fixing credit?
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Joined: Apr 2004
Posts: 13,589
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From: NW burbs of chicago
fixing credit?
I'm looking into buying a house in the next few months and I need to get something off my credit report. I have a credit card (my dad is the primary account holder) that I use for emergancies, but it shows up on my credit report. My dad pays the bill, but having it show up is destroying my debt to income ratio.
Anyone dealt with anything like this? Who would I contact, and how much of a PITA is this going to be?
Thanks
Anyone dealt with anything like this? Who would I contact, and how much of a PITA is this going to be?
Thanks
Postmaster
Joined: Jul 2003
Posts: 2,628
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From: Calgary, Canada
I would start with the basics, prove to the mortgage co./bank that you are not responsible to pay the bill, if that is indeed the case, should your dad stop making payments for whatever reason. No real experience with that but the CC company is the one that is reporting you to Equifax so if the first thing don't work then try contacting the CC company and have them stop reporting you as an account holder. it'll probably take at least a month, for that to happen.
Senior User
Joined: Apr 2004
Posts: 143
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A credit grantor is going to wonder why you use your dad's and don't have your own. They're going to wonder if there's something hidden in your credit history.
Outright cancel your card, get your own, make the payments on time. It looks better.
Or, if there's something about your income/debt situation that makes having something as basic as a credit card impossible, think very seriously about if taking on the heavy responsibility of a mortgage, utilities, maintenance, etc etc is really wise at this time.
Outright cancel your card, get your own, make the payments on time. It looks better.
Or, if there's something about your income/debt situation that makes having something as basic as a credit card impossible, think very seriously about if taking on the heavy responsibility of a mortgage, utilities, maintenance, etc etc is really wise at this time.
Senior User
Joined: Jan 2005
Posts: 106
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From: Cape Cod
It's true of what you have described. If they are letting you off with showing 12 months of your dads canceled checks consider it a blessing. But don_79f250 is correct you would have to cancel your card and be removed as an authorized purchaser and wait a month or two for it to be removed as a liability. He is also correct in making sure you can handle the property upkeep and related bills and such. A good thing is at least your planning in advance. Usually if you give yourself 3 months to get your finances in shape then you can do well at getting a mortgage. Now remember the IDEAL client has at least 4 trade lines (ie credit card, car payment, mortgage) in place that are a minimum of 2 years old in good standing (no lates) and not have outstanding balances of more then 50% of the credit limit on any one card. This is just the basics. Usually I reccomend to some without any credit history to be put on a parents credit card with a low balance and in good standing to help build their credit.(I'm a Loan Officer)payment could your dad possibly have that it would be a burden to you?
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