No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
@Shogun wrote:
@guiness56 wrote:
@Shogun wrote:
@guiness56 wrote:
@Joboak wrote:
Well it's not listed under a ein... It was opened under another employees social.The only way it would report is if you were personally responsible for the debt. Being an AU, even on a normal card, you are not responsible for the debt.
You say it was opened under another employees social??? That's kind of sketchy then. Has it been updated?
I think he is referring to the person who is adding him as AU.
oops,,, my bad.
Actually, he is already AU, just wanted it reported on his CR.
I had to re-read it the first time because that was my response also lol.
@Joboak wrote:
There are lots of articles on the net that display how being added to another persons old accounts increase your credit history.
It's called "piggybacking" and was popular some time ago. It got abused quite a bit, so there are ways that some creditors don't factor AUs in. Plus, a lot of the ones that were allowing it done got their cards cancelled. I have no problem with a family member or such adding an AU, but they were selling AUs for profit.
@Joboak wrote:
Correct I am an AU and have been for 8 years. I also am responsible for making sure the payment is made. I am the GM for this company. I had great credit with l several years worth of on time payments. Just no revolving credit. Once I got a new mortgage my credit tanked because the age of my credit was cut in half. I also (per loan officers advice) applied for a couple cards. Between the hard inquiries of shopping the mortgage and the new loan... I went from a 751 to a 680 without doing anything wrong.
Please help!!
Your loan officer advised opening new credit while shopping for a mortgage??? The general rule of that is, "No new accounts within 6 months of applying for a mortgage". Strange they would advise you doing it. Now, the new accounts will over a period of time help quite a bit, but initially you take a hit for the Inq and your AAoA takes a hit, so there's usually a drop. I could only advise you to contact them and ask why it's not reporting if you're an AU.
@Joboak wrote:
There are lots of articles on the net that display how being added to another persons old accounts increase your credit history.
What Shogun said.
You stated you had been an AU on a business card for 8 years and wanted it to report.
Business cards do not report to your personal credit file unless you are personally responsible for the payment. Since it is an AU account, 1, It is a business account, 2. You are not responsible for the debt so it will not get reported.
@guiness56 wrote:
@Joboak wrote:
There are lots of articles on the net that display how being added to another persons old accounts increase your credit history.What Shogun said.
You stated you had been an AU on a business card for 8 years and wanted it to report.
Business cards do not report to your personal credit file unless you are personally responsible for the payment. Since it is an AU account, 1, It is a business account, 2. You are not responsible for the debt so it will not get reported.
I think there's still a misunderstanding here.
Many business cards do not report to personal at all, unless you default on them.
I have Chase Ink and Citi MC, and am responsible for paying them (PG), and they do NOT show up on my personal report.
There are many threads here that mention this sort of thing.
There are several business cards that do report also. Barclay's, Citi and BoA sometimes do.
Let's see can I shed some light
AU's as guiness56 and Shogun have stated are not responsible for payments
OP even tho you're the GM and making the payment and responsible for such you are not the primary card holder.
That being said their are a few business cards that report to personal credit and business credit including CAP1
Business cards that report to personal credit can be a nightmare on UTL. Trust me I know.
Chase Ink only reports to business credit and they will not report to personal credit asked or not unless of default.....Sorry
Reporting to the consumer reporting agencies is of information related to indvidual consumers, not businesses.
FCRA 603(c) defines reporting as that of "credit or insurance to be used primarily for personal, family, or household purposes."