I was recently approved for a loan if I could attach a co signer. I called and spoke with them and they said that my credit rating was good, but it needed to be excellent in order for me not to get it without a cosigner. Needless to say, I don't have any qualified cosigners near me. The reasons that they listed for the decision were: 1. Length of time revolving accounts have been established. One was started in 2005 and the other in 2007. 2. Length of time accounts have been established. This seems like the same as number 1 - I don't know why it was listed twice. 3. No recent revolving balances. This is not true. I did have a balance on one card and I paid it off last month. On the other card I did have a 0 balance and haven't charged anything in a while. 4. Number of established accounts. I don't know if this means that I have too few or two many accounts. I have a gas card and a Visa. Both have been in good standing since I have had them. I am requesting my credit reports and looking over them.
Do you have any family that can add you to an older 100% positive account has an Authorized User? #1 focuses on revolving, this one is anything on your reports (like installments, lines of credit, etc.) Charge something small Use them every month, don't go over 30% of debt to credit limit, and then pay it off. Too few. My suggestion in #1 would likely address this as well.
Hello Jlynn, Thanks for your response. 1. No, my family has pretty bad credit- extended family included. 2. When you say installments or lines of credit - what is that? I don't have any car or mortgage payments. The only things I have are student loans and the two cards. 3. OK. I can do that. Charging something small each month and paying it off. 4. In light of me not being able to address #1 as an authorized user- I am wondering about applying for a new card. But then I read that a new card reduces the age of your credit report. Thanks for your input. I really appreciate it.
That's too bad, but not uncommon. At least you sound like you are doing it right - it just takes time. #1 in your original post said you did not have a long enough revolving history. #2 in your original post basically said in reviewing everything on your reports you did not have enough credit history. So they don't think the 2 cc's and the 2 student loans are old enough. Applying for new cards in the immediate will not help your problem. You are coorect, you average age will go down, and you won't really start reaping the full benefit of the cards on your credit report for 1-2 years. What is it that you are trying to buy and where are you applying? It may be that what you are trying to do is doable without a cosigner, and you are simply looking in the wrong place?
You can add AU accounts on to your reports through providers. Just be diligent in your research as to who you go with, if any corporation.
Hi Jlynn, This actually for another student loan. I had applied with this company before, but it was about a year ago and I was approved.
Hello apexcrsrv, I have not hear of this before. So you are saying that I can contact a company and they will add me as an authorized user to help the age and number of my accounts?
Hello! I have researched a few companies and they are awfully expensive. Are there any other alternatives to that?
Alternatives: get a credit card or two from a subprime lender (Orchard Bank, First Premier). Keep a small balance on them, always pay them on time, and wait a year for good history to build.
No, there are no viable alternatives to this in a timely fashion. Our prices are probably the lowest you will find. In any event, make sure the corporation is licensed, bonded, registered and a BBB member with a good record.
