I am a student and have recently completed a debt management program where I paid off all my credit cards which are now closed. I have $4000 in student loans that are deferred until I graduate in December 2007. My current credit score is 573. I am trying to figure out how to raise my credit score without aquiring new debt. I was told that if I put myself as a co-signer on my parents credit card that will help raise my credit score. Is that a good idea and if not what are my options. thank you for your help.
Start a savings account, pay your essentials on time, and don’t piggyback on your parents accounts. In time your credit score will be good.
Also, you can just ask your parents to put you on as an authorized user without actually giving you the card. You don’t need to use the card and it will help your score. When my son is in high school, we’ll add his name as a user so he has the good credit but won’t have to open accounts to achieve this.
This might be a bit off topic but now going through all my mother’s accounts, etc since she passed away, I’d strongly recommend everyone putting their children on their accounts AND making a list of what accounts you have open. I’m getting these damn bills to my mom and I couldn’t tell you if they are legit or not.
Any bills like credit cards and you’re not on the account, write to them enclosing a copy of the death certificate and tell them she has died.
I disagree with have people put their children on their accounts. I worked in management at a large bank as well as a large credit union for 25 years and was involved in many, many cases of adult children running up large bills on their parents accounts.
If your mother has passed away, and there are not funds in the estate to cover her debts, contact the creditor by phone first. Find out where you need to send a copy of her death certificate. They will probably want to have an original copy. You can also contact each of the credit reporting companies and there is a special code on the credit files so companies will know that she has passed.
If an adult child is on the accounts then they are also responsible for that debt. Often times seniors can run up large amounts of debt also and you would not want to be saddled with that responsibility in addition to mourning your loss.
- First, since you worked in management at a large bank, you are of the EVIL EMPIRE in my opinion. I’ve banked for 29 years with Wells Fargo and they won’t refinance my house or do a thing for me!!
- Secondly, I’m not talking about credit card accounts. I’m talking about savings and checking accounts. I had to wait several months to get those funds to pay the exorbitant funeral costs.
- Finally, I’m not going to send anyone an original death certificate who doesn’t ask for one. My mom had very little and if the credit card companies want to waste their time suing a dead person that’s their problem – not mine