Thoughts on rebuilding

[ang123]

Hello! I am about to begin my rebuilding journey, and I have a few questions.

Before I was married my spouse had about 15 cards- all the cards mentioned as the way to start rebuilding in the chp7 to 700 in 24 months.

Luckily I was not listed on his cards, so while I filed with him, I did not burn those companies.

My thoughts are to have myself added to my parents cards as an authorized user- to give myself a little history and begin the process of applying and rebuilding. My husband is the breadwinner, but now I am working a small part time job-so I should be able to get credit in my own name. I figure I get the cards he burned in his name- then add him as an authorized user so his credit can rebuild. With him added on the card they should raise the limits as well. I just want to get our ducks in a row, and move past the mistakes made from college.

Does this sound wise/practical?

[bstone]

There are many posts about AU on CC's, there is no benefit to it.  Lenders have caught on to this and it's not going to help either of you.

Best thing to do is follow SoulMaster's 700 in 24 month plan, seems to work very well for most who have followed it.

Good luck!

[MarineVietVet]

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@ang123 wrote:
Hello! I am about to begin my rebuilding journey, and I have a few questions.

Before I was married my spouse had about 15 cards- all the cards mentioned as the way to start rebuilding in the chp7 to 700 in 24 months.

Luckily I was not listed on his cards, so while I filed with him, I did not burn those companies.

My thoughts are to have myself added to my parents cards as an authorized user- to give myself a little history and begin the process of applying and rebuilding. My husband is the breadwinner, but now I am working a small part time job-so I should be able to get credit in my own name. I figure I get the cards he burned in his name- then add him as an authorized user so his credit can rebuild. With him added on the card they should raise the limits as well. I just want to get our ducks in a row, and move past the mistakes made from college.

Does this sound wise/practical?

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Yes it can help IF the account is older than any of yours (older than your current AAoA is even better), IF the payment history is long and clean, IF the utilization is very low, and IF it will report to the CRA's. Not all cards will do this. You need to ask the company first. You will inherit the entire history of this account. One caveat however; if this account starts to go south your credit will be affected as well. Keep that in mind.

[Anonymous]

where would i find this soulmaster's to 700 in 24 months plan i searched and cant find it anywhere

[Anonymous]

Right here:  http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/m-p...