Credit Rebuild and Authorized User. Please respond with the best advice possible!

[Blake2891]

I need help.  Can someone please help me.  I need to bring my score up immediately.  My 18 year old son is an authorized user on my Capital One Accounts and Credit One.  He just applied for 2 cards in which he was approved and those are Southwest Premier (5000.00) and United MC  (5000.00).  Questions?  If he add me as an authorized user on both his cards, will it help me out.  Also, can you please tell me what you think I should pay off first.  Here it goes.

Good Trades:

Mortgage:  $117,000.00- $836.00 a month- started 12/12- Never Late

NFCU NRewards Visa: $1000.00- 0 Balance

NavyCheck: $6000- $2000.00 Balance

Go Rewards MC (JOint)- $5000.00-$1300.00 Balance

NCash Rewards Visa:  $2000.00- $1100.00 Balance

Gap:  $200.00/0 Balance- Never late- Closed by Consumer for no reason

Walmart:  $300.00/200.00 Balance- Never late

JcPenney- $200.00/0 Balance- Never late

Dillards:  $200.00/100 Balance- Never Late

Macys:  $300.00/0 Balance- Never Late

Capital One:  $800.00/$342.00 Balance- Never late

Capital One (Formaly Orchard) $1500.00- $848.00 Balance- Opened 8/25/2005 (Oldest Card)

Capital One (Formally Orchard) $1100.00- $500.00 Balance

Qvc: $400.00/$250.00 Balance- Never late

NY& Company- $300.00/0 Balance- Never late

Victoria Secrets- $250.00/0 Balance

Credit One Bank: $850.00/400.00 Balance- Never Late

Sallie MAe- Student Loans: $6000.00/$2000.00Balance- Never Late

Exeter:  Car Loan:  $19903.00/$412.00 a month- Never Late- 12%

FingerHut:  $1150.00/$300.00 Balance- Never Late

First Premier:  $700.00/$450.00 Balance- Never Late

Hope Federal Credit Union: $25,000.00/0 Balance- Never Late

Jefferson Financial $3000.00/0 Balance- Never Late

Baddies:

Ad Astra- Payday Loan-$1278.00- 6/2013

Hope Federal Credit Union- $8071.00- Account Paid in Full- Paid Charge Off

MAtthew Thomas & Associace- $832.00- Verizon Bill- 12/2012

Judgment- Midland Credit- $1800.00- Judgment Satisfied

Southern Credit Recovery- $788.00- Medical

Telecovery- $170.00-12/2007 Medical

Credit COntrol- Cox Cable:  $270.00- 8/1/2013

Credit Control- Cox Cable- $140.00- 8/1/2013

Assets:

Income: $55K

401K-$10,000- Put 6% every month

When the new collections came up and GAP closed my card, my credit score went from a 600 to 560 according to SW.

Starting Score: 10/21/2013- EX: 574- EQ:562- TU: 523

Goal Score:  800

[RobertEG]

As for being added as an AU, I would venture a guess that it would hurt more than help.

First, the accounts will be of essentially zero age, and thus negatively affect your AAoA.

Second, you will lose control of potential derogs and high utils should he not exercise control on the account.

Third, you dont need additional revolving to improve mix of credit.

Fourth, adding any AU account will remove the abliity of a prospective creditor to use your score as representative of only your reported history.

[Blake2891]

Thanks Robert.  My son is pretty responsible, so I think it will be okay.  What cards do you think I should pay off first?  I paid GAP off and they closed my account.  This is enough of credit, I know.  I am just pretty anxious to get my scores up and I am depressed that they are not moving. 

[RobertEG]

In my opinion, the accounts with most peril are those that still have unpaid, delinquent debt.

I would concentrate on those before paying down the util on accounts in good-standing.  Regardless of your score, unpaid delinquent debt can, in and of itself, be a killer for an app for new credit.

Increasing levels of delinquency can also be reported, which can progress from current delinqunecy to charge-off and/or to collection, adding additional woes.

And, if still within SOL, you they may initiate legal action. 

Being unpaid, if you can throw $$ at them, you may be able to negotiate a pay for delete, thus removing derogs from your report.

However, they take time, so they probably are not "immediate" potential for score improvement. 

How soon is "immediate"?

Similarly, for paid accounts that have reported derogs, you can send GWs, but they also take time, and dont usually lead to immediate results.

Most bang for the buck will take time.  As for immediate score increase, you can pay down the highest % util cards first, and thus get some immediate score improvement under util of credit.  Based on the large number of accounts that require monthly payments, I would presume that might be tough?

Concentrating only on immediate gains by paying down util on accts in good standing may not be the best long term strategy.

[09Lexie]

Besides the new CAs , you show a Hope as PIF but with a bal.; is it reporting this way? I'm with Robert, you do not need anymore rev cc's, you need to req PFDs on the new CAs ASAP, correct the reporting for the paid co with Hope .

The other thing you can work on is your util in your current cc's, make sure none are reporting more than 50%.

[Blake2891]

Hope is paid in full, but it was a charge off first and it was a secured long.  I have sent them numerous letters asking to GOODWILL, but no budge.  I will PFD the Cable Bill which is what's new that's reporting.  What credit cards should I pay first?  Should I pay First Premier first?  I really would like to close the card because the interest is way to high.

[09Lexie]

Hope should be reporting a 0 bal.

[09Lexie]

Pay and close FP, CreditOne.
Pay down Walmart , Dillard's and ask for CLI on them and CLI' on JCP , Macy's and Cap 1

[Blake2891]

Lexie...my Credit One has a lower interest than my Capital One.  My Capital One is 24.99% and my Credit One is 17.99%.  Should I close both of them and FP?  I asked for CLI's on my GE and Macy's cards and they were declined.  GAP closed my account after asking.  Capital One gave me a $400 line increase on all my cards.

[09Lexie]

Does your CreditOne have monthly fees?