Dylan Posted December 6, 2004 Report Share Posted December 6, 2004 My mom has flawless credit and is willing to help me out by cosigning on a card. The goal is to find a card that will give a high limit and low interest balance transfer for a year. Any suggestions? Thanks. Link to comment Share on other sites More sharing options...
edubb007 Posted December 6, 2004 Report Share Posted December 6, 2004 Hey... You must do your research here... I have outlined this before but I will break it down as quick as possible If you look into a card your mom already has in her possesion than it would be easier to just add you. If you open a new account she will take a hit on inq's but that shouldn't hurt her if her credit is as good as you say. Getting on a existing CC TL would be good due to aging of the account. So let's say she has a Citibank card for 5 years and adds you it will look like you've paid on time for 5 years as well once it hits your report! Cool? Now the second part! If she has, hmmm, let's say 5 CC's positive with low utilization now you have to call the creditor to see if they reprot to all three CRA's or check Mom's CR's to select which one reprots to the most CRA's. Tghis way all 3 files are benefiting from this AU notation! Cool? I did this and my one card reports to all three and helped me get prime CC's for myself. So I know that it will help but you must do your homework! I must say getting someone to trust you enough is the hardest part! Looks like Mom is taking care of you. Explain to het that if you co-sign or become an AU on a TL that doesn't report than it's not beneficial to even do it!L8R!Good Luck!Edubb Link to comment Share on other sites More sharing options...
Dylan Posted December 6, 2004 Author Report Share Posted December 6, 2004 Thanks for the helpful reply.That's good information about adding me to the account but I'm not sure if that will accomplish my goal. I was intending to move my high interest debt into one of those 0% balance transfer offers that she gets all the time. That will help my current cash flow problem and give me time to rebuild my credit to the point where I can get a home equity loan with decent terms.Yes, I'm lucky to have an understanding Mom willing to help me out. Link to comment Share on other sites More sharing options...
wert Posted December 6, 2004 Report Share Posted December 6, 2004 Ditto on the advice given.Have you mom add you on a couple of her cards that report. Make part of her history yours. Then-get a card of your own.Her history will make your score higher than if you get one of your own. If you are looking for a home equity loan, it will get you there. Link to comment Share on other sites More sharing options...
Dylan Posted December 6, 2004 Author Report Share Posted December 6, 2004 Interesting, it sounds like my Mom can help me in two ways. She already went ahead and picked one of the 0% transfer offers she had lying around and applied for it in her name only. Getting some of my dept off of my high utilization credit cards into something not in my name should help my score.But this is very interesting about having her add me as an authorized user to her long term cards. I didn't know that authorized users got the info on their credit report. Do all credit cards do that? I guess I need to do some research. Link to comment Share on other sites More sharing options...
wert Posted December 6, 2004 Report Share Posted December 6, 2004 When she calls to ask about adding you, have her ask them if they report AU. Some do, some don't-but it really helps you if they do! Link to comment Share on other sites More sharing options...
Dylan Posted December 6, 2004 Author Report Share Posted December 6, 2004 Thanks!I searched and found a bunch of good info, too. Link to comment Share on other sites More sharing options...
edubb007 Posted December 7, 2004 Report Share Posted December 7, 2004 Dylan...Sounds like you have your rebuiling worked out. Just stay on top of the CC's to report after you are added as AU. Sometimes that's a bit of work too.Good luck Edubb Link to comment Share on other sites More sharing options...
Recommended Posts