Hey guys! I know I have been gone for a long time. Classes just started back up for my senior year of my undergrad. Life has been hectic. On Mondays and Tuesdays im gone (working/interning) from 7:45am until anywhere between 10pm-2am depending when I can shut the bar down. On top of intro discussions, papers, and going over syllabi I have been pulling my hair out crazy. Living on coffee this year for sure.
I have a few other posts I want to get done this week, including the one I did a sneak peak last post about what product I have been trying to help my SD.
But before I can get there, I want to tell you ONE simple way to boost credit that I have not found on any other blogs. Eventually I will post a compliment of everything we have done to help our credit, but this one is so important
Become an authorized user on a parent/significant other’s credit card.
Yes, it is that simple. If you share the same address you should qualify. Or maybe if you have recently moved out of your parents you may still be able to use them. Im sure even a roommate with good credit will work also.
Here’s how it works. A person with good credit history (doesn’t need to be a good score, just good at paying on time and keeping balances low), asks their credit card to add you as an authorized user. Doing so they compare your name to their address and see if there is any connection. They do this for security reasons that way they do not need a SSN to report to the bureaus (Equifax/TransUnion).
I have a Wal-Mart card I have had for 9 months. I make payments on time and keep my balance low. My boyfriend had TERRIBLE credit from medical bills in his earlier years. He was unable to get a credit card, so he has not been able to boost his score. I added him to my walmart card and his score went up 100 points!
Note, this is because I have had my account for 9 months, this transferred to his account stating his average time on an account is 9 months. If you already have cards longer than the person you’re getting added to, this may damage your credit. (IE, my average account time is one year 6 months. If I were to be added to a card that was opened 3 months ago it would drop my average account time, thus dropping my score). This will work good for people who have no credit or damaged credit unable to obtain their own card.
Also, I want to add that this does not work for every card or cardholder. No guarantees, but did work for my Wal-Mart store card.
Have any of you tried this with another card? What were the results?
I hope this tip can help at least one person. Check your credit (I use credit Karma) to make sure you wont be damaging your credit further. Not a credit expert but if you have any questions feel free to ask.
The Lazy Lassie