- Centurion Member
- Posts: 179
- Joined: Fri Apr 12, 2013 4:47 pm
- Location: Indianapolis, IN
I have a short but good credit history. CreditKarma tells me I have 100% of my payments marked as on time, and I have around 30 total credit accounts. I have student loans, an auto loan, and at least 9 credit card type accounts.
I'm wanting to help out a family member who has bad credit--she's only made around 75% of her auto loan payments on time, and she has no credit cards save for one account of mine on which she's an authorized user, but I know that doesn't really count. I told her the best way to improve her credit is by making all her payments on time and paying off her auto loan as quickly as possible, then adding credit cards, but she seems reluctant and almost scared of credit cards.
If I cosign an account for her and use the card responsibly (10% max util, payoff every month) how much will it improve her credit? CreditKarma gives a TU of ~650 but she has a very limited credit history.
Scores on the mend...
FICO: 650 (Discover/TU, 6/23/2016)
Cards I Use Citi Double Cash, Chase Amazon, Capital One QuickSilver
Sock Drawer Discover IT, Citi Diamond Preferred, AE Visa, QuickSilver One, Walmart CC, CareCredit, CreditOne (keeping for history for now)
Short Goal Reach 680