building credit

Discussion in 'Credit Talk' started by Jennblox, Aug 9, 2001.

  1. Jennblox

    Jennblox New Member

    Here's my story.
    I am looking to better my credit, but it seems impossible to do so because I just moved. I am steadily trying to pay off the $4,000 balance that I have on my Platinum Visa. I always get payments in on time. I am only an authorized user on this card, so I don't think that it is really helping me at all. You see, my mother let me transfer my balance of 3 other cards onto her platinum card so I wouldn't have such a high intrest rate. Anyway, I am looking for a credit card that is reasonable. My credit is not all that great, but I am pretty sure that nothing bad has gone on it in the past 6 months. The problem arises in the fact that I have not lived at my current residence for a year and I have only had the job for 2 months. Is there a card that I can get that won't make me put down a deposit. I don't even care that it has a high intrest rate, I don't plan on keeping a balance on it. I just want it to better my credit.
  2. MikeG

    MikeG Well-Known Member

    You stated that you transferred the balance of 3 cards to your mother's card. Why do you need a fourth card. Just curious. Try Capital One and immediately send a planetfeedback letter in if you are given a $200 limit. Although, Capital One does not report limits so it may not suit the purpose you are seeking.

    I know it may be ridiculous to state this, but the ideal FICO model state 2 bank and 1 retail card. I believe you can ignore this if you have the income/salary to sustain more.

    Mike G.
  3. Jennblox

    Jennblox New Member

    I am not looking for a 4th card....I destroied all the other cards, not I just have one card, but I am only an authorized user. Does this help my rating?
  4. Cadillac408

    Cadillac408 Well-Known Member

    Get a copy of your credit reports and see if the account where you are an AU appears on there. If it does, then yes it does help your rating. If it doesn't, then obviously not.
  5. Mirage

    Mirage Well-Known Member

    Re: building credit (MP$40)


    I was under the impression that an AU on your report has no real benefit to the FICO score.

    Best regards,
  6. Momof3

    Momof3 Well-Known Member

    Re: building credit (MP$40)

    AU accounts do have an impact on your scores, the balances and limits are factored into your ratios.
  7. Cadillac408

    Cadillac408 Well-Known Member

    Re: building credit (MP$40)

    I think it does...

    My ex only had a Sear's card ($500) and a b.s. joint Target card ($300?). I added him on as AU on my Citibank (perfect history since 92) and he applied for Am/Ex gold and was APPROVED! Then he got Macy's, Associates MC, and Cap1 but canceled Cap1. He didn't even have a checking or saving account either. Go figure...

    Now weather it boosts your credit score or not is one thing...but I believe that it definately helps you get approved for other cards. In the credit world, don't they call that *piggy backing*???

    Besides I was added on (w/o permission) as AU on one of my other ex's cards and the account charged off. The notation of being an AU on a charged off account RAPED my credit. That same creditor (Household F***** Bank...sorry...still bitter) tried to tell me that it wasn't affecting my credit in any way since I was only AU. THEN WHY BOTHER EVEN REPORTING IT???? Junum eventually got it off.

    Anyone else care to comment?
  8. crobb305

    crobb305 New Member

    There are a lot of banks out there who grant credit to people with bad or no credit (students included). I saw a GREAT listing (about 15 cards) at Credit Champion (

    If you are approved for an unsecured card, you might request a lower credit limit just to help keep you out of credit card debt. I know from experience that if I have the credit available to me, I will use it..Then, before I know it, I have this huge debt and nothing to show for it. However, just having a card and establishing a positive payment history with the issuing bank will help build your credit up. Hope this helps.

  9. PuuOoPaul

    PuuOoPaul Well-Known Member

    You say that you destroyed the cards, but did you close the accounts? It may just be a matter of getting a card re-issued if the account is still open.


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