Credit Repair Help

For just about anything you want to get off your chest about credit cards.
3 posts
Jetmemphis91
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Joined: Thu Jul 25, 2013 6:19 am
Location: Memphis

Credit Repair Help

Postby Jetmemphis91 » Mon Sep 16, 2013 11:21 pm

Well I've never had bad credit. My problem was more of just having no credit. Well I'm fine and dandy now. Unfortunately, I'm now trying to take on the task of fixing my mom's credit. She put things off thinking they would fall off in 7 years. Well I'm 22 and been hearing that since I was about 10. So enough BS time to cut to the chase. Could I have some tips on how I should go about advising her? Here are the facts.

  • Paid off 7 Negatives on her credit report and now disputing them
  • 3 accounts in good standing but all closed now
  • about 5 inquires since 03/20/2012
  • Equifax score was 617

I was thinking about adding her as an AU on one of my cards without ever giving her a card. Preventing any sort of abuse. Also, a secured CD loan and a secured credit card. I'm not to pleased with my secured card with Capital One so what are some good secured cards that grow with you? Was thinking NFCU or BofA. Any and all opinions (even negative) are appreciated.


Midori
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Joined: Tue Oct 30, 2012 10:25 am
Location: TX

Postby Midori » Tue Sep 17, 2013 3:04 pm

You can do all sorts of things on your end, but is there something that's underlying her poor credit? You can "fix" her credit all you want, but it will just get dinged again if you don't "fix" the problem behind the poor credit in the first place. Was it a one-time thing... divorce, medical, some major life issue that caused her credit to crater? Or is it more of a chronic problem in her mentality/approach to credit, budgets, lifestyle, etc?

Obi-dan
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Joined: Fri Aug 02, 2013 2:35 pm
Location: Houston, TX

Postby Obi-dan » Tue Sep 17, 2013 3:15 pm

There are three main things to do to repair credit. 1) Addressing negatives (which you have done). 2) Using new credit properly(which she can do with a secured card) and 3) Let time heal her credit. Unfortunately you can't do anything about step three but it sounds like you are handling steps 1&2.

Personal opinion: Families and credit don't mix.
Cards:
Chase Sapphire Preferred
Marriott Rewards
Citi Hilton
Barclay Arrival
AMEX BCE (member since 95)
Chase Freedom
Discover It
Wells Fargo Platinum
Barclaycard (Apple)
Local Credit Union Visa (buy local!)


FICO Scores:
TU: 824 (Aug 2014)
Experian: 789 (Aug 2014)
Equifax: 807 (Aug 2014)



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