Authorized user on my GF's CC Account

[09Lexie]

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@Lasardo wrote:

I Had the same circumstances; no credit history so my bf put me on a NEW Amex..I received an email: 30 points then he added me to his 15+ year old WF..I gained another 15.  

Good luck! 

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OP is asking about a secured loan ie car loan. RobertEG is correct, one cc from an AU will be insufficient to qualify for a secured auto loan in most cases. If your GF is willing to add you as an AU, use the score bump to obtain your own cc preferably from a CU. When you are ready to app for your car loan, they will probably be more willing to provide financing. 

[Hcontreras]

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@09Lexie wrote:

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OP is asking about a secured loan ie car loan. RobertEG is correct, one cc from an AU will be insufficient to qualify for a secured auto loan in most cases. If your GF is willing to add you as an AU, use the score bump to obtain your own cc preferably from a CU. When you are ready to app for your car loan, they will probably be more willing to provide financing. 

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09Lexie - But in my original post I wrote that I already have a secured credit card at a $600 limit, for 6 months already. I have no baddies. Will it be the same course of action given this circumstance? Meaning, should I utilize the score bump from the AU account to get another cc? Or would it be better for me to put another $1.400 deposit on my sole secured cc account to make it a $2,000 limit and go from there (Continue using at 10% utilization and making on time payments, etc)? What would be my best course of action from here, so that I can get myself in position for an auto loan at a decent rate? I guess that's the bottom line for me on this entire post.

[notfancy]

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@Hcontreras wrote:

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@09Lexie wrote:

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OP is asking about a secured loan ie car loan. RobertEG is correct, one cc from an AU will be insufficient to qualify for a secured auto loan in most cases. If your GF is willing to add you as an AU, use the score bump to obtain your own cc preferably from a CU. When you are ready to app for your car loan, they will probably be more willing to provide financing. 

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09Lexie - But in my original post I wrote that I already have a secured credit card at a $600 limit, for 6 months already. I have no baddies. Will it be the same course of action given this circumstance? Meaning, should I utilize the score bump from the AU account to get another cc? Or would it be better for me to put another $1.400 deposit on my sole secured cc account to make it a $2,000 limit and go from there (Continue using at 10% utilization and making on time payments, etc)? What would be my best course of action from here, so that I can get myself in position for an auto loan at a decent rate? I guess that's the bottom line for me on this entire post.

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Is it a secured account that will graduate? Another account wouldn't hurt. 2 credit cards reporting would help you in the long run and with the bump from her cards, you should be able to get an unsecured one, especially adding in your own 6 month history with your own card. Do you have a relationship with a credit union?

[Hcontreras]

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@notfancy wrote:

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@Hcontreras wrote:

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@09Lexie wrote:

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OP is asking about a secured loan ie car loan. RobertEG is correct, one cc from an AU will be insufficient to qualify for a secured auto loan in most cases. If your GF is willing to add you as an AU, use the score bump to obtain your own cc preferably from a CU. When you are ready to app for your car loan, they will probably be more willing to provide financing. 

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09Lexie - But in my original post I wrote that I already have a secured credit card at a $600 limit, for 6 months already. I have no baddies. Will it be the same course of action given this circumstance? Meaning, should I utilize the score bump from the AU account to get another cc? Or would it be better for me to put another $1.400 deposit on my sole secured cc account to make it a $2,000 limit and go from there (Continue using at 10% utilization and making on time payments, etc)? What would be my best course of action from here, so that I can get myself in position for an auto loan at a decent rate? I guess that's the bottom line for me on this entire post.

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Is it a secured account that will graduate? Another account wouldn't hurt. 2 credit cards reporting would help you in the long run and with the bump from her cards, you should be able to get an unsecured one, especially adding in your own 6 month history with your own card. Do you have a relationship with a credit union?

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I need to check with Capital One to see if my credit card graduates, because I'm not sure. Yes I am a member of a CU currently (Halliburton Employees FCU). 

[notfancy]

Cap One will never unsecure.

Talk to your credit union about opening a CC with them. With the relationship you currently have, you might find yourself with a nice limit at a great rate. Tell them your goals, and they'll likely also be your best bet for your auto loan. Some CUs will approve you for a CC and auto loan with the same hard pull of your credit.

[Hcontreras]

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@notfancy wrote:

Cap One will never unsecure.

Talk to your credit union about opening a CC with them. With the relationship you currently have, you might find yourself with a nice limit at a great rate. Tell them your goals, and they'll likely also be your best bet for your auto loan. Some CUs will approve you for a CC and auto loan with the same hard pull of your credit.

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I made a BIG mistake about 2 months ago...I got impatient and went to them (the CU) and wanted to see if they would approve me for a $1,000 personal loan so that I could try to establish some credit, along with my cc (which at the time I only had about 4 months). Well, they denied me, but not totally. They said I would have to use some collateral for it. I didn't put up any collateral. Therefore, unfortunately,  it was a hard pull with nothing to show for it. :-( They cited that they couldn't do the loan unsecured due to my "limited credit history".  Then, that's how I came to this post asking to see if an AU would help me get my score up. I guess I'll have to wait a while to approach the CU again.

[Lasardo]

Are you familiar with a "Credit Builder" account?

[Hcontreras]

Tell me. Please....

[notfancy]

Here is a link to DCU's credit builder loans. I am not a member of DCU but it offers an idea of what the previous poster meant since they are all about the same: https://www.dcu.org/loans/credit-builder.html

[Hcontreras]

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@notfancy wrote:

Here is a link to DCU's credit builder loans. I am not a member of DCU but it offers an idea of what the previous poster meant since they are all about the same: https://www.dcu.org/loans/credit-builder.html

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Oh ok. Thank you. I can do this at my credit union for 3.35% interest. The only downside, I guess, is they only report to Experian. I would like for them to report to all, not just one. That's what the loan officer at my credit union told me. :-( Does anyone know if Capital One bank does this? I know that Capital One reports to all.