From what I read a few years ago you could really bring your score up by doin this.Does it still work liek it did 2-3 years ago?My dad whent through chapter 7 in 2005.hIS FICO scores are about 700.He has had 3 credit cards he got just ight after the BK like 1-2 years.He has never missed any payments and I know one of his cards is go for uo to $8,000 & he has about $6,000 open on that card.If i went on his card as an AU would that help bring my card up?Or is his BK going to work against me?
Adding AUs still works, but it's best to get added to an "old" card in good standing with a low credit utilization ratio. Your father's card sounds like it's relatively new and may carry a balance that's about 25% of the available credit limit. While his BK shouldn't hurt you, I'm not sure this card would do a whole lot for you. Have you looked into getting a secured credit card for yourself to start building positive payment history. Where do your FICO scores currently stand?
Yeah I was thinking of getting a secured loan.I got aproved for a capital one with no annual fee a few days ago.Its only good for $300.I also heard that Capital one does not always report to the cras?As for my fico scores,there all over the place lol.Whats weird is transunions truecredit put me at a 628 & experians put me at a 575.So I pulled the myficos and it put me at a 635 for trans and a 630 for equfax.I know the other scores are vanity and the myfico are true.I was just surprised that myfico scores were higher than the vanirty scores.I wonder if my experian true fico score would be higher?Everthing on all 3 reports about the same.Ive got about $4000 to pay off a few bills on my wifes and my credit.Id like to save some of that, and maybe get a secured loan for about $2000.Or is it even worth it?
Authorized user accounts still work just as well as they did two or three years old. To see great results from a authorized user accounts I would look for one that has more perfect payment history established. Your friend or family member should be able to maintain a low balance on the card (10% or less of the credit limit). They are companies that sell authorized user spots on credit cards. Just make sure you do your research before you purchase. To determine if the secure loan for $2000 would be worth it to pay down your debt, it really depends on what interest rate you will be paying on the loan. I think saving up the money would be the best option. Good Luck! Heather with BoostMyScore.NET
Capital One always reports payment history to the CRAs, so don't worry about that. Keep your CU ratio under 10% on the new credit card, make your payments in full and on time, and that card should help boost your FICO scores over time. I wouldn't worry about a secured loan at this point either. Keep using your current credit card responsibly, increase your credit limit as soon as possible, pay down your existing debt, and concentrate on getting your credit reports cleaned up as much as possible before moving onto anything else.
My problem is no credit history in along time.So I may also get a secured card to go with the cap one.
That shouldn't be a problem at all. Capital One actually offers one the best secured credit card on the market IMO. It has an annual fee of $29 and reports to all 3 credit bureaus. Here's more of the details: Capital One Secured Mastercard
