How to increase score

[Anonymous]

If I request to increase my credit limit to

Citicard-$20,000

American Express$20,000

and it going to get approve will this incease my credit score?

If I take a personal loan for $6000-$8000  will this improve my score?( pay montly as agree, for 12-24 month period)

[fused]

---

ctnbpl wrote:

If I request to increase my credit limit to

Citicard-$20,000

American Express$20,000

and it going to get approve will this incease my credit score?

If I take a personal loan for $6000-$8000  will this improve my score?( pay montly as agree, for 12-24 month period)

---

First of all, when are you suppose to start this new job?

[Anonymous]

August 2008 I plan to start this job

14 month left

[fused]

---

ctnbpl wrote:

August 2008 I plan to start this job

14 month left

---

Well lets see, fourteen months.  I would recommend these three things and try them in this order.

1.) if your parents have good credit, ask them to place you as an AU on their oldest cc TL, one with a perfect payment record, or at least no lates reporting.  You stand to inherit years of great payment history from this.

2.) raise your cl's to 15k, I don't think 20k is necessary

3.) unsecured installment loan for whatever you can afford with a term of one if there is such a thing

if it is a 12 month installment, I believe its better to not pay it off early.  That way you have 12 months of payment history.

I hope this helps.  Please keep us posted. GL to you!!!

[Anonymous]

Question1:

My friend have a home mortgage loan for $200,000 he is paying it as current never late, and excellent history fico score of 780

Can he sign me for his mortgage as a co-signer?

What happen if he stop paying a mortgage will my score also decrease?

Question2:

1.) if your parents have good credit, ask them to place you as an AU on their oldest cc TL, one with a perfect payment record, or at least no lates reporting.  You stand to inherit years of great payment history from this.

My parent have one credit card that are 11 years old and never been late, if I am going be a co-signer to his card( I will not use it anyways, just put my name on this card) will all of those 11 years will show on my credit report? or only those day will show from the day I "co-signer"

My credit line increase has been approved to:

Citi- card $15,000

American Express $9,500

ps: what "tl"mean?

Message Edited by ctnbpl on 05-20-2007 03:39 PM

[Tuscani]

---

ctnbpl wrote:

Question1:

My friend have a home mortgage loan for $200,000 he is paying it as current never late, and excellent history fico score of 780

Can he sign me for his mortgage as a co-signer?

What happen if he stop paying a mortgage will my score also decrease?

Question2:

1.) if your parents have good credit, ask them to place you as an AU on their oldest cc TL, one with a perfect payment record, or at least no lates reporting.  You stand to inherit years of great payment history from this.

My parent have one credit card that are 11 years old and never been late, if I am going be a co-signer to his card( I will not use it anyways, just put my name on this card) will all of those 11 years will show on my credit report? or only those day will show from the day I "co-signer"

My credit line increase has been approved to:

Citi- card $15,000

American Express $9,500

ps: what "tl"mean?

Message Edited by ctnbpl on 05-20-2007 03:39 PM

---

An 800 at your age will be very difficult.. you are close though. TL means tradeline. Get your parents to add you as an AU.. You get all the history which might be enough to get you where you need to be. I would not co-sign a loan. Just remember, with any co-sign and AU also comes the bad.. if these people pay late it will hurt you.

[fused]

---

ctnbpl wrote:

Question1:

My friend have a home mortgage loan for $200,000 he is paying it as current never late, and excellent history fico score of 780

Can he sign me for his mortgage as a co-signer?

What happen if he stop paying a mortgage will my score also decrease?

Question2:

1.) if your parents have good credit, ask them to place you as an AU on their oldest cc TL, one with a perfect payment record, or at least no lates reporting.  You stand to inherit years of great payment history from this.

My parent have one credit card that are 11 years old and never been late, if I am going be a co-signer to his card( I will not use it anyways, just put my name on this card) will all of those 11 years will show on my credit report? or only those day will show from the day I "co-signer"

My credit line increase has been approved to:

Citi- card $15,000

American Express $9,500

ps: what "tl"mean?

Message Edited by ctnbpl on 05-20-2007 03:39 PM

---

1.) yes you can, its called a quitclaim deed placing you on the title, something an attorney can do.  I do not recommend this, what if your friend or you fall into financial hard times.  Also, some lenders may refuse to take you off the co-signer note, should you try to, for fear of defaulting.  There is nothing more derogatory than defaulting on a mortgage.  You could drop hundreds of points, WAY TOO RISKY!

2.) yes you should inherit all of that history.  Here's my situation.  I was an AU on my dad's amex charge card from about 1991, however on my reports it dates it all the way back to 1979 when he originally opened the card.  EQ and TU report this and my scores are  804 and 783 respectively.  EX DOES NOT report this TL (tradeline) and my score is 755.  You see the big difference!  Remember do not co-sign on your parent's cc, just be an AU.  Be a good son and help them keep the util low on it, they say 1-9% 

[Anonymous]

Will I still Inherit from it(* will I benefit from it) when I am not going to use they credit card? I will only be a authorized  user ?

[fused]

---

ctnbpl wrote:

Will I still Inherit from it(* will I benefit from it) when I am not going to use they credit card? I will only be a authorized  user ?

---

Yes, only be an AU!  Like Tuscani said above, if your parents make mistakes, your scores will get dinged too.  But with that said, I trust my parents with something like this and noone else.

You will have a new TL (tradeline) that is positive with decent aging.  Just make sure your parents never pay late or max it out.  I was thinking you help pay it monthly as a way of thanking them.  Do you know which credit card your parents have and the CL.  This way I can better determine if it is probably being reported to all 3 CRA's

[Anonymous]

First USA  from Websterbank I think "Chase" bought First USA because on statement its say FirstUsa-Chase

it was acquire Febuary 1999 limit of $10,000

pay as agree-no late payment

Bank of America limit $10,000

December 2004-April 2007

pay as agree-no late payment

also if they add me as  a authorized user to  a store credit card will this help me? 2 years old no late payment pay as agree limit of $5000 from Best Buy

Message Edited by ctnbpl on 05-20-2007 06:14 PM