What will it do to my credit score and what will the creditors look at?
2007-08-08 13:01:06 · 6 answers · asked by bigflipper 2 in Business & Finance ➔ Credit
The first poster is wrong - they will NOT look at your mothers credit report. They cannot legally pull your mothers credit report unless SHE is the one who applies for credit with them.
Being an AU used to help people with their scores. Starting next month Fico will start removing AU's from their scoring system.
The only thing that "may" help in being an AU now is when the creditor pulls your reports and sees that account being reported and takes that account into consideration.
(And if the card holder wants to allow the AU to be able to use the card without having to add them as a joint holder)
It's hard to say at this time since this is new territory. All anyone can really do at this point is make guesses on how creditors will react.
2007-08-08 13:43:13 · answer #1 · answered by echo 7 · 3⤊ 0⤋
The creditors look at your mothers credit report, not yours. The credit score is your mothers, not yours. I hate to put it this way but you dug your own hole and you are the one who has to find a ladder to climb out of it. If you try to get a credit card there will be an inquiry on your CR and to many will turn off creditors because it shows you are in trouble. You might try for a "secured card" where you put the money in first and then draw against it, but you have to keep putting it in IOW if you put in $200 and spend $40 pay back the $40, keep the card at the amount you put in each month, you can also increase the limit any time you want. Try yours mothers bank and see what they say.
2007-08-08 20:20:03 · answer #2 · answered by John P 6 · 0⤊ 3⤋
Yes, it sure will. You will be an "authorized" user but it will pop up on your credit report. I've added my girlfriend as a user (didn't even give out her SS #) and it's on her credit report. It says "authorized user" but still affects credit. If your mom had the cards for years you'd get "years" on credit on your report. This doesn't always happen but I've seen it a lot (I work for a bank and deal with credit daily).
2007-08-09 00:28:20 · answer #3 · answered by Richard S. 3 · 0⤊ 0⤋
The rules have changed. Being an authorized user no longer gives you that person's credit history.
Pay your bills on time and settle your old debt. Eventually your score will improve.
2007-08-08 21:17:06 · answer #4 · answered by bdancer222 7 · 0⤊ 0⤋
MOST lenders do not look at your credit if you are the authorized user on a card. Which means you can use the card but your credit will not be checked, you have no finical liability with the card and it will not be reported to your credit report which means it will not help you build your credit.
2007-08-08 21:38:55 · answer #5 · answered by Amanda 3 · 0⤊ 2⤋
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2007-08-08 23:25:02 · answer #6 · answered by MONIKA 1 · 0⤊ 2⤋