Trying To Help My Mom

[Agent_Zero]

I saw one of my mom credit score's 558. So she asked for my help to get her back on the right track. I have a couple of questions.

Would she be able to get atleast a gas card or anything?

Will adding her to one of my credit cards increase her score?

What about taking her off will it hurt her score again?

She has two closed accounts.

One collection agency opened in 2008 with $537 past due. The other opened in 2004 date last payment was January 2011. One 30 day late, two 60 day late, and 16 CA on the car loan .

One Account in collection.

Sprint balance owed $1,193

Can I help her build her credit back up. So she can get a house.

[myjourney]

Congrats for helping mom...BRAVO

Her best bet at this point is:

Get a secured card 

PFD what she can and GW the rest 

Yes add her as AU

[Creditaddict]

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@Agent_Zero wrote:

I saw one of my mom credit score's 558. So she asked for my help to get her back on the right track. I have a couple of questions.

Would she be able to get atleast a gas card or anything?

Will adding her to one of my credit cards increase her score?

What about taking her off will it hurt her score again?

She has two closed accounts.

One collection agency opened in 2008 with $537 past due. The other opened in 2004 date last payment was January 2011. One 30 day late, two 60 day late, and 16 CA on the car loan .

One Account in collection.

Sprint balance owed $1,193

Can I help her build her credit back up. So she can get a house.

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if she has the money I would call the $537 debt and settle for 30-50%... if she has no money she is most likely past legal age of collection so she won't NEED to pay it legally but it always helps to get a $0 balance updated which will happen when settled. just don't pay more than 50%!

same with sprint... pay if she can.

does she have any open credit currently?

no she probably can't get any credit on her own right now besides maybe a secured capitalone card which she could run the pre-approval on the site and it will tell her if she can apply for something.

otherwise sine she has nothing, adding her to yours will help her tons!

later removing her won't hurt her to much if you at least wait until she is able to open a couple accounts on her own and start to build her own strong history... the history of your accounts will remain, the available credit will just go away.

[youngandcreditwrthy]

Try to settle the collections ONLY if the creditor gives you something IN WRITING saying they'll remove it from ALLL of her CRs after payment is received.
Because all the collections accounts are two+ years old, imo, it would lower her score even more to pay them as they will update and look recent.
If it's an FHA loan she is after though, they'll want her to pif all collections under $1000.

Please head my advice. Paying an account more than 2-3 years old UPDATES it and will lower her score. The damage has been done. Tell her to NOT talk to the debt collectors. They will illegally update it all they can. I had a horrible time trying to get someone's old util bills off my CR. I wasn't even of legal age, and a bunch of COs were on my reports from like 2004(I was 15! Why would I have Reliant or TXU?)

[Agent_Zero]

Oks so just worry about paying back the phone bill?

What if I had her to all of my cards would that increase her score more or would one just be enough.

[myjourney]

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@Agent_Zero wrote:

Oks so just worry about paying back the phone bill?

What if I had her to all of my cards would that increase her score more or would one just be enough.

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All is better 

[TrishN]

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Trying-To-Help-A-Friend/td-p/2531681

Well but this a bit LOL

[Agent_Zero]

I know but I got no help there.

[myjourney]

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@TrishN wrote:

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Trying-To-Help-A-Friend/td-p/2531681

Well but this a bit LOL

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Interesting 

[TrishN]

So you helping your Mom and Your Friend with same 558 Fico score ? LOL