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Best way to help my girlfriend build/repair her credit?????


turkish
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Im trying to help out my girlfriend boost her credit and actually establish some credit!! I have been told that i can make her an AU on my credit card and that will help her. Is this true?? i talked to one of my credit card companies and they said it can build some history with that particular card, but in no way does it build her credit or get reported on her credit. SHes in school so, she has no income so it will be hard for her to get a card on her own. I have yet to look at her CR, but she says about 5 years ago, her brother took over her car, but it was left in her name and he failed to make payments and i guess it screwed her. Anyways whats the best way for me to help her out?? My credit is good, but i have some debt so my score is only at 709, but it has gone up.

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The first thing you need to do is request, or have her request, a copy of her credit reports from directly from TU, Experian and Equifax. Get a hard copy sent to you through the mail. If she has not requested one in a while and it sound like she has not, she is eligible to receive a free report from each one. So start there.

You really need to see what is on each report before you start.

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well we alreday know here score is low, there some late payments, but nothing dramtic in the past two years. Now, having said that what will we need to just helping her? I can make her an authorized user on my cards, but i just not sure if that goes on her credit!!!

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You really need to start by pulling the reports. You need to make sure you know what your dealing with. Just adding her as an AU isnt going to make much of a difference if there are a lot of negs on her reports.

That's not true...

Adding her to a card or 2 will make a big difference on her score. 30-50points even if she has some bad credit. Revolving accounts play a big role in the credit score factor. So if she has no credit cards appearing on her report there goes those points!

If the credit card company ask for her S.S.N. you can be sure they will report the listing to her report. Don't always tell them your purpose for doing so. Just ask if they will report the card to her credit reports and find out which ones as well. So you can try and raise all of her scores.

Also ask her to ask her mom and dad because I'm sure they might have some more well established credit cards than you. Being that they are older and stuff.

Also, if either of you decide to puchase a car in the near future make sure and don't let F & I dept. at the car lots take you to the bank... They will normally try to make as many extra points off of you if you don't understand what rate you should get based off of your credit scores. One of the best places to get financed for auto loans is a local credit union or Capital One Auto.

Please keep us informed to how much it helps her scores once you apply these tips...

God Bless,

Brad

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You really need to start by pulling the reports. You need to make sure you know what your dealing with. Just adding her as an AU isnt going to make much of a difference if there are a lot of negs on her reports.

That's not true...

Adding her to a card or 2 will make a big difference on her score. 30-50points even if she has some bad credit. Revolving accounts play a big role in the credit score factor. So if she has no credit cards appearing on her report there goes those points!

If the credit card company ask for her S.S.N. you can be sure they will report the listing to her report. Don't always tell them your purpose for doing so. Just ask if they will report the card to her credit reports and find out which ones as well. So you can try and raise all of her scores.

Also ask her to ask her mom and dad because I'm sure they might have some more well established credit cards than you. Being that they are older and stuff.

Also, if either of you decide to puchase a car in the near future make sure and don't let F & I dept. at the car lots take you to the bank... They will normally try to make as many extra points off of you if you don't understand what rate you should get based off of your credit scores. One of the best places to get financed for auto loans is a local credit union or Capital One Auto.

Please keep us informed to how much it helps her scores once you apply these tips...

God Bless,

Brad

Well. i have her as an AU with Amex, but they dont have her SSN. I asked them if it will help her score they said they dont report, or something. I asked awhile back and someone else said it helps, but the thing is they dont even have her SSN!!! SO I dont see how i can help her boost her score and credit. I need alittle more direction.

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While adding her as an AU can be benneficial... it can also bite her as well. I am sticking with J_snow on this one. You should really look at her reports before you take any action. :) Let us know what you decide and what happens :) good Luck!

How can adding her as an AU bite her???

That doesn't make sense.

It could only increase her credit score(s) as long as the card is at 49% or below the limit. That's a FACT no luck required! :)

God Bless,

Brad

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I know for a fact that being added as an AU does help your score. I was added to a family member's card and it boosted my score and helped with my utilization. Not to mention it helped because of the good history on the card as well as helped my average age of accounts. One drawback is that if the primary person on the card had a significant balance increase, it affects you as well. Whatever history, good or bad on the card affects the AU as well. Keep that in mind.

The only downside I had at the time is that I had so many derogs that when I disputed them off they affected my age. So I only had one open revolving account and one SL that was in deferment. All my other accounts were closed. My credit looked too new. So I opened up a few accounts and will let those age for a year or so before I appply for anything else.

I say go for it. Add her as the AU. IMO.

Good Luck!

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One more thing. You will know immediately if the card with report as an AU or not. They will ask for the SSN up front. I added hubby to my Cap1 as an AU and they asked for SSN. At the next billing cycle, it showed up on his credit. I also applied for another CC and added hubby as AU, they asked for the SSN. But I added hubby to a store CC and they did not ask for SSN. Needless to say, that account has showed up on my credit but not on hubby's credit.

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One more thing. You will know immediately if the card with report as an AU or not. They will ask for the SSN up front. I added hubby to my Cap1 as an AU and they asked for SSN. At the next billing cycle, it showed up on his credit. I also applied for another CC and added hubby as AU, they asked for the SSN. But I added hubby to a store CC and they did not ask for SSN. Needless to say, that account has showed up on my credit but not on hubby's credit.

FYI: It will only appear on your credit report if the creditor ask for a SSN.

Credit Reports Tip: Never Mix All Your Credit Files with your husband or wife. Why? Because if you ever want to purchase a house and need to raise one persons credit scores it could work against you. What do I mean? Say you had a 720 and your husband had a 699 but he was the bread winner and his score needed to be a 720 or higher for the best rate. Say he had a Visa credit card maxed @ $2000 out and you had a Mastercard and was only using $0 of $2000 limit.

Husband 699 Visa Maxed Out @ $2000 of $2000 limit.

Wife 720 Mastercard @ $0 of $2000 balance.

What you could do is... Take out a cash advance of $2000 and pay off husbands $2000 card which would raise his score to 720 and lower yours to 690 or so... Then once he is approved for the house your could do a quick claim deed right before closing and add your name to the mortgage. Then once your credit was clear you could have him pay you back. Then your credit scores would reajust accordingly.

but... If The Visa and Mastercard was on both of your reports this tip wouldn't work.

I should get paid for this stuff!!!

God Bless,

Brad

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