AU questions

[tleventer]

I'm contemplating adding hubby (not legally married... don't know if this makes a difference) as an AU on one of my CCs.  Not that he would be using it, but we're trying to fix his credit even though he has some pretty big dings.  I pulled his EQ this week and some of the baddies include:

2002 bankruptcy

current mortgage in foreclosure

a couple collections

several late payments over the years on different accounts

His EQ score is 599.  Not AS bad as I thought it might be but obviously needs to be better if we plan on doing some of the things we want to do in the future.  So... time to go to work. 

He doesn't have an active CC account that he can use to start posting a positive CC payment.  He does have 2 installment loans and 1 student loan that are open and active (one installment and the student loan are due to be PIF this summer).  With that score, I'd be surprised if anyone would give him anything more than a secured card, but I was contemplating adding him as an AU to one of my accounts.  The idea in my head is to use the card as positive credit on his account.  I AM concerned that adding him would negatively affect my CR.  Is it a 2-way street (each affect the other) or only a 1-way -- the good CR helping up the poor one as long as THAT account stays positive?  My scores dropped a bit when I put some needed roof repairs on credit and currently sit at EQ 683 and TU 696 (both were well into the 700s this summer when I wasn't carrying the roof repairs).

Also, we're trying to buy a farm (our dream place!) and the mortgage is (obviously due to scores) only going on my CR.  I'm concerned that if I were to add him now that would negatively affect my score and thus impact our mortgage.  Should I plan on waiting til we've secured the new mortgage or does it matter?

Thanks!!

[Lel]

Adding your husband as an authorized user on your credit card will not affect your credit score.  It will appear on his credit report and be factored into his score as a positive tradeline, but none of his accounts will appear on your report.

Given the number of derogatory accounts on his credit profile, adding him as an AU may not have a significant effect on his scores. 

[MarineVietVet]

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@Lel wrote:

Adding your husband as an authorized user on your credit card will not affect your credit score.  It will appear on his credit report and be factored into his score as a positive tradeline, but none of his accounts will appear on your report.

Given the number of derogatory accounts on his credit profile, adding him as an AU may not have a significant effect on his scores. 

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I agree with this but you might try adding him and see what happens. You can always remove him at any time. He can also remove himself. Adding him might help IF the account is older than any of his, IF the payment history is long and clean, IF the utilization is very low, and IF it will report to the CRA's. Not all cards will do this. You need to ask the company first. He will inherit the entire history of this account. One caveat however; if this account starts to go south his credit will be affected as well. Keep that in mind.

7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

CC interest free as of 8/09
"Hello my name is Sandy and I'm a recovering crediholic".