AU on Discover Card good for rebuilding?

[Anonymous]

I know the rebuild process takes time, but I just want to make sure that I am doing as much as I can to start the process.

My father offered to add me as AU on his Discover Card. His credit is nearly perfect (I think it's around 830/840), he makes regular purchases every month, and NEVER carries a balance and hasn't in the over 20 years he's had Discover. Will this help me at all? And if so, will it "hurt" him in any way by adding me as an AU in regard to his standing with Discover and his personal overall credit score?

I currently have a student loan in good standing and a CreditOne card but I understand from reading other threads, that I should most likely have at least one other revolving card after month 5 of activating Credit One. The problem is that I burned Cap One pretty bad in my bankruptcy (BK7/discharged May 2015). Also, I burned a lot of the regulars in my BK (I posted my story in another thread, basically I inherited half my ex-spouse's debt in divorce).

I can only find two credit unions in my county that I would be able to join and neither one said they have a rebuild program. I also would not be able to join any of the CU's mentioned often on this site because I'm not really a member of any of the associations required, nor are my family members.

So in the meantime, if I get added to my father's discover card as AU, will that report positively on my credit report/score? 

Thanks!

[Anonymous]

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@Anonymous wrote:

I know the rebuild process takes time, but I just want to make sure that I am doing as much as I can to start the process.

My father offered to add me as AU on his Discover Card. His credit is nearly perfect (I think it's around 830/840), he makes regular purchases every month, and NEVER carries a balance and hasn't in the over 20 years he's had Discover. Will this help me at all? And if so, will it "hurt" him in any way by adding me as an AU in regard to his standing with Discover and his personal overall credit score?

I currently have a student loan in good standing and a CreditOne card but I understand from reading other threads, that I should most likely have at least one other revolving card after month 5 of activating Credit One. The problem is that I burned Cap One pretty bad in my bankruptcy (BK7/discharged May 2015). Also, I burned a lot of the regulars in my BK (I posted my story in another thread, basically I inherited half my ex-spouse's debt in divorce).

I can only find two credit unions in my county that I would be able to join and neither one said they have a rebuild program. I also would not be able to join any of the CU's mentioned often on this site because I'm not really a member of any of the associations required, nor are my family members.

So in the meantime, if I get added to my father's discover card as AU, will that report positively on my credit report/score? 

Thanks!

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I think there's a lot of debate over how much being an AU helps if any. Your own cards are certainly better. I also discharged in May and burned CapOne baaaaad and they won't touch me yet, but I see a lot of cases here where this has happened to others so soon after discharge and a few months later they're let back in. I'm going to nurture the two new cards I have for 6 months or so and give CapOne another whirl. 

[TRC_WA]

Your own cards will help you much more than AU... in fact it's been noted that FICO 8 puts much less stock into AU accounts than previous versions.  (As it should IMHO... I've never understood how piggybacking someone else's credit is any indication at all of how YOU pay your bills)

You need 3 revolving credit cards of your own to build a solid profile... secured cards may be your only option at this point.

[ezdriver]

Don't waste your time with being an Au on anyone's card ... get you own cards and build you credit profile that way. How you ask? Well...the answer is well documented in this forum. Do some reading.

To get your credit rebuilding started [assuming that no one will issue an unsecured card to you], get yourself one to three secured cards. You can get two from First Progress with one app. Try getting one from a local credit union so that you have a good chance of qualifying for a CU's unsecured card after about 12 month's of ontime payments.

All the best and let us know how you're doing.

[Anonymous]

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@ezdriver wrote:

Don't waste your time with being an Au on anyone's card ... get you own cards and build you credit profile that way. How you ask? Well...the answer is well documented in this forum. Do some reading.

To get your credit rebuilding started [assuming that no one will issue an unsecured card to you], get yourself one to three secured cards. You can get two from First Progress with one app. Try getting one from a local credit union so that you have a good chance of qualifying for a CU's unsecured card after about 12 month's of ontime payments.

All the best and let us know how you're doing.

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Fair enough. Thank you for the info!

As for secured/unsecured, I did get an unsecured with CreditOne. Also have a student loan.

I have read through a bunch of topics on this forum, the problem is a lot of most recommended avenues (CU's and some of the "regular" CC companies) are not in the cards since I can only find one CU in my area that I can apply with.

I will look into the secured cards mentioned here. I was trying to avoid based on the "how to get to 700" thread saying to keep away from them.

Thanks again!

[ezdriver]

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@Anonymous wrote:

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@ezdriver wrote:

Don't waste your time with being an Au on anyone's card ... get you own cards and build you credit profile that way. How you ask? Well...the answer is well documented in this forum. Do some reading.

To get your credit rebuilding started [assuming that no one will issue an unsecured card to you], get yourself one to three secured cards. You can get two from First Progress with one app. Try getting one from a local credit union so that you have a good chance of qualifying for a CU's unsecured card after about 12 month's of ontime payments.

All the best and let us know how you're doing.

---

Fair enough. Thank you for the info!

As for secured/unsecured, I did get an unsecured with CreditOne. Also have a student loan.

I have read through a bunch of topics on this forum, the problem is a lot of most recommended avenues (CU's and some of the "regular" CC companies) are not in the cards since I can only find one CU in my area that I can apply with.

I will look into the secured cards mentioned here. I was trying to avoid based on the "how to get to 700" thread saying to keep away from them.

Thanks again!

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You got it. you can do it.

CreditOne ... never miss a payment and plan to drop in the future. I used it and dropped it as soon as I no longer needed it. Use it sparingly.

Local CU ... if they approved a secured card for you, they will eventually approve you for an unsecured card based on your use/payment history.

CapOne - you will be approved for an unsecured card after a while. Give it 6 or more monts of positive use/payment history with the other cards.

Know that I have personally done what I am now recommending that you do.