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Helping mom rebuild credit

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jsweeti1
Valued Member

Helping mom rebuild credit

Hello!

 

So, unfortunately, my mom has a string of misfortune when it comes to her credit. She's had issues with fraud, but some of it is due to her own ignorance. 

 

Her score is in the 400s. I added her to my discover acct as an AU. I keep this card at or below 10% utilization. Will this help her FICO scores at all? Also thinking about adding her to my Citi DC as an AU.

 

She has three collections, 2 past due credit cards, 3 past due loans which she is disputing, 2 kickoff accounts that were erroneously added in her name (disputing), and 1 car repossession. She also has a high-interest car loan that is 20%. Car is a 2013 Lincoln MKS -- total loan amount is $22000. I know she is already underwater on this car. 

 

Open to any helpful advice. Thanks!

FICO8 Scores as of October 2023:

Credit Cards:




Utilization: 1-4%; Inquiries: 15

*Tip: if you hover over the credit cards, you can see the credit limit for each
3 REPLIES 3
FireMedic1
Community Leader
Mega Contributor

Re: Helping mom rebuild credit

Need to clean up the baddies. Cant suture the laceration until the bleeding is under control. The bad always outweighs the good. Adding AU's isnt going to do much. Clean up the past first.


Message 2 of 4
jsweeti1
Valued Member

Re: Helping mom rebuild credit


@FireMedic1 wrote:

Need to clean up the baddies. Cant suture the laceration until the bleeding is under control. The bad always outweighs the good. Adding AU's isnt going to do much. Clean up the past first.


Thanks, @FireMedic1! I thought it might help a bit while we are cleaning up the baddies. But got it, clean up the past first. 

FICO8 Scores as of October 2023:

Credit Cards:




Utilization: 1-4%; Inquiries: 15

*Tip: if you hover over the credit cards, you can see the credit limit for each
Message 3 of 4
fury1995
Valued Contributor

Re: Helping mom rebuild credit


@jsweeti1 wrote:

@FireMedic1 wrote:

Need to clean up the baddies. Cant suture the laceration until the bleeding is under control. The bad always outweighs the good. Adding AU's isnt going to do much. Clean up the past first.


Thanks, @FireMedic1! I thought it might help a bit while we are cleaning up the baddies. But got it, clean up the past first. 


@jsweeti1 Start by getting your mom to order her credit reports (paper copies). You can get them from annualcreditreport.com. Order paper copies, not online. You need to see what is in the actual credit files. 

 

It's not a great idea to dispute items (especially online) on your report without inspecting her reports for something provably erroneous. Having paper copies of her reports is key and you will have a better understanding of how the items are being reported in their entirety. If you dispute items that are easily verifiable and attempt again, the CRA's may deem additional dusputes as frivoilous.

August 28, 2023 FICO 8

August 28, 2023 FICO BankCard 8

August 28, 2023 FICO Auto 8

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Message 4 of 4
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