Would This Help My Credit Score?

[Watsonsbag]

Since I am disabled and have an income of only $700 a month, I don't see anyone giving me credit after our BK 7. Believe me, if you are disabled you become a non-person in the eyes of this society and are lower then dirt in the credit world.

There is one cc that does not take income into consideration, but they want an initial deposit for a secured card of $600. Sorry, no can do, at least not right now.

However, I need a new car; well, a used one for around $4000 just to get to the grocery stores, doctor appts. etc. Found a nice Mazda for $3700 with 54000 miles on it but felt too discouraged to apply and now the car has been sold. Don't want to miss out again on a chance to get another nice car.

My husband makes a decent salary (around $50000) a year and probably will be asked to co-sign on any credit I apply for. My questions:

1) As a co-signer, will it still help my credit score if I pay on time?

2) If I could somehow talk my mother into letting me become an authorized user of her credit card, would that help as well? She rarely uses her card and the highest balance she had was about $500.

Thanks. It's hard getting along in a world where your worth is determined by your salary, or lack thereof.

[kb9tbq]

Yes co-signer accounts still help your credit score as well as authorized user accounts. Also you could most likely apply for joint credit cards or if you husband has existing credit card accounts to have him add you as an authorized user.

Co-signer / Joint make the other people jointly responsible for your debt, authorized user only makes them responsible (you only have the ability to use it - but not be sought to pay on it).

[Watsonsbag]

Thank you. As mentioned, my income is so low I don't if anyone would extend even $500 credit to me. I am a non-person in the eyes of the credit world.

[kb9tbq]

How long since you had the bankruptcy filed & discharged?

Have you viewed recent copy of your credit reports - do you have an idea at this time what your credit scores are?

I know what living like this does to a person, my mother is disabled and a few years back filed bankruptcy, since then we have had to help her out, don't much mind, but she did eventually get some credit cards again. I just worry that sometime, she might run back into trouble relying on the cards with such low income, but that is for another day to address. These things are hard, especially with on going medical expenses that insurance don't cover.

[matt2402]

If you don't have many revolving accounts, I've found that being added as an authorized user to a good account helps a lot. My TU and EX scores rose 30 and 21 points respectively. I'm still waiting to see how EQ was effected.

Unfortunately, I don't have much advice to offer...but this worked for me. Good luck!

[Watsonsbag]

Thanks very much for the replies. Guess I'll try to get my mother to let me become an authorized user of her credit card, which she barely uses anyway. Or my husband can eventually apply for a card with me as co-applicant. Before all this happened people were practically banging my door down to give me credit. I've had some cards over 20 years and wasn't even late with payments when we declared bankruptcy.

It's really lousy the way they score these things. I can still remember the days before FICO became the determiner of a person's existence.

Great board. I would be lost without it.