How to increase score

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ctnbpl wrote:

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

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 06:12 PM

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Not so sure the dept store card will help much, but the other two will definitely help.  Chase and BOA report to all three bureaus.  Let us Know.  I cannot wait to see what happens when they start reporting

[ctnbpl]

How long I have to wait after added as Authorized User to  Bank of American, Chase in order for credit card company to report to Equifax, Transunion, Experian?

What is a tradeline and how it work?

[fused]

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ctnbpl wrote:

How long I have to wait after added as Authorized User to  Bank of American, Chase in order for credit card company to report to Equifax, Transunion, Experian?

What is a tradeline and how it work?

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Usually it takes up 60 to 90 days after your added.  Keep in mind TU seems to be behind in reporting.  I have experienced this as well as others.  Check some of the other threads. 

A (TL) tradeline is an account reporting on your credit report.  They can be positive or negative (in credit scoring jargon we call these baddies).  It can be a cc, mortgage, student loan, installment loan, consumer finance loan (do not ever take out one of these, very negative and is considered ultra subprime by FICO scoring models), auto loan and etc.  Others which are negative might be Tax Liens, foreclosures, charge-offs, collection agencies, etc.

You want to strive for POSITIVE TL's.  That is TL's reporting "paying as agreed" or "paid satisfactorily".

[ctnbpl]

Credit authorization age?

Let say I will inherent my parents credit card and they have 8 years of history. Currently I am 25 years old  mean I only be able to inherent 7 years (25 years old minus 7 years= 18 years old)of father credit because goverment law only allow people who are 18 years old to open a credit card? Is there also a restriction for authorized user?( what is minimum  age that people could became a authorized user of creditcard)

Post Script: After 60-90 days when a credit bureu will update my credit :

questions: what is the minimumtime  I have to be at credit report in order for me to "withdraw as a authorized user"

For how long my payment history is stay on my credit record?

Message Edited by ctnbpl on 05-20-2007 08:21 PM

[Anonymous]

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@ctnbpl wrote:

Credit authorization age?

Let say I will inherent my parents credit card and they have 8 years of history. Currently I am 25 years old mean I only be able to inherent 7 years (25 years old minus 7 years= 18 years old)of father credit because goverment law only allow people who are 18 years old to open a credit card? Is there also a restriction for authorized user?( what is minimum age that people could became a authorized user of creditcard)

Post Script: After 60-90 days when a credit bureu will update my credit :

questions: what is the minimumtime I have to be at credit report in order for me to "withdraw as a authorized user"

For how long my payment history is stay on my credit record?

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I'm no expert, but I think it's unlikely that you can inherit a parent's credit card account. As far as being an authorized user - at the moment, there appears to be no limitation. There's at least one authorized user on a card that was originally opened when he was 3 years old, and probably other AUs on cards opened before they were born. Personally, I expect the CRAs and creditors to close that loophole fairly soon, or at least reduce the effect of AU accounts on scores. You can remove yourself as an AU at any time, as far as I know. If a CC account remains open and active, payment history is reported indefinitely. If a CC account is closed, the TL usually drops off after about 10 years. I assume there is a point where history maxes out - a 45-year-old open account will probably have the same effect on your score as a 30-year-old open account.

[ctnbpl]

I am confused right now, I have mixed answear regarding this statement:

" If I am going to be a co-signer on my father credit card, will I benefit ( inherent)  from my father history"

[Anonymous]

If you are added as an authorized user, the account's tradeline is added to your CR, and the history and utilization from that account is included when your score is computed. However, you are not financially responsible for that account - it still belongs to your father.

[Anonymous]

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@ctnbpl wrote:

My employer require my 800 score to get a job

I would apply...and if they turn you down based on your credit score, I would go to a labor law attorney and file a lawsuit for age discrimination in hiring.

Think about it: there's no legitimate need for any employer to demand an 800 FICO score. That goes far beyond any reasonable requirement of good financial stewardship. You can't create requirements for a job that aren't germane to the position and that exclude people based on gender, race or age. They could exclude you if you had a bankruptcy on your report, perhaps.

There's no way anyone under 25 or so is going to have a FICO that high. Such a requirement excludes people from being considered for a job based on age. I think if you got the right attorney you'd have a fighting chance of winning.

[Anonymous]

i think its do-able given that he becomes an AU on his parents' cards and take all of their history....Also...maybe an auto loan can help?

[ctnbpl]

Question:

Is that true that credit score of 760 is the same as score of 800 or 850 in lender eyes? how this influence in financial life?

Question:

It is ? ok to sign up "co-signer" to mortage to someone that have 4 month to pay off? is there any mimimum rule that co-signer must sign up in order to " benefit" from a mortgage history?

Question:

What about Auto-loan 4 month before pay-off?

Question:

What is better to be co-signer for account that are 8 years old with $10,000 credit limit

or account that are 12 years old with $2,000 credit limit?

Question :

what is the best average account to hold in my credit report (revolving, student loan, morgage, co-signer)