Ask Experts Questions for FREE Help !
    jameeme4's Avatar
    jameeme4 Posts: 1, Reputation: 1
    New Member

    Oct 20, 2008, 09:50 AM
    How to raise my fico score
    I am trying to clean up my credit and raise my fico score because I plan to buy a house next year. I read about what they call piggyback to raise your score. My son is 19 and has no credit. My question is if he gets a secured credit card and adds me as an authorized user will this help or hurt me? Thanks
    jsingh009's Avatar
    jsingh009 Posts: 7, Reputation: 1
    New Member

    Oct 23, 2008, 02:27 AM

    If you are looking to increase your credit score, you can open a secured credit card under your name instead of adding yourself as an authorized user on your son's credit card. Most banks will approve you for a secured credit card. You can open a credit card with like, let's say, $500 deposit which will give you a card with $500 credit limit and then all you have to do is make small purchases using this card which you think you can pay off before the due date. Your credit score calculates the payments made on time and they count the past recent months. So if you make payments on time every month for one full year, this will really help you increase your score. Keep in mind, one late payment you make on this account and you will not achieve that increase in fico score so be on top of your monthly payment and make sure you don't go your credit limit and make only the purchase amount that you think you can pay off when the bill comes.

    Hope this helps

Not your question? Ask your question View similar questions


Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.

Check out some similar questions!

FICO score with VA certificate [ 1 Answers ]

Is a 645 credit score high enough to get a 200,000 home loan with my VA certificate

FICO Credit Score: Maintain a 50% debt to credit-limit ratio on _each_ card? [ 1 Answers ]

I have been advised that I should transfer part of a balance of one credit card to another card in order to maintain 50% debt to credit limit ratio on _each_ card even though my _total_ debt to credit limit ratio is already below 50%. (Most of the debt is on one card for convenience.) I could...

How to raise your credit score fast [ 3 Answers ]

How do me with a 512 score and my husband with a 530 score raise our score in time to buy a house in August? Do we just pay off everything?

FICO score unchanged [ 8 Answers ]

I began cleaning up my credit about 8 months ago. The results have been great... except even though items have been deleted and paid off my score has not changed! It is my understanding the FICO score is fluid and changes as information on the credit report changes, but this has not happened. ...

View more questions Search