Advice needed - Building partner's credit

[dsotm76]

Hey everyone!

I'm wanting to help build up my partner's credit.  His CCT scores are ranging between the high 500s to the low 600s.  Needless to say, there's a bit of room to improve.  I have a few questions here...

First off, I just got a new BCE AMEX with 10K SL.  I've heard that adding someone as an authorized user is a good way to build up their scores.  If I add him as a user, does that have any impact upon my account like another HP or anything of the sort?  (I read the whole thing about I'm responsible for him, etc.)  I just wanted to make sure it wouldn't have anything adverse happen to my account since I've not done that before.

Secondly, TU and EQ are reporting a collection for him that's been taken care of a while back.  Since it has been taken care of, is there a way to have this removed?  And if so, how does he go about doing that?

Third, he has an Express store account that was opened in 2012.  He thought he had closed it, but it's still reporting open.  I told him that's a good thing as that adds to the AAoA.  It would probably also be good for him to keep it open, if it still is, just for the age of it.  Is there a way that he can find out if the account is open without drawing attention to it if it really is closed and having it stop reporting?  I hope that makes sense.

Lastly, he has had a few late payments with his Cap1 over the years.  How long do those report for and is there a way to diminish their effect?  

Any other advise would be a big help.  I appreciate your taking the time to read this post and offer up your advice.  I know that he will appreciate it too.  THANK YOU!!!!  You all are the best!!  :-)

[Kree]

I would not add him to a new account.  As a new account there are new account penalties to credit scores.  The worse the profile, the bigger these usually are.

If you have an old account with high limit and 0 balance, this would be the best card to add him to. It will give him old account benefits such as a higher AoOA and a higher AAoA. 

Negatives usually fall off after 7 years, no later than 7 years 180 days.   Over time they effect score less, particularly if only 30days late.

I would suggest flagging your post and asking a Moderator to move this to the "rebuilding your credit" board.  It has much more traffic and the specific answers you are looking for are often asked/answered there.