Add myself as auth. user to wife's card vs trying to get 2nd card right now?

[HHM]

I agree! In the last few months I've been getting rebuilding advice mostly on other forums. Like you said, it is a rebuilding forum and when you ask a question within this forum, the advice should be given to help you rebuild, [/b]not to assume you are broke which is far from the truth[/b].

But that is just it, if you are not broke, you don't need credit. As I said, at least from my perspective (I can't speak for others), the underlying assumption I challenge is the need to rebuild in the first place (or to actively rebuild). All I am trying to challenge you to do is question why you feel the need to rebuild.

[ssc2761]

I agree! In the last few months I've been getting rebuilding advice mostly on other forums. Like you said, it is a rebuilding forum and when you ask a question within this forum, the advice should be given to help you rebuild, not to assume you are broke which is far from the truth.

That is perhaps one perspective... but not everyone thinks like that or has that happen to them. And my husband and I made no false assumptions about anything and I said nothing about having bad credit or no credit. I was simply answering the question.

And yes it really is "anti credit" here... there is a difference between bringing a different perspective and outwardly just telling people "what are you doing? Stop, you're crazy". Again, if your "different perspective" is just to tell people credit is evil and bad and not to have it then don't have a rebuilding forum at all. People come here for exactly what the forum says...rebuilding advice... and yet so many people here do exactly the opposite and tell them not to rebuild and OMG you're just gonna do it again.

Everything in life is a slippery slope... walking out your door and getting in the car is a slippery slope...but we do it. I don't knock anyone for choosing to live cash only and hell I prefer that method myself. Just because I USE my credit and exercise it doesn't mean it rules my life or does something bad to me because I make that choice. And also, just because I USE my credit doesn't mean I don't live on my cash either.

And everyone keeps talking about these people who are addicted to credit and are "obsessed with your FICO" ... where are these people? I'm sure they exist but just because someone is asking about how to rebuild IN A REBUILDING FORUM doesn't mean they are credit obsessed.

I actually feel really bad for most of the people that post here because its a false sense of security... they were nurtured through their bankruptcy by many helpful people here but when they come to the REBUILDING forum afterward they just get hammered.

The topic of this post was do authorized users help... I answered that question. How dare you make insinuations into what I said and put words in my mouth with saying my husband and had wrong perspectives. The thing that pisses me off the most in this forum is that your "alternative perspectives" are never presented as such. They are presented as attacks or as if your perspective was fact and the only truth.

I ask again, why is there a rebuilding forum at all if you guys are just going to slam people every time they ask a question about rebuilding? We are not here to delve in the psychie of the people who post here... we are here to help them with their credit and guide them on HOW TO REBUILD IT. That is what the section of this forum is for.

[Amy26]

That is perhaps one perspective... but not everyone thinks like that or has that happen to them. And my husband and I made no false assumptions about anything and I said nothing about having bad credit or no credit. I was simply answering the question.

And yes it really is "anti credit" here... there is a difference between bringing a different perspective and outwardly just telling people "what are you doing? Stop, you're crazy". Again, if your "different perspective" is just to tell people credit is evil and bad and not to have it then don't have a rebuilding forum at all. People come here for exactly what the forum says...rebuilding advice... and yet so many people here do exactly the opposite and tell them not to rebuild and OMG you're just gonna do it again.

Everything in life is a slippery slope... walking out your door and getting in the car is a slippery slope...but we do it. I don't knock anyone for choosing to live cash only and hell I prefer that method myself. Just because I USE my credit and exercise it doesn't mean it rules my life or does something bad to me because I make that choice. And also, just because I USE my credit doesn't mean I don't live on my cash either.

And everyone keeps talking about these people who are addicted to credit and are "obsessed with your FICO" ... where are these people? I'm sure they exist but just because someone is asking about how to rebuild IN A REBUILDING FORUM doesn't mean they are credit obsessed.

I actually feel really bad for most of the people that post here because its a false sense of security... they were nurtured through their bankruptcy by many helpful people here but when they come to the REBUILDING forum afterward they just get hammered.

The topic of this post was do authorized users help... I answered that question. How dare you make insinuations into what I said and put words in my mouth with saying my husband and had wrong perspectives. The thing that pisses me off the most in this forum is that your "alternative perspectives" are never presented as such. They are presented as attacks or as if your perspective was fact and the only truth.

I ask again, why is there a rebuilding forum at all if you guys are just going to slam people every time they ask a question about rebuilding? We are not here to delve in the psychie of the people who post here... we are here to help them with their credit and guide them on HOW TO REBUILD IT. That is what the section of this forum is for.

[HHM]

Wow, still so much "anti credit" perspectives in the "rebuilding" section... this is why I haven't been on this board in a while. Why have a rebuilding section at all if there is going to be so much disdain for people trying to get credit again.

Anyhoo... I can also attest to the authorized user thing helping credit. 1. It will help with your Average age of accounts (if the account is long established) 2. It will help with your utilization 3. The payment history will help. The only time I have seen a card NOT help as an authorized user is if the card actually reports on you as an "authorized" card.

My husband is new to the US with a very thin credit file and I had a very hard time getting him credit on his own when he first got a social security number. The first thing I did was add him to my Hooters card which established his credit file and gave him 2 years of positive history on a good standing account. Since then, he has been able to obtain his own credit and now has cards with limits almost better than some of mine. He even has an American Express card which I happily latched on to as an AU for myself.

It's not so much about being "anti credit" but bringing a different perspective toward credit. But, I disagree with the premise that you should get credit for credit's sake. The false premise is that a person "needs" credit. That is absolutely false. Cash (or liquidity) is king. Keep in mind, there is a difference that often gets overlooked, (and you and your husband made the same false assumption), there is a difference between having "bad" credit and having "no" credit. Having no credit, or being a credit ghost is not a negative, doesn't hurt jobs or anything like that. And if you manage your finances properly, there is nothing you need or want for which you need to resort to credit.

I have several reasons, but one reason is because it is a slippery slope. The natural conclusion of the statement leads to credit score addicts. You start with a few credit cards to "rebuild" and you start using the cards. Then you learn that it is slightly more beneficial to carry a balance vs paying the card off every month, so you start carrying balances. Then you learn that diversity of credit is helpful, so instead of paying cash for your next car, you finance it. Then you buy your next house with a mortgage; before you know it, you have 760 credit score but are AGAIN, negative net worth and one layoff or recession away from your 2nd bankruptcy.

[sunshinepa]

If you filed BK and are not broke then I believe that would make you a criminal.

I think most folks would say that they are not criminals and most probably are not broke. However, many are lucky to be able to pay the bills, provide food, shelter and other necessary things like medicine. For whatever reason, not having the huge medical and/or credit card bills now allows them to survive.

IMHO that does not make them a criminal!

[Logan]

If you filed BK and are not broke then I believe that would make you a criminal.

Really? You're a criminal when you break a law. You can file BK no matter how much money you have but it is up to the Trustee to determine the outcome of your BK filing.

[LSUTiger32]

If you filed BK and are not broke then I believe that would make you a criminal.

[Logan]

Wow, still so much "anti credit" perspectives in the "rebuilding" section... this is why I haven't been on this board in a while. Why have a rebuilding section at all if there is going to be so much disdain for people trying to get credit again.

Anyhoo... I can also attest to the authorized user thing helping credit. 1. It will help with your Average age of accounts (if the account is long established) 2. It will help with your utilization 3. The payment history will help. The only time I have seen a card NOT help as an authorized user is if the card actually reports on you as an "authorized" card.

My husband is new to the US with a very thin credit file and I had a very hard time getting him credit on his own when he first got a social security number. The first thing I did was add him to my Hooters card which established his credit file and gave him 2 years of positive history on a good standing account. Since then, he has been able to obtain his own credit and now has cards with limits almost better than some of mine. He even has an American Express card which I happily latched on to as an AU for myself.

We've always got to fight these people over credit cards. Think of a credit card as a gun. There are some people that should never have a gun and if you do have a gun you need to be responsible and know how to use it.
Logan

[Amy26]

Wow, still so much "anti credit" perspectives in the "rebuilding" section... this is why I haven't been on this board in a while. Why have a rebuilding section at all if there is going to be so much disdain for people trying to get credit again.

Anyhoo... I can also attest to the authorized user thing helping credit. 1. It will help with your Average age of accounts (if the account is long established) 2. It will help with your utilization 3. The payment history will help. The only time I have seen a card NOT help as an authorized user is if the card actually reports on you as an "authorized" card.

My husband is new to the US with a very thin credit file and I had a very hard time getting him credit on his own when he first got a social security number. The first thing I did was add him to my Hooters card which established his credit file and gave him 2 years of positive history on a good standing account. Since then, he has been able to obtain his own credit and now has cards with limits almost better than some of mine. He even has an American Express card which I happily latched on to as an AU for myself.

[ssc2761]

I know right? Not everyone who files BK is broke. I'm sure many can attest to this. I like Jo's suggestion on getting some credit union cards. I will have to go into my local credit union and talk to a loan officer and see what options I may have. I should take my credit reports that are recent from this month over there. I don't think I will do the AU route at this point. We don't need credit, but like I've said in many other posts, I would rather rebuild my credit so I am ready to do whatever I want when that time comes. For example, either refinance my current mortgage or even get a rental property if I choose to do so. I guess I am good with my one unsecured cap one and my school loan, both which report. The other funny thing is that BofA kept reporting my mortgage as current until 2/2011 and then didn't report again until 6/2011, because after all the loan was d/c in chap 7. So even though it says d/c, a creditor could see current payments from 4/2009 to current. Wierd, but good I guess. I will have to post update once I talk to a CU or two and see if that is a route to continue to rebuild.

Broke after BK? It was the opposite for me.

[Logan]

You aren't going to like my response, and I don't really care, but why are you trying to get a credit card? Or get on someone else's credit card?
You have declared BANKRUPTCY. That means that you are BROKE.

NOW is the time to learn to live on a 'cash only' basis. That means, if you don't have the money for it, you don't buy it until you have saved the money for it, Understand?

Broke after BK? It was the opposite for me.

[Logan]

Just keep in mind, the effect of authorized user status has changed recently. It is barely wroth anything anymore on your credit.

Can you site some sources about this because I disagree? When I added myself to my wife's CC's I researched this subject and found that somehow FICO figured out how to determine if the Authorized user account is legitimate versus piggybacking. Also, when I added these accounts my available credit and my length of credit history both changed on my credit report to reflect my wife's accounts.

From FAIR ISAAC:

"After consulting with the Federal Reserve Board and the Federal Trade Commission earlier this year, Fair Isaac has decided to include consideration of authorized user tradelines present on the credit report in the FICO 08 model. Our scientists have devised a method to consider these tradelines while materially reducing the negative impact that could arise from piggybacking."

[HHM]

Just keep in mind, the effect of authorized user status has changed recently. It is barely worth anything anymore on your credit.

[jo23171]

I had my BK closed in jan of this year. As soon as it was closed I got 2 secured cards from 2 different credit unions 500 limit on each (no fees whatsoever) and after a year they raise your credit and go unsecured. Stay clear from those secured cards that have high fees like Orchard. Just got my cap1 in the mail today with a low credit limit of only 500. I am not going to apply for any cards for another 6 months and will use only 10% of the credit limit.

Don't get turned off by low credit limit, after a year they will get raised and the second most important thing is to have some aged accounts. I rather have a 5 year old cc account with a 500 limit than a 6 month old with a 2500 limit.

[ssc2761]

I guess your right. Not sure where to turn. With a $2500 limit on my first card, I don't think another CC like Orchard with a $300 line would help much at this point. Maybe I will wait until 2 of my 5 inq. fall off my TU by end of October, then try again in January or so. I wish there were a way to know I would get at least a $500 or higher line somewhere and know that I would be approved. Anyone ever apply for a 2nd cap one card and were successful???

Seems to me that if you are set on another card, this would be the way to go. It will accomplish what you want with the reporting.