Can we build cibil score using add-on card?

[Bob78900]

I have read somewhere few months back that we can take add-on card from our parents and start making our own cibil score? Is this true? Can we build our cibil score using add on card?

 

[akshayhs]

It's always better to get a credit card issued in your name, rather than holding an add-on card if you wish to start building your credit score.
One important aspect of holding an add-on card is that if you fail to repay "your" dues on time even by a single day, the primary account holder will take a hit on their credit report.

I am not sure but I believe lenders (if they report additional cards) will report the add on cards to the account of the primary holder itself. So it may not help improve your score.

But if you want to get started with credit cards to get hold of it and experience how it works, then an add-on card will certainly help you get into that discipline.

 

[Bob78900]

One can always get a secured CC as their first CC to build Cibil

That's the option but i am asking about add-on cards

 

[fatehbajwa]

That's the option but i am asking about add-on cards

ICICI and CITI. Get the add on if you can.

 

[Sub]

Many banks will report add-on cards on CIBIL. But that doesn't mean you are building up a credit score. Authorized user (ergo, add-on cards) do not qualify for credit score. You will need a credit product against your name directly.

 

[Bob78900]

ICICI and CITI. Get the add on if you can.

Person with no credit history can take these bank add-on cards from family members and start building their credit score?

 

[AllSeeker]

So much hassle, just do fd of like min 60k and get secured CC with min limit of 50k, use it for year or so.

If not take vehicle loan or education loan.

Basically anything works, all that matters is you doing payments on time.

Just make sure you don't get desperate and subscribe to BNPL services. They can ruin rather than build cibil.

 

[AllSeeker]

Don't take loans unless really necessary

I think things I mentioned are like basic needs these days, and also good small platforms.

Unless you are talking about personal loan, which should be avoided. Or some habit of taking loans should be avoided.

Taking one bike/four wheeler loan, educational loan (that's also usually only one) is really not out of line.

 

[kuchrm]

So much hassle, just do fd of like min 60k and get secured CC with min limit of 50k, use it for year or so.

If not take vehicle loan or education loan.

Basically anything works, all that matters is you doing payments on time.

Just make sure you don't get desperate and subscribe to BNPL services. They can ruin rather than build cibil.

How bnpl ruin scores. Please explain. Because I have Amazon pay later and created my first cibil score.