topic Re: Trying To Help My Mom in Credit Cards

Trying To Help My Mom

Anonymous — Wed, 23 Oct 2013 01:35:50 GMT

I saw one of my mom credit score's 558. So she asked for my help to get her back on the right track. I have a couple of questions.

Would she be able to get atleast a gas card or anything?

Will adding her to one of my credit cards increase her score?

What about taking her off will it hurt her score again?

She has two closed accounts.

One collection agency opened in 2008 with $537 past due. The other opened in 2004 date last payment was January 2011. One 30 day late, two 60 day late, and 16 CA on the car loan .

One Account in collection.

Sprint balance owed $1,193

Can I help her build her credit back up. So she can get a house.

Re: Trying To Help My Mom

myjourney — Wed, 23 Oct 2013 01:39:36 GMT

Congrats for helping mom...BRAVO

Her best bet at this point is:

Get a secured card

PFD what she can and GW the rest

Yes add her as AU

Re: Trying To Help My Mom

Creditaddict — Wed, 23 Oct 2013 01:40:22 GMT

@Anonymous wrote:
I saw one of my mom credit score's 558. So she asked for my help to get her back on the right track. I have a couple of questions.

Would she be able to get atleast a gas card or anything?
Will adding her to one of my credit cards increase her score?
What about taking her off will it hurt her score again?

She has two closed accounts.
One collection agency opened in 2008 with $537 past due. The other opened in 2004 date last payment was January 2011. One 30 day late, two 60 day late, and 16 CA on the car loan .

One Account in collection.
Sprint balance owed $1,193

Can I help her build her credit back up. So she can get a house.

if she has the money I would call the $537 debt and settle for 30-50%... if she has no money she is most likely past legal age of collection so she won't NEED to pay it legally but it always helps to get a $0 balance updated which will happen when settled. just don't pay more than 50%!

same with sprint... pay if she can.

does she have any open credit currently?

no she probably can't get any credit on her own right now besides maybe a secured capitalone card which she could run the pre-approval on the site and it will tell her if she can apply for something.

otherwise sine she has nothing, adding her to yours will help her tons!

later removing her won't hurt her to much if you at least wait until she is able to open a couple accounts on her own and start to build her own strong history... the history of your accounts will remain, the available credit will just go away.

Re: Trying To Help My Mom

youngandcreditwrthy — Wed, 23 Oct 2013 02:03:24 GMT

Try to settle the collections ONLY if the creditor gives you something IN WRITING saying they'll remove it from ALLL of her CRs after payment is received.
Because all the collections accounts are two+ years old, imo, it would lower her score even more to pay them as they will update and look recent.
If it's an FHA loan she is after though, they'll want her to pif all collections under $1000.

Please head my advice. Paying an account more than 2-3 years old UPDATES it and will lower her score. The damage has been done. Tell her to NOT talk to the debt collectors. They will illegally update it all they can. I had a horrible time trying to get someone's old util bills off my CR. I wasn't even of legal age, and a bunch of COs were on my reports from like 2004(I was 15! Why would I have Reliant or TXU?)

Re: Trying To Help My Mom

Anonymous — Wed, 23 Oct 2013 02:39:05 GMT

Oks so just worry about paying back the phone bill?

What if I had her to all of my cards would that increase her score more or would one just be enough.

Re: Trying To Help My Mom

myjourney — Wed, 23 Oct 2013 02:42:12 GMT

@Anonymous wrote:
Oks so just worry about paying back the phone bill?

What if I had her to all of my cards would that increase her score more or would one just be enough.

All is better

Re: Trying To Help My Mom

Anonymous — Wed, 23 Oct 2013 02:43:28 GMT

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Trying-To-Help-A-Friend/td-p/2531681

Well but this a bit LOL

Re: Trying To Help My Mom

Anonymous — Wed, 23 Oct 2013 02:45:00 GMT

I know but I got no help there.

Re: Trying To Help My Mom

myjourney — Wed, 23 Oct 2013 02:46:05 GMT

@Anonymous wrote:
http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Trying-To-Help-A-Friend/td-p/2531681
Well but this a bit LOL

Interesting

Re: Trying To Help My Mom

Anonymous — Wed, 23 Oct 2013 02:47:31 GMT

So you helping your Mom and Your Friend with same 558 Fico score ? LOL

Re: Trying To Help My Mom

Anonymous — Wed, 23 Oct 2013 02:58:05 GMT

I just said I was not getting any help with that one. I give up, bye. shut the post down, delete it, whatever. Smh I know not to ask anymore questions...

Re: Trying To Help My Mom

FinStar — Wed, 23 Oct 2013 02:59:29 GMT

@myjourney wrote:
@Anonymous wrote:
http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Trying-To-Help-A-Friend/td-p/2531681
Well but this a bit LOL
Interesting

@Anonymous wrote:
So you helping your Mom and Your Friend with same 558 Fico score ? LOL

Coincidence? Now, what are the odds both "Friend" and "Mom" have the same exact score and similar profiles? LOL

Re: Trying To Help My Mom

09Lexie — Wed, 23 Oct 2013 03:01:14 GMT

OP,

To avoid confusion, please do not double post across multiple boards.

Thank you

09Lexie

Re: Trying To Help My Mom

Anonymous — Wed, 23 Oct 2013 03:08:10 GMT

Helping another is Ok,helping yourself is fine, helping members is everybody Job,but you have to respect My eye and our members eye too. LOL

Re: Trying To Help My Mom

sccredit — Wed, 23 Oct 2013 14:54:53 GMT

The FHA claim about paying all collections under $1k is patently incorrect. If a collection is under $1k and has not been disputed in the past 24 months FHA overlooks it. If it has been disputed they will want the CRA to remove the dispute notation or the account to reflect a $0 balance.

Re: Trying To Help My Mom

mrmichaelscott — Wed, 23 Oct 2013 16:10:51 GMT

Let's keep it real... she(or your friend or youself in that matter) is not going to get a house soon... probably not even to rent a place with that credit... There is many things the poster is not telling us. The collection was probably done by OP that's why his mom is telling him to fix it... why he's trying posting on different boards creating different characters. Well let's just play along and I will tell you what she needs for her to get a house. She will need at least 3-5 seasoned trades(at least 24 months), get rid of all her collections and get them to drop off from the reports, show income for 2 years, have money for the down payment... she or you have or will not have none of those so let's stop this non sense and get to work now so you don't be for your shift!

Re: Trying To Help My Mom

Anonymous — Wed, 23 Oct 2013 17:45:07 GMT

What are you talking about. I clearly said she had a car loan back in 2007. I was 14 in 2007 so how could I have done it you freaking genius. Plus I have my own phone and been paying my bills on time. My scores are in my sig, so I am on the right track I am trying to help her. I said my friend at first because I didn't want to put her business out like that.

I'm clearly trying to help her out that is why I asking the questions. I added her on to my discover it, would her increase higher if I add her on my quicksilver and barclay card too? Or it will just be the same with just one.

Would she be able to get her own card if she has that collection on there or do she has to pfd first.

Re: Trying To Help My Mom

youngandcreditwrthy — Wed, 23 Oct 2013 17:49:31 GMT

Why is everyone being so rude...
The OP is seeking advice, not attitude. Who gives a rat's behind about who has the 558 score; we need to help 'em! Forum is here to help not to bash.
Damn!
Imo, you need to worry about the collections first. I think some creditors, such as Amex, would AA you if you add someone with "bad" credit to your cards.

Re: Trying To Help My Mom

Creditaddict — Wed, 23 Oct 2013 18:02:48 GMT

1. I agree with everyone attacking.. I don't care if OP is seeking advice on their dog... just don't post on multiple pages same questions in future and we should be good.

2. No bank cares about the AU credit when just adding them as AU to your accounts.

3. OP... add your mom to your Capital One and Barclay also... 3 is best.

4. she probably can get her own card even with the collection since it is so old... but wait for 1-2 months of having AU on your cards... that will jump her score a bunch I think just because she currently has nothing good reporting and all of a sudden will.

5. try the pre-qual on capital one... she will get offers probably as soon as next month if not now... if no offers still by next month, maybe get her secured cap1 since it's usually semi unsecured and may qualify for small cli in future

Re: Trying To Help My Mom

09Lexie — Wed, 23 Oct 2013 18:08:29 GMT

Comments should be addressed to OPs questions. Personal comments or innuendos about the truthfulness of OPs situation will not be tolerated.

Thank you for your understanding.

09Lexie