Does adding an adult child as a user on my account help him with his credit score?

[Anonymous]

Hello everyone, and thanks for any info I receive. I have an adult son who had some medical bills he was not able to pay three years ago(he had no insurance at the time). Would adding him as an authorized user to my credit cards help his credit score? He was told that he could not apply for a mortgage until he paid off those huge medical bills, which would take him many years.

[Anonymous]

It will only help till the end of the year as they are changing the rules on AU'S

and either EQ or EX already started this month...

And welcome aboard as the folks here will help you and your son clean up his credit

Just give us some insight as too what his credit problems are and the fine folks here

will steer you straight, most of us have been in bad shape at one time or another.

Message Edited by Tmleverage on 08-10-2007 06:44 PM

[fused]

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djdowell wrote:
Hello everyone, and thanks for any info I receive. I have an adult son who had some medical bills he was not able to pay three years ago(he had no insurance at the time). Would adding him as an authorized user to my credit cards help his credit score? He was told that he could not apply for a mortgage until he paid off those huge medical bills, which would take him many years.

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Here's a good read on AUs

http://credit.com/credit_information/credit_report/Consumer-Alert-FICO-Formula-Changes.jsp

According to one EX VP, they will be the first CRA to launch FICO2008 scoring model next month.

http://www.baltimoresun.com/business/investing/bal-bz.ambrose05aug05,0,2786199.column

[Anonymous]

djdowell wrote:
I have an adult son who had some medical bills he was not able to pay three years ago

...

Would adding him as an authorized user to my credit cards help his credit score? He was told that he could not apply for a mortgage until he paid off those huge medical bills, which would take him many years.

Have you son pull his CRs from all 3 CRAs.

http://www.annualcreditreport.com

Have him go over the reports and verify everything is correct. Odds are that more than one thing is inaccurate, incomplete, double reported, or otherwise wrong.

Have him start disputing inaccuracies.

He should contact the CRAs for any collections or other adverse TLs on his CRs. Ask the CRAs what the DOFD, Date Of First Delinquency, is for those TLs. 7 years, give or take 180 days, from the DOFD and it must drop from his CRs.

If the medical collections are from 3 years ago, and he can't pay them, he's likely got 4 more years to ride this out.

Has he been making any periodic payments on them as he can?

Is he still getting calls from CAs?

Has he been able to pay off any of them, and have those paid collections dropped from his CRs?

Has he signed anything from anyone regarding any of the bills?

Is he on any sort of payment arrangement with any of the CAs for any of the bills?