Credit Cards

[prochargdgt91]

Working on building my credit to achieve a home loan. I've never had credit and the lender told me to have my Mom or Dad to add me as an authorized user on one of their cards. My Mom added me to her JCP card for which she has had for 10 years 3 months ago but is still not reporting. My Mom then called 4 different times and they assure her it will report. Many people say it won't. She also added me to her Kays Jewelry account as a Joint Account holder. JCP wouldn't let her to that. I got a 500 personal loan from my credit union and have made two payments. Should I give up on the whole AU thing and just try to get a credit card?

[trumpet-205]

AU does not help much in building credit, especially if mortgage is your ultimate goal. During mortgage, everything will be manually reviewed, and any AU account is going to be ignored at that point.

I see you already have a personal loan from CU, so that is a start. Pay off that loan and get a credit card from the same CU. Building credit does not just happen in a blink of a eye. A good credit means at least one year of good on-time and continuous payment from loans and credit card.

[maiden_girl]

I agree with trumpet-205. Credit will be a big factor in a home mortage. And if you don't have any...god only knows how they will work around that.

[atarvuzdar]

It's interesting that the mortgage lender told the OP to become an AU on a card themselves. If the lender told the OP to do this then why not do it?

Also, if and when the AU account shows up on the OP's credit reports that could help him/her get a CC of his/her own, no? If the mortgage lender questions that then the OP could explain the reason behind it.

Just my 2 cents.

Good luck!

[jsucool76]

Jcp should report, its a gecrb card and they report au accounts. Although if you live at a different address and the card only asked for AU's name (which i think ge does) it might not be able to find you.

Also definitely need your own credit for a mortgage, but from what I've read apping should stop at least 1 year before mortgage shopping.

[prochargdgt91]

We don't live at the same address but they assure us it will show up so I don't know. The lender suggested this to try and jump my score. I had two car loans. One in 2005 and one in 2008, both were paid off as agreed but that's all I have. He said he trusts I will pay and I have to income to pay just wants to get my score up. But, after the loan and AU accounts, my score has done nothing so i don't know what else to do.

[trumpet-205]

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prochargdgt91 wrote:
We don't live at the same address but they assure us it will show up so I don't know. The lender suggested this to try and jump my score. I had two car loans. One in 2005 and one in 2008, both were paid off as agreed but that's all I have. He said he trusts I will pay and I have to income to pay just wants to get my score up. But, after the loan and AU accounts, my score has done nothing so i don't know what else to do.

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It is up to you to build your credit, not with the help of AU.