topic Re: Authorized user versus own TL in Credit Cards

Authorized user versus own TL

Brandon1972 — Sun, 13 Apr 2014 19:23:38 GMT

I have a question. My wife and I are working with a credit repair specialist with the VA. This is the way it works, he tells us which bad debts to remove or pay, settle, etc. then it's up to us to actually do the dirty work. I asked him whether my wife should get another credit card as her score stinks. He said that with her being an auth user on most of my cards, we don't need to get her another CC. She has a Cap One semi-unsecured card and is an authorized user on several my my cards. She only qualifies for secured cards at this time. What you ya'll think???

Re: Authorized user versus own TL

coldnmn — Sun, 13 Apr 2014 19:28:20 GMT

Adding inquiries and getting denials isn't the way to go. If it was me I would listen to the specialist.

Re: Authorized user versus own TL

myjourney — Sun, 13 Apr 2014 19:29:38 GMT

@Brandon1972 wrote:
I have a question. My wife and I are working with a credit repair specialist with the VA. This is the way it works, he tells us which bad debts to remove or pay, settle, etc. then it's up to us to actually do the dirty work. I asked him whether my wife should get another credit card as her score stinks. He said that with her being an auth user on most of my cards, we don't need to get her another CC. She has a Cap One semi-unsecured card and is an authorized user on several my my cards. She only qualifies for secured cards at this time. What you ya'll think???

Correct and if she get's another CC her scores will drop further so best plan is for your history to help raise her scores

Re: Authorized user versus own TL

Brandon1972 — Sun, 13 Apr 2014 20:03:00 GMT

@myjourney wrote:
@Brandon1972 wrote:
I have a question. My wife and I are working with a credit repair specialist with the VA. This is the way it works, he tells us which bad debts to remove or pay, settle, etc. then it's up to us to actually do the dirty work. I asked him whether my wife should get another credit card as her score stinks. He said that with her being an auth user on most of my cards, we don't need to get her another CC. She has a Cap One semi-unsecured card and is an authorized user on several my my cards. She only qualifies for secured cards at this time. What you ya'll think???
Correct and if she get's another CC her scores will drop further so best plan is for your history to help raise her scores

Ok. We'll just keep things the way they are. Even I don't have the best credit but have a total of 7 cards, some secured and some not. My top score is 659.

Re: Authorized user versus own TL

myjourney — Sun, 13 Apr 2014 20:09:36 GMT

@Brandon1972 wrote:
@myjourney wrote:
@Brandon1972 wrote:
I have a question. My wife and I are working with a credit repair specialist with the VA. This is the way it works, he tells us which bad debts to remove or pay, settle, etc. then it's up to us to actually do the dirty work. I asked him whether my wife should get another credit card as her score stinks. He said that with her being an auth user on most of my cards, we don't need to get her another CC. She has a Cap One semi-unsecured card and is an authorized user on several my my cards. She only qualifies for secured cards at this time. What you ya'll think???
Correct and if she get's another CC her scores will drop further so best plan is for your history to help raise her scores

Ok. We'll just keep things the way they are. Even I don't have the best credit but have a total of 7 cards, some secured and some not. My top score is 659.

Yes because any new apps will lower scores

So keep UTL low (1-9%)

Pay on time and the rest will come along naturally with both of your scores

Re: Authorized user versus own TL

credit-hunter — Sun, 13 Apr 2014 21:24:33 GMT

HI can you tell me is that progam from the VA /Government Agency or outside vendor i did'nt see that program at my local VA?....thanks

Re: Authorized user versus own TL

Creditaddict — Sun, 13 Apr 2014 21:42:09 GMT

I think we should be careful saying adding accounts will lower score... I have only had my score go up as I add accounts... I have also been cleaning and older stuff has been coming off at same time so I don't argue that adding accounts was the only reason for increased score but I don't think a blanket "it will lower your score" is a good statement either.

What are the baddies and what are they suggesting you do abou tthem?

Re: Authorized user versus own TL

myjourney — Sun, 13 Apr 2014 21:46:13 GMT

@Creditaddict wrote:
I think we should be careful saying adding accounts will lower score... I have only had my score go up as I add accounts... I have also been cleaning and older stuff has been coming off at same time so I don't argue that adding accounts was the only reason for increased score but I don't think a blanket "it will lower your score" is a good statement either.

What are the baddies and what are they suggesting you do abou tthem?

So your saying the VA loan person is wrong and they should go apping ...really now

Re: Authorized user versus own TL

Creditaddict — Sun, 13 Apr 2014 21:49:07 GMT

@myjourney wrote:
@Creditaddict wrote:
I think we should be careful saying adding accounts will lower score... I have only had my score go up as I add accounts... I have also been cleaning and older stuff has been coming off at same time so I don't argue that adding accounts was the only reason for increased score but I don't think a blanket "it will lower your score" is a good statement either.

What are the baddies and what are they suggesting you do abou tthem?
So your saying the VA loan person is wrong and they should go apping ...really now

not what I said at all... I'm saying I think a flat statement that applying lowers your score can be a false statement at least I have found that for me.

stop trying to pick fights with me, it's glogging up the post so it's hard to follow questions.

Re: Authorized user versus own TL

myjourney — Sun, 13 Apr 2014 21:54:30 GMT

@Creditaddict wrote:
@myjourney wrote:
@Creditaddict wrote:
I think we should be careful saying adding accounts will lower score... I have only had my score go up as I add accounts... I have also been cleaning and older stuff has been coming off at same time so I don't argue that adding accounts was the only reason for increased score but I don't think a blanket "it will lower your score" is a good statement either.

What are the baddies and what are they suggesting you do abou tthem?
So your saying the VA loan person is wrong and they should go apping ...really now
not what I said at all... I'm saying I think a flat statement that applying lowers your score can be a false statement at least I have found that for me.
stop trying to pick fights with me, it's glogging up the post so it's hard to follow questions.

1) your credit was rock bottom and could only go up

2) this is a mortgage case and no one should app within 6 months of that NO ONE

3) Trust me I am in no way trying to pick a fight with you but I will correct you when you give out bad info as you attempt to throw BLANKET STATEMENTS out in certain directions ....

4) I've seen you talk down to people all day maybe it's your tone ....check it or I will ....sorry

Re: Authorized user versus own TL

09Lexie — Sun, 13 Apr 2014 22:02:02 GMT

@myjourney wrote:
@Creditaddict wrote:
@myjourney wrote:
@Creditaddict wrote:
I think we should be careful saying adding accounts will lower score... I have only had my score go up as I add accounts... I have also been cleaning and older stuff has been coming off at same time so I don't argue that adding accounts was the only reason for increased score but I don't think a blanket "it will lower your score" is a good statement either.

What are the baddies and what are they suggesting you do abou tthem?
So your saying the VA loan person is wrong and they should go apping ...really now
not what I said at all... I'm saying I think a flat statement that applying lowers your score can be a false statement at least I have found that for me.
stop trying to pick fights with me, it's glogging up the post so it's hard to follow questions.
1) your credit was rock bottom and could only go up
2) this is a mortgage case and no one should app within 6 months of that NO ONE
3) Trust me I am in no way trying to pick a fight with you but I will correct you when you give out bad info as you attempt to throw BLANKET STATEMENTS out in certain directions ....
4) I've seen you talk down to people all day maybe it's your tone ....check it or I will ....sorry

Let's remember we are here to offer advice and give support. Keep that in mind when responding to any post.

Thank you.

Lexie, myFICO Moderator

Re: Authorized user versus own TL

Creditaddict — Sun, 13 Apr 2014 22:02:19 GMT

@myjourney wrote:
@Creditaddict wrote:
@myjourney wrote:
@Creditaddict wrote:
I think we should be careful saying adding accounts will lower score... I have only had my score go up as I add accounts... I have also been cleaning and older stuff has been coming off at same time so I don't argue that adding accounts was the only reason for increased score but I don't think a blanket "it will lower your score" is a good statement either.

What are the baddies and what are they suggesting you do abou tthem?
So your saying the VA loan person is wrong and they should go apping ...really now
not what I said at all... I'm saying I think a flat statement that applying lowers your score can be a false statement at least I have found that for me.
stop trying to pick fights with me, it's glogging up the post so it's hard to follow questions.
1) your credit was rock bottom and could only go up
2) this is a mortgage case and no one should app within 6 months of that NO ONE
3) Trust me I am in no way trying to pick a fight with you but I will correct you when you give out bad info as you attempt to throw BLANKET STATEMENTS out in certain directions ....
4) I've seen you talk down to people all day maybe it's your tone ....check it or I will ....sorry

well it's typing... I don't kno how to change my tone in a text.

and I was saying the blanket statement of applying for credit lowers a credit score was maybe not a true statement... I didn't give a blanket statement that applying for credit will increase score!

now, I will never disagree with not applyign for anything when a mortgage is around the corner!

Re: Authorized user versus own TL

Brandon1972 — Sun, 13 Apr 2014 22:05:03 GMT

@credit-hunter wrote:
HI can you tell me is that progam from the VA /Government Agency or outside vendor i did'nt see that program at my local VA?....thanks

It's called Veterans United Lighthouse Program.

Re: Authorized user versus own TL

Brandon1972 — Sun, 13 Apr 2014 22:08:48 GMT

@Creditaddict wrote:

What are the baddies and what are they suggesting you do abou tthem?

I have a couple things on my CR but it's mainly my wife who has alot of medical collections and other collections which are reporting on a regular basis. They basically want us to PFD if possible, PIF or settle as a last resort. He wants these collections to stop reporting.

Re: Authorized user versus own TL

Creditaddict — Sun, 13 Apr 2014 22:11:10 GMT

@Brandon1972 wrote:
@Creditaddict wrote:

What are the baddies and what are they suggesting you do abou tthem?
I have a couple things on my CR but it's mainly my wife who has alot of medical collections and other collections which are reporting on a regular basis. They basically want us to PFD if possible, PIF or settle as a last resort. He wants these collections to stop reporting.

I would start with medical as you have a great chance that they won't put up a fight to PFD, other collections I have had about a 2% success coming across any that will PFD but I do read it on the boards so it's always worth trying!

yeah pretty sure for mortgage they just need them all closed out in some form (paid, settled, whatever but closed and nothing due!)