Low credit score and trying to rebuild

[scrapgal123]

Would I be able to be listed on a credit card with my mother in law, who has excellent credit?

 

[cglaura]

I am an authorized user on my mom's card from when I was handling some things for her while ill.

I had bad credit (divorce & id theft from ex's other floozies...another tale for another thread!).

My mom has excellent credit. It did not change mine. The only thing that did was paying down the cards, removing from the report what I could (the false from id theft) and never being late ever again, keeping balances low, etc.

It took a good 5 years but I am now in good standing.

Here is a link from experian about authorized users:
http://www.experian.com/blogs/ask-e...t-history-does-not-affect-your-credit-report/

And creditboards.com is a great forum to get info on how to clean up your credit.

Really it is your mom taking the gamble. I am sure you wouldn't run it up, but some kids would, and she'd be responsible for paying the bill. Her credit would get the ding.

 

[NYCDiane]

I am an authorized user on my mom's card from when I was handling some things for her while ill.

I had bad credit (divorce & id theft from ex's other floozies...another tale for another thread!).

My mom has excellent credit. It did not change mine. The only thing that did was paying down the cards, removing from the report what I could (the false from id theft) and never being late ever again, keeping balances low, etc.

It took a good 5 years but I am now in good standing.

Here is a link from experian about authorized users:
http://www.experian.com/blogs/ask-e...t-history-does-not-affect-your-credit-report/

And creditboards.com is a great forum to get info on how to clean up your credit.

Really it is your mom taking the gamble. I am sure you wouldn't run it up, but some kids would, and she'd be responsible for paying the bill. Her credit would get the ding.

I'm not crazy about creditboards.com. I went over there after asking a question here and being directed to creditboards. I asked the question (very simple question, actually). After it was finally moderated and put on the forum, NOT ONE PERSON answered the question. NO ONE! Those boards aren't very active.

I'm also trying to rebuild my credit. After having many financial issues and having filed BK about 11 years ago, I was on-track to getting my credit score back up. Then, around this time last year, my landlord was being a complete dirtbag (very long story) and I stopped paying on my credit cards in order to have money in the even we would have to move. (I have NO HELP FROM ANYONE AND NO FAMILY AT ALL).

I missed 2 or 3 months' of payments on my cards and, naturally, my report and score took a hit. I paid a couple of them off and the rest are with GreenPath now (I've been with them for about 13 months now). If I get a nice tax refund, I plan on paying off a couple of the cards that are with GreenPath just to get them out of the way.

I wonder how long it's going to take for my score to come back up?

 

[Ruthie5671]

What is GreenPath?

 

[NYCDiane]

What is GreenPath?

It's a debt management company. They get your creditors to lower or eliminate interest rates and agree to a fixed payment each month. You send the money to Green Path and they send it along to your creditors.

Unfortunately, they charge a monthly fee--- money that I could have used elsewhere. I wish I would have looked around more before signing with them.

Once I find a new job, I'm going to sock away money and, as I build up a bit of money, pay off the cards in full that are with GreenPath. I'd love to have all those cards paid off by this time next year. I hate being in credit card prison!!

 

[sunshinehighway]

Whether you could be listed as an authorized user probably depends on the policies of the individual credit card company and whether or not that company is one of the issuers of a card you had problems with.

I think some companies do report to credit reporting agencies for authorized users, some do not.

Have you looked into a secured card?

 

[sksjasams]

Have you looked into a secured card?

This would be your best bet. That way you would be rebuilding your credit on your own, and you would not to get your MiL involved.

 

[alymae1010]

Being added as an authorized user on her oldest open credit card could help a bit. One of the categories that affects your score is your Average Age of Accounts, so adding an old card will help more than a newer one. Nothing will have as great an affect as paying on time, in full every month though.

Credit score breakdown:
35% Payment History
30% Amounts Owed (Try to keep utilization between 1-9%)
15% Length of Credit History
10% New Credit (Hard pulls)
10% Types of Credit Used

Good luck!

 

[mckelvey72]

I was able to get an orchard bank credit card (now thru capitalone.com) and it was only a 500.00 limit but that was the purpose of it. Use it for gas and small stuff then pay it off right away. It started out with a 300.00 limit and in 2 years I worked my way up to 500.00 limit so at least I have a little cushion.

Not sure if capital one has the same type of card but you could do a search on credit rebuilding credit cards and see if they still have it. Like I said, it was orchard bank when I got it a few years ago.

Good luck...I know too what it is like and it stinks. Within 2 year of having my credit card, Barclay card issues me one that had a 2K limit and it is up to 3900.00 limit now. It is locked away and not with me everyday so I can't charge on it. It is for emergency purposes only and I turn away all credit card offers now. No more for me!!!

 

[Dayton Flyer]

I don't think that would help, because it is the main cardholder who is on the hook for the bill.

To rebuild your credit takes so much patience. It takes a LONG TIME. There is no quick fix. My wife and I got a house that we couldn't afford in the free-lending days of the early '00's, also got a lot of credit cards that just snowballed out of control. We were both young... mid-20's, and ended up in bankruptcy by 2004.

We were gradually able to get back on track. Started slow with some department store cards and small major bank credit cards. We were able to get these before the recession hit, I think it is a fair bit tougher now to get credit than it was back then.

After we started showing our responsibility with our revolving credit, we were then able to finance our car payments which helped. In 2007, we financed one for about 9%. In 2010, our rate was down to 5.8%. By October of last year, we had paid off virtually all of our debt except mortgages, and had seen our credit score rise to the mid-700s. We went and were able to get 0% financing for a nice car. But it has taken about 10 years to get here, and we still can't get the top-rated credit cards, because the 10 years has not quite elapsed on our bankruptcy yet for it to fall off our credit report.

Just be patient. You can get there, but you have to be disciplined and a little tough at times with the budget.

 

[Firefly09]

I agree with previous poster who mentioned that if you are added on to your MIL's oldest card that would help your credit as well. Really all she has to do is add you and never give you the card to use, as long as she keeps paying that account on time it's a boost to your history. This way once all your debt is paid off and you need to apply for a new card, you have a better chance of getting one yourself instead of having to start with a secured card.

 

[happily single]

I'm not crazy about creditboards.com. I went over there after asking a question here and being directed to creditboards. I asked the question (very simple question, actually). After it was finally moderated and put on the forum, NOT ONE PERSON answered the question. NO ONE! Those boards aren't very active.

I'm also trying to rebuild my credit. After having many financial issues and having filed BK about 11 years ago, I was on-track to getting my credit score back up. Then, around this time last year, my landlord was being a complete dirtbag (very long story) and I stopped paying on my credit cards in order to have money in the even we would have to move. (I have NO HELP FROM ANYONE AND NO FAMILY AT ALL).

I missed 2 or 3 months' of payments on my cards and, naturally, my report and score took a hit. I paid a couple of them off and the rest are with GreenPath now (I've been with them for about 13 months now). If I get a nice tax refund, I plan on paying off a couple of the cards that are with GreenPath just to get them out of the way.

I wonder how long it's going to take for my score to come back up?

I just joined creditboards a few weeks ago and find them to be useful and helpful

 

[charming23]

I am slowly trying to do the same. I have paid off my debt and have one credit I just got six months ago. It is a capital one card with a starting credit limit of $200. I did have to secure it with a payment of $49 but it will help me rebuild my credit. I use it to buy gas each month and pay it in full every month. Today I just got word that they have upped my limit to $300. It is something to look into.

 

[supersnoop]

The reason creditboards doesn't work for some people is that almost every question, especially "simple" ones, have been asked and answered so many times, that nobody bothers to reply to them anymore. Be sure to use the search if you ask questions over there.

As for being added to mom's oldest account; that probably won't work. That used to be a good trick with American Express, because all accounts were linked back to the oldest card. I think my daughter has a credit history from before she was born! But I've heard that Amex has stopped reporting authorized users. I don't believe any other bank does, either.

 

[Firefly09]

My husband applied for the Southwest credit cards last year and I was added as an authorized user. Those accounts are listed in my credit karma account so they are contributing to my credit score.

 

[sunshinehighway]

My husband applied for the Southwest credit cards last year and I was added as an authorized user. Those accounts are listed in my credit karma account so they are contributing to my credit score.

Did they want your SSN when you were added as an authorized user? I don't know if this is true or not but I read if they require a SSN for authorized users, it's likely they report.

 

[alymae1010]

I am an authorized user on one of my husband's Chase cards. I did not provide my SS#, but it is still on my credit report.

 

[Firefly09]

No, I don't recall being asked for my SS#.