak about the account/make payments or would that have to be done by my mum?

Would I be financially linked with her, would if effect my credir rating or hers, and would the card appear on my credit report?

Thanks

Moggles_2

Would she just ask for me to be put as an additional account holder and they send me a card?

The card would be sent to her.

Would I be able to ring up and speak about the account/make payments or would that have to be done by my mum?

Yes, it would have to be done by your mum.

Would it affect my credit rating?

No. Unfortunately, it wouldn't help either.

never-in-doubt

TheEffect wrote: »

Sorry about the second thread within a few hours. I'm 18 and I was speaking with my mum about the credit cards I have (Aqua, Vanquis both at around 40%). She said she'd be willing to get a CC in her name and put me as an additional card holder.

She said if she did this, she'd be keeping an eye on the balance and purchases each month, which I'm fine about, however would she just ask for me to be put as an additional account holder and they send me a card?

Would I be able to ring up and speak about the account/make payments or would that have to be done by my mum?

Would I be financially linked with her, would if effect my credir rating or hers, and would the card appear on my credit report?

Thanks

Mate, as Moggles said - but point to note this will create a financial link and so you should be warned that doing this may affect your mum if you get into debt, similarly, if she gets into debt it will affect you unless you can prove there is no financial link between you both.

Nowadays the additional card holder can ring up, but limited info will be given - the main a/c holder can offer a password and then the additional holder can ring and get info - but cannot make changes. Kinda like 'read only'.

To be honest what with internet banking as it is, if she done this for you then make sure it's with a company that offers internet banking which will mean you never have to ring them.

gandalf16

This is one of my 1st posts on here but I work for a High St bank & I know that if someone has a credit card & opts to have someone as an additional card holder then there is no financial association created, basically the account holder can have anyone they want as an additional cardholder on the understanding that the main account holder retains responsibility for the card at all times.
As regards calling up fo data then yes you can do that as long as you are registered with tele banking security for that particular card.

never-in-doubt

gandalf16 wrote: »

This is one of my 1st posts on here but I work for a High St bank & I know that if someone has a credit card & opts to have someone as an additional card holder then there is no financial association created, basically the account holder can have anyone they want as an additional cardholder on the understanding that the main account holder retains responsibility for the card at all times.
As regards calling up fo data then yes you can do that as long as you are registered with tele banking security for that particular card.

Mate a financial link is created with most card issuers. Some don't but the majority do. HSBC, Citi and BOI have with me and my wife so that's confirmed.

I agree about getting account info, but you wouldn;t be able to request an increment or anything, only cancel the card you have if it was stolen or something.

TheEffect

Phoned Lloyds TSB and HSBC. Both said that neither will result in me and my mother being financially linked. They do not search my file, nor report the card on my file. It's 100% up to my mother to make sure everythings running smoothly.

She's applied for the TSB Airmiles card.

Moggles_2

TheEffect wrote: »

Phoned Lloyds TSB and HSBC. Both said that neither will result in me and my mother being financially linked. They do not search my file, nor report the card on my file. It's 100% up to my mother to make sure everything's running smoothly.

That's right.

Just be aware that this additional card will not help build your credit rating (I read your other thread). As the main card holder, your mum is solely liable for the debt

TheEffect

Moggles wrote: »

That's right.

Just be aware that this additional card will not help build your credit rating (I read your other thread). As the main card holder, your mum is solely liable for the debt

I'm keeping my CapitalOne Classic and have a Littlewoods account, so hoping these will be enough keep improving my credit rating.

Moggles_2

TheEffect wrote: »

I'm keeping my CapitalOne Classic and have a Littlewoods account, so hoping these will be enough keep improving my credit rating.

Sounds like a plan

Very best
M

cifpower

never-in-doubt wrote: »

Mate a financial link is created with most card issuers. Some don't but the majority do. HSBC, Citi and BOI have with me and my wife so that's confirmed.

I agree about getting account info, but you wouldn;t be able to request an increment or anything, only cancel the card you have if it was stolen or something.

I have a friend as an additional cardholder on my Ulster Bank (RBS) card and no financial link was created.

Penny-Pincher!!

My nephew is on one of my CC accounts...well he soley uses it, then pays it each month. There is no financial link in anyway!

This was done 2 yrs ago and I have checked my files many times since then and nothing!

HTH

PP
xx