Another Question About AU

[xecutech]

Just completed paying off all of our collections and started on the GW letter process with pretty good results so far.

My wife has 2 good credit accounts with GE Capital.

I have no current credit, so I am going to have her add me to her cards as an AU. Do they just add me per her request, or do I have to do a credit ap to qualify?

Also, is there any chance they would decline her request to add me?

Would like to know how long before they show these accounts on my credit reports?

Thank you.

[Jaxavier]

No app for you to complete. They'll ask for your full name, social, and DOB. you would not get declined, you're not the account holder or even a joint account holder. You have zero liability if the account defaults and have limited abilities as well.

Reporting typically occurs within 30 to 45 days, but could be as soon as a couple of weeks.

[xecutech]

That is awesome!

I did notice on one of them, she has a 30 day late on it, so I may not get added to that one until we hear back on our GW letter.

At least the one she will add me to is good and has a $3000 CL

[Jaxavier]

The longer the history and the higher the CL, the more it will help you. You will find it very useful when it comes time for you to apply for your own credit.

I agree on waiting till you hear back on the GWL, even one late pay kills an account.

Good luck.

[DaBears]

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@xecutech wrote:

That is awesome!

I did notice on one of them, she has a 30 day late on it, so I may not get added to that one until we hear back on our GW letter.

At least the one she will add me to is good and has a $3000 CL

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If the 30 day late is more than 2 yrs old, it has little affect on her score at this point in time. I do agree not to get added until you get it GW off.

[xecutech]

I believe it was a year ago when I got laid off and she had to carry the burden.

Still trying to find out for shure.

I am hoping that by the time it shows me on the account on my CR, the balances will be updated to 0 on my past collections and the 4 DWs will be final.

Then I am off to obtain a secured CC.

A local bank today said if I get a CD for $1k, they will give me a secured loan against it. I may take them up on it at 4% just to get another current account and pay it off in 6-7 months.

I just need some current credit activity to get a fico score.

[Jaxavier]

Why not just open a secured card with your bank? You could pay the balance off every month and pay 0%

Some people on the board talk about an Opensky account....no credit check, secured, but I don't know further details.

[xecutech]

My bank doesn't offer it, but was told to try a credit union in the area, so I may go with them to see if I can do that.

[guiness56]

You know once you get an account, other than the AU, it will take 6 months to get a FICO score.

Being on an AU account you get instant history and you would have a FICO as soon as it reports.  The downside to that is, a lot of creditors want to see your real score.