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Authorize user

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Regular Contributor

Authorize user

I’m not sure where to post this so decided to post it in the general forum. I’m looking to help my girlfriend with her credit. She’s currently in the mid 600’s with a few baddies(60+ late payment) and a few balances on her previous credit cards from a few years ago. She purchased a new car with a co signer so she currently has an installment loan on her profile but that’s about it. If I put her has an authorize user for my us bank cash+ and Costco Citi card, could this improve her score? If not, any suggestions which direction to go?

Message 1 of 12
11 REPLIES 11
Valued Contributor

Re: Authorize user

It will help some if you keep the uti low and the cards have some age to them.

Sadly though the scores will stay depressed because of the elephants on the reports, the derogs..

You/she might want to post on the rebuilding board for some help taking care of the baddies.

 

She should consider a secured card or two.. Also could try Cap One or Open Sky for a CC of her own.

 

CHEERS




Message 2 of 12
Frequent Contributor

Re: Authorize user

You should add her as an au,but the reward will fall in comparison to positive information from her very own credit accounts.She should pay down those old cc;s balances that will have an affect on her overall cc utilization.The best things she can do is to have at least one cc and that auto loan report positive on time payments monthly,keep balances way below 10% on cc's,learn AZEO method before any future credit apps that you should only open as needed.And  keep your oldest cc account open.Those lates will fall off her cr seven years from the date they occurred.She will need three cc's  one day,but don't rush in.GOOD LUCK

Message 3 of 12
Regular Contributor

Re: Authorize user

At the moment she is hesitant about applying for a cc due to her credit report. Someone will accept her application but just don’t want to go on an app spree to find that one. I’d like to take it a step at a time and I’m hoping adding her as an AU will benefit her profile as well.

Message 4 of 12
Community Leader
Senior Contributor

Re: Authorize user

First things first.

Try a campaign of goodwill letters to see if anything can be done about those lates.

Next, instill in her the importance of paying bills when they’re due. If she hasn’t, tell her to put her CCs on autopay for the minimum payment. Also, please tell her that no matter what, do not miss even one payment on the carnote because that wonderful co-signer’s credit will be damaged. Matter-of-the-fact, put the carnote on autopay also.

And lastly, she should get the UT on the cards from a few years ago paid down.

IMHO, no new CCs until she understands the importance of paying bills on time.
GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 5 of 12
Regular Contributor

Re: Authorize user

Thanks for the advice. As a mature adult now, she understands how important it is and I want to help her improve her score.

So she should pay her balance off for both cards? They’re roughly $400 per card.

Message 6 of 12
Community Leader
Senior Contributor

Re: Authorize user

Let one card report less than 8.9% of the CL and the other report $0.
GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 7 of 12
Community Leader
Super Contributor

Re: Authorize user

As long as she now understands she needs to PIF statement balances monthly.
Adding her to two of your oldest CCs
that reports AUs and full history, will have a positive affect on her scores.

As others have said, have her to pay off those two charge offs. Unless they're nearly 7 years old now. And make sure those creditors update those accounts to paid.

For now, no need for her to add CCs of her own, as long as the two AU CCs report. Depending on the age of your accounts. Her scores could rise by nearly 50 points.
Message 8 of 12
Super Contributor

Re: Authorize user

Hello all.  Do we know the answers to the following questions?

 

(1)  Does his girlfriend have any open credit cards on her reports?

I believe the answer is no, but I am not certain. 

 

(2)  What is the age of her oldest account (closed or open)?

 

(3)  What would be the ages of the account(s) to which the OP is considering adding her as an AU?

 

We need answers to all three questions before we can assess whether the AU strategy would help.

 

Message 9 of 12
Super Contributor

Re: Authorize user


@Procharged392 wrote:
Thanks for the advice. As a mature adult now, she understands how important it is and I want to help her improve her score.

So she should pay her balance off for both cards? They’re roughly $400 per card.

Yes, though with these qualifications.

 

If she has open cards....

*  She should pay them all to zero, and then start allowing one card to report a small balance.

 

If she has closed cards with a balance....

 

*  She should look to see which of these might be listed as a "charge-off" or have a corresponding collection on the report.  In these cases, she'd want to attempt to negotiate with the owner of the C/O or collection and see whether she can arrange a "pay for delete" agreement.  The people in the Rebuilding forum know all about that.

 

*  If the cards have no C/O or collection, then yes simply pay them off.

 

Finally, the "pay them off" advice should be reconsidered if the delinquencies are so old that they might fall off her reports in the next year or two.  Typically this happens at 7 or 7.5 years after the delinquency date.

Message 10 of 12
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