Im trying to raise my credit score . My score now is 640. My mom is willing to add me as her authorized using on a "Avenue" credit card. The card was opened in 1991, but its says on her credit report, open, paid as agreed, never late but inactive. Should I be added as an authorized user even though its inactive? And I only have 2 years of credit history.
2006-06-20 07:08:34 · 7 answers · asked by mememe 1 in Business & Finance ➔ Credit
I really want to know if the 2 years or good pay history is good enough for major credit cards when I get my fico score to at least 700
2006-06-20 07:10:30 · update #1
Your mom will have to re-activate that card before adding you as an AU.
And yes, being an AU on a card will help your scores as long as it is being reported on your reports.
The claim that you will be held liable for the card (should your mom charge something and not pay etc) is totally untrue. The only way you would be held liable for a card, other than your own, is if the account is a joint account.
With your scores, depending on your past history and what other credit you have, you may not have much trouble getting a major card.
You might check with your bank or credit union and see what they have to offer.
You might also go to Orchard Bank, Bank of America and HSBC online. They have a card selector that will do recommendations for what you "may" be approved for.
The card selector does not pull a hard inquiry, unless you actually apply for a card. Keep in mind that if a card is recommended, there is no guarantee that you will be approved.
2006-06-23 13:53:12 · answer #1 · answered by echo 7 · 1⤊ 0⤋
Why on earth do you want a major credit card? There's nothing you can do with one that you can't do with a check card attached to your checking account (well, except get into massive amounts of debt!!!!)
Stop worrying about your credit score and start dumping money into a savings account. There's nothing you should borrow money for except a house, anyway. If you have $10,000 or more in a savings account, the mortgage lender won't care what your score is. All the score shows is that you know how to handle money well - and having money in the bank says it just as well, without having to pay interest on some credit card.
2006-06-20 08:53:35 · answer #2 · answered by homeschoolmom 5 · 0⤊ 0⤋
You should check with a credit reporting agency (they have modelling tools on what can improve your credit score).
For going from something like 640 to 700, there are some things like number of credit card accounts open and the %of credit limit that you have a balance on.
If you have a balance on your cards, try to keep the balance at 50% or less of your credit limit - so you wont be looked at as overdrawing on your credit.
If you have a lot of credit card accounts try not to open new ones.
If you are an authorized user on your mom's card it might now help your credit. you will need your own credit history.
2006-06-20 07:32:38 · answer #3 · answered by mt19991 1 · 0⤊ 0⤋
I had a C card. i replace into unemployed while they gave it to me. I planned to stay out of debt, yet issues basically have been given too tight and that i finished up doing an truly stupid ingredient. i began out to apply the C to pay for groceries and such like. It have been given to a factor the place I unexpectedly had a great pastime bill each and each month. i desperate to attempt and cut back my losses and have been given a loan to sparkling the cardboard. Oops. It potential that i won't be able to sparkling that debt for 5 years. yet it truly is extra clever than attempting to pay under no circumstances ending pastime. i'm no longer asserting that all of us different than me is to blame, yet I do ask your self at a financial corporation that replace into keen handy a credit card to somebody with out very lots income. they ought to have known that i could get into debt. The "humorous" ingredient is that I went into the financial corporation to get a debit card. They refused to offer me one and presented the credit card instead. actually i'm no longer a entire fool. i think of life replace into basically too lots to handle at that factor. My melancholy replace into blurring uncomplicated experience. I basically have a uncomplicated card now. Neither Debit nor credit. i admire that.
2016-10-31 04:48:23 · answer #4 · answered by ? 4 · 0⤊ 0⤋
no it will just make you liable for any debt she or you place on the account. You have a good score now! You qualify for a conforming home loan. What is so important about raising your score any way?
2006-06-20 08:33:20 · answer #5 · answered by golferwhoworks 7 · 0⤊ 0⤋
it may help. Call a bank or credit bureau for more info
2006-06-20 07:09:51 · answer #6 · answered by ES 3 · 0⤊ 0⤋
being added as a user will do nothing for your credit
you can only use it , you are not associated with the billing or paying whatsoever
2006-06-20 13:16:06 · answer #7 · answered by Anonymous · 0⤊ 0⤋