credit score

[frank21s]

so .... lets think
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

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!!!

[nancyc9981]

My friend have a home mortgage loan for $255,000 he is paying it as current never late, and excellent history fico score of 780. I thought to sign me for his mortgage as a co-signer? But I am worry because what happen if he stop paying a mortgage will my score also decrease?

[frank21s]

a) 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 12 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 12 years will show on my credit report? or only those day will show from the day I "co-signer"

[peterrf23]

My credit line increase has been approved to:
Chase - card $15,000
American Express $15,000
ps: what "tl"mean?

[frank21s]

yes you can, its called a quitclaim deed placing you on the title, something an attorney can do, but 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 1995, however on my reports it dates it all the way back to 1975 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%

[nancyc9981]

what that are means:
1. EQ
2. TU
3. EX
4. AU

[frank21s]

EQ - equifax
TU - Trans Union
EX - experian

EQ + TU + EX - three financial agency, they evaluate your credit history
AU - autorized user in credit cards

[adamsmith231]

I wonna pay off a car loan. It's help me increase my credit score? where is the best place on the web to go to find out how to improve a credit score?

[smithbasia34]

I am 25 years old and i would like to know what type of credit card would be best to help raise my score. Please tell me anynthing that i could do to help raise my score! I have two collections in my Experian Report, 2 collection in my Equifax Report and 4 collection in my Transunion . Ive never been late on my car payment, i have paid late once on my $300 credit line with my bank. So with all that said my scores are EQ-599, EX-530 TU-589. I have been thinking about applying for a secured credit card with Bank of America! Would that be a good idea?

[hartfb1]

I am thinking: get the CA's off first.
Did you read the Credit 101 thread?
After the CA's are off you should be able to get a unsecured card.