@09Lexie wrote:
@Carrie_in_Pa wrote:18 late payments on student loans, those are his baddies. He is starting loan rehab soon, the paperwork just came today.
The rest of his credit report is good, there are a bunch of loans and charge accounts that are good but closed. The only open account he has is from 2009, its an Old Navy with a $600 limit and he doesn't even remember opening it.
In 2012 his score was 741 and then when i noticed the loans went bad i checked his scores. On the 6th EX showed 524 (bank denial) and on the 5th TU was 591 (from capital one's letter). Everything he remembers ever having is still on his credit report so i don't see how the score drop could have been from goodies falling off.
I am guessing that there just isn't enough good to dilute the bad. While he rehabs his loan i will be figuring out what else i can do.
Since he has nothing positive on his reports, the baddies are impacting his score. It's admirable that you are helping him but it would be better for him if he takes an active role in repairing his credit. This way, he'll see how much work is involved when undoing late payments and not remembering accounts are being closed.Just my .02.
I agree that he should handle it all himself BUT I want it done now, not when he eventually gets around to it maybe...
I love him dearly but he's a putz with some things, especially money. He is a really hard worker and right now he decided to work 10 to 15 hour days at an awful summer job instead of collecting unemployment. In exchange, i have vowed to take every penny and make it go as far as i possibly can. It's a really good thing that i'm a low maintenance gal.
@Creditaddict wrote:
Secured cards!
And get that rehab going as fast as possible
That's what he was trying for, no checking account = no credit cards at all.
That was taken care of 3 days later and now we are waiting for all of the "welcome" paperwork from the bank. He needs one of the checks to start the direct deposit of his paycheck so there's something in the bank to cover the rehab payments.
I think his parents didn't help him when he was young by never discussing finances or how things worked. My parents on the other hand, did everything for me to see and i am doing the same with my kids.
I did just add him as authorized user on some of my cards, not all. I don't want to kill the age of his accounts.
Will my entire history show up on his report or just from the day i add him? I know i looked this up somewhere but sometimes it's hard for me to keep it all straight.
@Carrie_in_Pa wrote:I did just add him as authorized user on some of my cards, not all. I don't want to kill the age of his accounts.
Will my entire history show up on his report or just from the day i add him? I know i looked this up somewhere but sometimes it's hard for me to keep it all straight.
Depends on the card... for the majority it will only report when you add them and not when you first opened it.
BoA has been the only exception that I've noticed however I'm sure more people will pay more attention to that aspect than me. 
Thanks for the info, i will wait and see how things are with the ones i added him to and decide from there.
Still want to get him at least a secured card of his own. Hopefully he's home long enough in the morning to make the call.
Nice!
My Chase Freedom just arrived today and i already added him to that, it's new but has a decent limit. Last week i added him to my Best Buy and that is my highest limit account. I can't remember if i added him to my Discover acct but that one is a baby too. Almost forgot, i added him to my Capital One acct because that goes back 7 years.
I guess i have to wait and see how they all report. Thanks!