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Strategic advice needed about using AU accounts and mortgages

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  • Strategic advice needed about using AU accounts and mortgages

    Good morning,

    I am seeking some information as to best increase my credit score so that I may be in a better position to purchase a house in about 18-24 months. I have just completed my 2nd year of a 3-year repayment chapter 13 bankruptcy (mainly due to an unpaid tax bill -$40,000 and less than $15,000 in credit card debt). My current credit scores on credit karma are TR-672 and EQ-691. (I know it's not the best place to get a score). I am planning on becoming an authorized user on one or two of my father's credit cards to assist in boosting my score. He has perfect credit and I know the risks of becoming a user on someone else’s accounts. The two cards that I am looking at are AMEX with a 20-year history available credit of 75,000-100,000 with a zero balance.It is used monthly but paid off in full each month. The other card is a capital one card with a 15-year history, an available credit of 75000-100000 with a zero balance. It too is used monthly and paid off in full. As far as I understand, AMEX has changed how they report authorized users and do not backdate the credit history. Therefore, if/when I add the AMEX it will show up as a new credit line which would most likely immediately lower my credit score. However, given that I am not looking into using my credit for 18-24 months would that give my credit time to rebound and gain points above and beyond where it would have been otherwise had the card never been added? In regards to the capital one card, I have not seen any information to indicate that they do no backdate the history of the credit card, but please tell me if I am wrong. When looking at the best time frame for adding the capital one card I have read that if you are looking to being an authorized user on an account to help raise your score for a mortgage it is best to wait until a few months prior to your mortgage application because the increase in your score will only last for a few months. Can anyone confirm or deny that this is the case? What would be the best way to utilize these cards to achieve the maximum boost? Should I stay away from the AMEX all together? Should I go ahead and add both now or add the AMEX now and the capital one in 12 months? I am also concerned that going from 0 available credit to over $150,000 available (for two cards) might get weighed against me. It may also be possible for me to get 1 of the cards as an authorized user and also a secure card in just my name, however, the bankruptcy court would not approve of it, even though it is often done. Sorry for so many questions and I know there are lots of variables J Just looking for some feedback from people in the know J
    Have a good week,
    Craig

  • #2
    I don't know that any one will be able to answer the questions about the AU card. All I know is that being an AU can help, but is not the same as having your own account. As far as getting a card while still in Chap 13, keep in mind that getting a credit card is not the same thing as incurring debt. You have to actually use the card to incur debt.

    You are unlikely to get any mortgage other than a FHA mortgage until 2 years after your discharge. If your FICO scores resemble our Credit Karma scores, they are probably high enough for an FHA loan. You may want to actually pay for the FICO scores to see where you stand. You should get the package that gives you a range of FICOs so it includes the one mortgage companies use most.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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