No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I am coming out of a chapter 7 bankruptcy and I am trying to rebuild my credit so I can buy a house in a few years. My Dad has excellent credit and pays all of his bills on time. He typically pays off his credit card statements in full when he recieves them. If he adds me to his Capital one card or Barclay card as an authorized user will this help my credit score increase ? I'm not looking for a quick fix but I figured if it could help even just a little it would be worth it.
It certainly wouldn't hurt to give it a try. Just make sure the accounts aren't new, have a perfect payment history and don't report too much utilization.
I know for sure capital one reports AU. Added my boyfriend not too long ago and it's showing on his reports.
I agree it is worth the try. Both Barclay and Cap1 report AU
There are creditors that don't factor in AU accounts but being an AU on an account as outlined above (an account with derogs and/or high utilization will not help) can help. Keep in mind that PIF and low reported utilization are two entirely different things.
Thank you everyone for your replies. I have discussed it with my Dad and we are going to give it a try. It can't hurt anything. The big debate from what I understand was Credit worthy people were selling the right to be authorized users on their cards to help boost the buyers credit's score. You can choose not to have a card sent to an authorized user so I see how people were getting away with this. However, this is my Dad and It's not a buisness transaction. He wants to do anything he can to help me get my credit on track. It's better than having him co-sign on an auto loan or mortgage. Which he would do also but I won't let him. I will update in a few months once we do this to give an update on my scores !