Does this method really work?

[lhova2000]

Hello all. I've been in the community for a lil while now but I have to say that I'm addicted! I'm learning so much about creditting, reading about good people realizing there dreams, whether by owning the first house, or car or the comfort of knowing that they have good credit! With that being said I have a quesiton for you all. My credit scores are in the 650's range and hopefully in Dec when my student loan is rehabed I won't have any baddies and my scores will rise to the 700's (according to the Fico Estimator). I recently got married and my wife's EQ is roughly 610 with her TU and EX around the 550 mark. She was an AU on an ex's Amex that he was paying late, she also has a Target card with a 60% util ($120 bal on a $200 CL) and it shows that she has some 30 and 60 day lates with her Student loans. The student loans shouldn't show late so she's disputing those but in regards to the credit cards and things I was considering adding her as an AU on my 2 credit cards. I have a Cap one and Walmart store card with $500 CL on both with 0% util.  We are looking to buy a home within the next 6 months but I'm scared that i won't be able to put her on the credit app based on her scores and my income won't support the house we want. We need her income as well.We're trying to get her to be at least in the 620 or greater range.. Do you guys think that adding her to my cards will help? And can she try to be removed as an AU from the Amex and thus have it deleted from her report? Thanks in advance!!

[Anonymous]

File a dispute with AMEX *not mine*. It should be deleted.

If your CC have a history (over 1 year old) and good payment....Yes add her as an AU.

There are times when it takes about 3 months to appear on her CR but can be worth it.

IMO never have a CC in joint names!

You can get a mortgage with both scores and only 1 income.

Message Edited by HappyDays on 08-23-2009 12:46 PM

[lhova2000]

Thanks Happy, So is that the only way to remove yourself as an authorized user, by disputing it on ur credit report? And were not trying to get the mortgage with 1 income, I need her oncome in order to get the house, I just dont want her low scores to get us declined..

[Anonymous]

Call Amex. I'm an AU on a card, and when I called to ask about the status of the account, they told me that as AU and I didn't have to have the info reported on my CR. Have you wife call them, let them know that she'd like her info removed from the card and deleted from her CR because the card was not being paid by the account holder, something she had no control over.

[lhova2000]

I called walmart to add my wife as an AU and they told me that they will do it and they will report it to the 3 credit agencies,  but they also said that it will not have any impact on her credit except maybe negatively if I am late or carry a high balance. Is this true? Its a new card with a 500 balance and my wife currently only has 1 target card with a 200 CL and 105 balance. I figured with the new walmart and my 7 yr Cap one with 500 Cl and 0 bal it would help her scores. Any advice?

[RobertEG]

My read.

If you are applying for a mortgage loan, the lendor does not look just at FICO scores, and who is an AU or joint holder on this or that account. 

If you are married, the lendor will review many factors, not only the credit scores, of both spouses, (their incomes, employment history, other debts that may not even be reported to CRAs, etc) that have nothing to do with FICO scoring.  I dont think shell games of who is what on each account means a lot for a mortgage loan.  They look at the whole picture.