on Dec. 16, 2006, I am trying to buy a home but I need a score of 650 to get a really low interest rate, my current score is 626. Will joining help me raise my credit score? An how soon will this show on my credit report. The agent checked my score on the 18th of January but that credit card did not show. Please, please help. Any comments very well appreciated!! Thanks!!!
2007-01-25 05:22:57 · 5 answers · asked by cavitia 2 in Business & Finance ➔ Credit
I disagree with a lot of what I have read here.
Major CC issuers generally report AU's and they do it fairly promptly. If father-in-law's credit is good on that card it could help you a lot in the near future.
Heh, I doubt my father-in-law would have done that for me. He did lend me a couple of thousand dollars when I was in a jam several years ago... and later when I tried to pay him back he said to put it into our retirement savings. I put it in an IRA in my wife's name...
2007-01-28 17:35:31 · answer #1 · answered by clawedlemew 3 · 0⤊ 0⤋
There is nothing you can do in a small amount of time to make your credit rating go up. You are lucky that this credit card will not show up on your credit report. Because the truth is it could actually effect your credit rating. Depending on the amount of credit and the amount that is owed on the card. Creditors don't just look at credit rating they also look at income/debt ratio, and if your debt out weighs your pay then you are basically screwed. I have seen people actually be penalized for having a credit card with a high balance, and they didn't even owe anything on the account. In fact they had never used it but what the creditors saw was that the individual had the ability to get themselves into financial hardship. Credit Cards are the worst things to have, I tell people all the time, if can get by without them, then you should. And you should never ever be listed on anyone else's card, as you should never list anyone on your own.
2007-01-25 14:00:48 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Your father in law is either not very smart or you two have a very good realtionship. I would never advise my clients to authorize anyone other than their spouse to use their credit card.
But, to answer your question, it could take a very long time before it reports, if it reports at all. The credit card company is under no obligation to report about you just because you are an authorized user. As an example, my wife is an authorized user on two of my credit cards and has been for many years. However, they have NEVER shown up on her credit report.
There are other options available to you though.
If you have any questions regarding your credit issues you may email me at nebula7693@yahoo.com
2007-01-25 13:39:33 · answer #3 · answered by nebula7693 4 · 0⤊ 0⤋
It wont' show because the bank didn't consider your credit profile when issuing the card . As an authorized user you are not obligated in any legal way for the payback on the card so it will not show up on your credit report. You would need to apply for a new credit card as a co-applicant if you want it to be reported.
2007-01-25 13:43:13 · answer #4 · answered by SmittyJ 3 · 0⤊ 0⤋
I am not sure you will get any benefit from being an authorized user of a credit card. The bill is still in your father-in-law's name and not in yours. He is the one who will have his credit effected by purchases and payments.
The best way to increase your credit is to have a credit card in your own name and use it carefully and pay it in full each month. That will greatly increase your credit score.
Take care,
Troy
2007-01-25 13:38:25 · answer #5 · answered by tiuliucci 6 · 0⤊ 0⤋