joint account holder question.

johnpalley · ‎07-21-2007

my mother doesn't want to put me as a joint account holder on her credit card account because she said its impossible to take me off of the account after that. i just wanted to do it so i can buy a house and then after that be taken off. she said the only thing that can be done is to close the account and then start a new one by herself.is this true?

Anonymous · ‎07-21-2007

Unfortunately Joints are hard to end without closing... You still have plenty of time for the AU strategy to work.

Rob

johnpalley · ‎07-21-2007

my mother already put me as an autherized user on 5 credit card accounts but none of them have posted to equifax yet. im worried that the mortgage company isn't going to count them thats why im trying to convince her to put me as a joint account holder. it seems like theres alot of cracking down on autherized users thats why im worried.Message Edited by johnpalley on 07-21-2007 09:27 PM Message Edited by johnpalley on 07-21-2007 09:28 PM

Message Edited by johnpalley on 07-21-2007 09:33 PM

Anonymous · ‎07-21-2007

With most mortgage qualification, FICO score is all that matters... When the cards post on your CRAs your scores will shoot up... In Sept one of the 3 CRAs will discontinue the counting of AUs due to FICOs new model... The other 2 will follow suit in the near future.

It is your middle score that matters when purchasing a home, so discount the lowest and the highest ge your middle score as high as you can... Once above 620 you're qualified for FHA. If you're looking for a conventional loan, using other than FHA program the higher the FICO middle the better.

Keep fighting the good fight!

Rob

johnpalley · ‎07-21-2007

they also want to see that i have an account thats 2 years old. are they going to count an au? thats what im worried about. i only have a credit card 1 year old. the other thing i just found out is that the target card that i am an au on from my mother doesn't report to the CRAs. so not all credit card companies even report in the first place with au's.

Message Edited by johnpalley on 07-21-2007 10:27 PM

Anonymous · ‎07-22-2007

johnpalley wrote:
they also want to see that i have an account thats 2 years old. are they going to count an au? thats what im worried about. i only have a credit card 1 year old. the other thing i just found out is that the target card that i am an au on from my mother doesn't report to the CRAs. so not all credit card companies even report in the first place with au's.

Message Edited by johnpalley on 07-21-2007 10:27 PM

Call the CCC in this case Target and ask innocently if they have your DOB and SS on File... When they say no, ask them to add please. This happens quite a bit, but can usually be resolved.

Rob

johnpalley · ‎07-22-2007

so are you saying that once they have my DOB and SS in the computer that means that it automaticly gets reported to the CRAs. and if so who is supposed to call? me or my mother and what are we supposed to tell them exactly?

Message Edited by johnpalley on 07-22-2007 01:45 PM

Anonymous · ‎07-22-2007

That is what I'm saying... You or your mother can call.

Rob

johnpalley · ‎07-30-2007

does anyone know which one of the CRAs is going to stop counting au's in september?

fused · ‎07-31-2007

johnpalley wrote:
does anyone know which one of the CRAs is going to stop counting au's in september?

No confirmation yet, but most are betting EQ.

Message Edited by fused111 on 07-31-2007 02:42 PM