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New Contributor
Posts: 120
Registered: ‎05-05-2008
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AU questions???

before i ask these questions i will give u the background story to this. if u wish not to read and skip to questions by all means do so.

Ok so my good friend went away to college to play football. while he was gone his dad said he would pay his cards off (a cap1 with a 500 limit maxed out and a discover with a 500 limit maxed out) so his dad (solid credit upper 700's) must off forgot or something but didnt pay the cards for a few months and then payed them off in full in june 08. so my friend jeremy and i pull his free annual reports and he has a 30 day late from discover and cap1 (and also a 250 medical collection but thats a simple PFD plus his insurance was suppose to cover it but thats not the issue.) anyways since i been on this site learning everyday and i got stuff taken off my credit and my brothers i thought i would help him. so we call the back door numbers sure that cap1 and discover would understand and not be too harsh since the cards were paid off. but they wont budged. we called like 4 diff times to disc. and cap1 to no prevail. also hes had both of the cards for about 18 months and these lates are very recent i think both were in may. nothing seems to work. so hes accepting that his credit is messed up as of now. the good news is he still has those 2 cards and they are both paid and still working.



so i was thinking of helping him out by putting him as an authorized user on one of my cards ive had for a while since i know when u put some1 on as an AU they take on the whole credit history of the card.


NOW FOR THE QUESTIONS........FINALLY :smileytongue:

1. will his bad credit affect mine negatively if i make him an AU on one or both of my cards ive had for a while or one of my new cards?

2. the 2 cards ive had for almost 2 years are Credit One Bank and Cap1...do they allow you to add an AU?

3. my new cards is Hooters MC and Chase Student MC...do they allow me to add an AU???

4. How long do i have to keep him on there before it starts reporting on his credit?

5. What happens after I take him off?

6. How much will this help him?


i know this is long but i actually tried to keep it short lol...thanks in advance for any help/info

you guys rock my socks
04/01/2008 :: FAKO EX 560 05/05/2008 :: FAKO EX 685
05/05/2008 :: TU 625 :: EQ 615 :: EX 629
06/22/2008 :: TU 654 :: EQ 646 :: EX 626
New Contributor
Posts: 120
Registered: ‎05-05-2008
0

Re: AU questions???

30 views....come on. some1 has to know the answer to a few of my questions
04/01/2008 :: FAKO EX 560 05/05/2008 :: FAKO EX 685
05/05/2008 :: TU 625 :: EQ 615 :: EX 629
06/22/2008 :: TU 654 :: EQ 646 :: EX 626
Moderator Emeritus
Posts: 6,794
Registered: ‎09-29-2007
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Re: AU questions???



ruggiero06 wrote:

1. will his bad credit affect mine negatively if i make him an AU on one or both of my cards ive had for a while or one of my new cards?
No.

2. the 2 cards ive had for almost 2 years are Credit One Bank and Cap1...do they allow you to add an AU?
I don't know.  Call them and ask.

3. my new cards is Hooters MC and Chase Student MC...do they allow me to add an AU???
I don't know.  Call them and ask.

4. How long do i have to keep him on there before it starts reporting on his credit?
When you add him as AU, it should report for him as soon as the card reports on its normal monthly schedule, which could be up to 30 days.  If it doesn't the first time, then it likely will the second time.  So it could be up to 60 days or so.

5. What happens after I take him off?
The account will be removed from his report.

6. How much will this help him?
Too many variables to answer this.  It depends on the history of the cards being added, how old they are, what the current reported utilization is on them, etc etc.
 
They probably won't help much.  Adding new positive accounts is a good way to dilute bad history when that bad history is very old, but he is still going to have recent lates, which are going to hurt him for some time to come no matter how many new positive accounts he adds.
 
Also, he's going to be dinged for new accounts if you add any that are less than 12 months old.  Your AU accounts may also lower his average age, which could hurt.
 
There's really no way to give a good answer without much more information.
 


----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )

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