@Booner72 wrote:
Hi llecs- maybe I'm just tired from constantly worrying about this loan which is causing me to be confused- but I don't understand the rebucketing thing you are talking about.
Found out today that it is a 5000.00 limit card he has had since 1994. The Credit Union lady I talked to today said that they sent everything last night to the CRA's - so hopefully soon.
Also, she said that she doesn't think I will get the whole history, that she says it will look like a "new account opened in June." I told her I didn't think so, she wants me to call her and tell her if I do get the whole history. Now worried to death! But she sounded dumb anyway.
Hi there...
I believe you will get the history, good or bad. That's why you never want to become an AU on a card that has had late payments.
One question...does your dad use the card? If so, does he carry a balance? You don't want it to hurt your utilization percentage. If he uses the card and pays it off each month, he might want to pay it off before the statement cuts so that the card shows a zero balance.
While it's great to be an AU on a card with someone who has wonderful credit, if that person waits until he gets the statement to pay his balance, then the statement balance will show up on your report. It's nice to get the age...but you don't necessarily want the balance showing.
I was an AU on a card with my son. He is 800+ FICO and has great credit. It was an AmEx card that he used as his main card. He used it for $5-6k a month. He always paid in full. But...he paid AFTER he got the statement, which is the case with most people. Therefore, his monthly statement balance showed on our credit report each month and shot our utilization up. We ultimately took ourselves off the card.
