@Anonymous wrote:
Hey guys!
Got my last CC! The CSP!!!!
Collection is finally complete!
CSP 5k
Discover it 1k
Barclay SM 7.4k
BCE 8k
Now from all my reading adding a AU for the CSP should help with the Added Users credit right?
Well I asked ChaseCS yesterday and it's a negative... They are saying that it will list the added person as to having access to the account... But not help them get credit or establish any kind of relationship.
Am I missing something?
If the AU were to get lucky, and get an app approved by a computer, they might get lucky, but most banks nowadays will do UW manually, and disregard AU accounts, on top of using their own internal scoring methods.
IMO, an AU account is pretty much useful to "create" a credit file, as compared to someone fresh to credit, having "no file."
...and don't forget, the AU's first charge on the card will give you the extra 5k, if you received that signup bonus offer.
@ezdoesit wrote:
@Burned2manybridgesB4 wrote:
@Anonymous wrote:
Hey guys!
Got my last CC! The CSP!!!!
Collection is finally complete!
CSP 5k
Discover it 1k
Barclay SM 7.4k
BCE 8k
Now from all my reading adding a AU for the CSP should help with the Added Users credit right?
Well I asked ChaseCS yesterday and it's a negative... They are saying that it will list the added person as to having access to the account... But not help them get credit or establish any kind of relationship.
Am I missing somethIf the AU were to get lucky, and get an app approved by a computer, they might get lucky, but most banks nowadays will do UW manually, and disregard AU accounts, on top of using their own internal scoring methods.
IMO, an AU account is pretty much useful to "create" a credit file, as compared to someone fresh to credit, having "no file."
Just curious why you said most banks nowadays do UW manually? How is that even possible?
If you don't get an instant approval, or denial, then someone is going to look at your report pulled during that app, and sometimes pull more than one.
*I see how the way I phrased the prior was confusing...sorry.
@Anonymous wrote:
Right... That's why I did it to get the extra 5k.
But I was hopping to build/rebuild my brothers Credit...
What would be the best way to "take him under my wings" per say?
Add him, and don't give him the card....
No unexpected surprises then...
Let the CSP (since it's new for both of you now) report for four months, then let him app for the next starter card...cap one most likely (easiest starter approval). He might even be able to get it once the chase account shows on his CRA reports.
Ride it out slowly, and progressively, so he doesn't get too much, too fast, making him looking desperate for credit. Slow, and steady wins the race.
Thanks for the info!
I am more concerned about Chase saying that it will NOT help him, credit and establishing a relationship wise
I am more concerned about Chase saying that it will NOT help him, credit and establishing a relationship wise
@Anonymous wrote:
Thanks for the info!
I am more concerned about Chase saying that it will NOT help him, credit and establishing a relationship wise
If chase doesn't report it to his file, it's obviously not going to help. How other creditors will view the AU status is entirely up to them.