Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
Re: Helping BF rebuild credit

AUs are usually treated the same. Some lenders will take issue if you are 100% reliant upon them. Per FICO, they (AUs and individual or joint ownership) are treated equally.

 

If I had to advise him, I'd tell him not to apply for any credit. I'd tell him no to credit if he's not planning to work full-time. Without an income and a means to pay the bills, I'd tell him to go cash-only for the time being, or until he starts working again. I'd even go further and tell him to reserve the savings he has to take care of his car and SLs as opposed to using it for past debts. There's no need to focus on repair if he isn't applying for anything. You'd also want to have cash on hand for any emergency fund and to have savings set aside if he were to be sued for any past debt still inside SOL.