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ADDING FAMILY AS AU ON CC's?

Valued Contributor

Re: ADDING FAMILY AS AU ON CC's?

Probably not much help adding them as an AU at this point, BK and repo's are autodenials, and when you recon they will look at the AU tradelines and see its not there card, and will want you to co-sign for new cards if they just don't reject the recon all together, AU's help most no credit or thin credit files.

 

Work with them on repairing the damage, PFD and GW letters perhaps get them a secured card or two for a few hundred dollars each and let them get some good tradelines in their own name that wont get dismissed as just an AU tradeline. I'm not an expert on Bankruptcy but I thought  BK took off all the bad marks and all trade lines included in the BK and put the BK on the report, so it should be clean except for the BK entry if they have learned their lesson and not had any new problems. Might be time to dispute any entries that should of been removed in the BK.

 

 

 

 

 

 

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Message 11 of 16
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Valued Contributor

Re: ADDING FAMILY AS AU ON CC's?

I commend you for wanting to help your parents. I do however think you should help them repair the credit they do have first. You might just be giving them an oppurtunity to dig a deeper hole.

 

A lot of us here never valued our credit until we labored through the credit rebuilding process for ourselves. Once you have to do all the work it takes to recover, it focuses all your credit decisions on where they should be. Don't buy it with credit unless you can pay for it!

 

If I have learned one thing here, it is to start a rainy day fund. Just look around these forums and witness how many people have been rained on sooner or later and weren't prepared. The house of cards falls pretty fast in the rain.


Starting Score: EQ 653 6/21/12
Current Score: EQ 703 8/5/17 - EX 743 8/5/17 - TU 731 8/5/17
Message 12 of 16
Valued Contributor

Re: ADDING FAMILY AS AU ON CC's?


jamie123 wrote:

I commend you for wanting to help your parents. I do however think you should help them repair the credit they do have first. You might just be giving them an oppurtunity to dig a deeper hole.

 

A lot of us here never valued our credit until we labored through the credit rebuilding process for ourselves. Once you have to do all the work it takes to recover, it focuses all your credit decisions on where they should be. Don't buy it with credit unless you can pay for it!

 

If I have learned one thing here, it is to start a rainy day fund. Just look around these forums and witness how many people have been rained on sooner or later and weren't prepared. The house of cards falls pretty fast in the rain.


+1. If you don't trust them as they are now, you should think twice before adding them as AUs.

 

It's one thing to help them once you feel that they're on their way, but if they still have bad attitudes or risky habits that make them prone to overspending then it's a bad idea.

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Message 13 of 16
Frequent Contributor

Re: ADDING FAMILY AS AU ON CC's?

Parents got sick at about the same time, I don't see any bad fiscal habits in that. Not everyone who falls behind on debt did so because they were careless...

 

To the Op: Helping your parents is commendable, good for you. Smiley Happy

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Message 14 of 16
Super Contributor

Re: ADDING FAMILY AS AU ON CC's?

I would add them as AU but not give them a card. You're trying to help their credit profile and sometimes having serious derogs will overshadow everything.

 

You're doing the right thing but remember you can only do so much when it comes to credit.




Message 15 of 16
Mega Contributor

Re: ADDING FAMILY AS AU ON CC's?


creditbakudan wrote:

it can help, but remember you never hav to give them the cards for it to have a positive effect. With some business cards you can set down the limits to each cards as well.


Welcome to the forums!!!

 

I agree with keeping the cards, you can help w/o having to incur further debt.




EQ FICO 548 3/3/16
Message 16 of 16