Building Good Credit

[Anonymous]

I have recently rehabilitated all of my student loans and paid off some minor debt. With my credit score currently at 644, I am researching ways in which I can increase my score, aside from making regular, on-time payments to my student loans.

One thought was to become an authorized user on my fiance's credit card. Assuming that this card is in good standing and we make regular payments on-time, I have the following questions about this course of action:

1) will it HELP my score to be an authorized user on someone else's credit card?

2) will it negatively impact my fiance's credit score by placing me on his credit card as an authorized user?

3) will it affect the interest rate on the card?

4) am I better off getting my own card? if so, are there credit card companies that would actually approve me with my score? 

Many thanks.

[llecs]

Welcome to the forums!

Keep paying the SLs as planned. Paying them early will not help your score.

1) Will it help your score by being an AU? It depends. Do you have any CCs open currently? How old is the CC in question? How old is your average age? Are there any lates associated with this CC? And what is the utilization on the card?

2) No, being added as an AU will have no positive or negative impact to the account holder.

3) No change in interest, assuming you don't go maxing out the card or using it unwisely.

4) You are better off getting your own card and I think you have a good shot at it. As asked before, do you have any CCs currently? If not, then getting that first one is a challenge. It may take a secured card at first. If this would be your first card, then you'll likely see a significant score increase by adding it.