If this is truly a mistake, and the creditor's application does not have authorized user's signature on the application, then the creditor is obligated to correct the credit. Get a letter in writing from the lender stating you are not liable and that they are going to correct all 3 credit reporting agencies. You can send a copy of this letter to all three agencies and get it corrected yourself. I will warn you to keep the original letter as even if you fix the reports now, you may find that in the future, (no matter how many months/years) you will need that letter again.
Restoring bad credit takes time. You can start by requesting your credit report and dispute negative mistakes that you may find. Only the passage of time can improve your credit when you have legitimate negative remarks in your credit report.
No, the credit score of the authorized user will not affect the main cardholders credit score but the authorized users score can be affected as you can see creditcardideas.com/blog/adding-an-authorized-user-to-increase-credit-scores
If it is listed as a charge off, or reporting lates with a $0 balance, than negative info will remain on your CR's for 7 years from the DOLA
When adding an authorized user to your account, you are agreeing to any and all charges that person places on the account. If the authorized user chooses to abuse the account, such as making purchases beyond the amount that you are able to pay or by exceeding the limit of the card, the negative effects goes against the primary users credit. The authorized users credit is not affected at all and they are not responsible for payments. So be careful who you chose to add to your card.
This completely depends on the bank you are going to and their guidelines. Currently, most banks are turning people down with credit score below 660. If your score is not high enough, one of my favorite ways to boost a person's credit card score is to teach them about the magic of authorized users. Authorized usersare people who have permission to use other people's credit cards. For instance, your husband might have a Citi card. His name, and his credit score, was used to apply for the account, but you have permission to use the account.Becoming an authorized user is a powerful way to boost your credit score because you get to borrow the account holder's good credit history. If you are an authorized user on a credit card in good standing, your credit score will reflect the credit card's positive payment history by increasing. Beware, though: If you are an authorized user on a credit card in poor standing, your credit score will reflect the credit card's negative payment history by dropping.
When you get a card you can request to have another user on your card, they will get there own card, but it will be under your credit card. (Example: my hubby has a credit card and I'm an authorized user, so I have a card with the same acct number.) added note:- When adding an authorized user to your account, you are agreeing to any and all charges that person places on the account. If the authorized user chooses to abuse the account, such as making purchases beyond the amount that you are able to pay or by exceeding the limit of the card, the negative effects goes against the primary users credit. The authorized users credit is not affected at all and they are not responsible for payments. So be careful who you chose to add to your card.
Score improvement depends on how the negative remarks were corrected--bankrupcy, foreclosure, loans that were late paid off and so on. However, if you keep paying everything on time, the score will gradually increase to a decent one over the next couple of years.
Being an authorized user no longer has an impact on your credit score like it used to. In the past, you were able to be added as an authorized user on a credit card, and all of the credit history and credit limit would be reported on your credit report as if it was your credit effectively obtaining unearned credit for the authorized individual. A few years ago the credit reporting industry changed, and no longer recognize an authorized user as credit responsible and therefore it has little to no impact on your credit score. If you would like to obtain credit from this card, contact the card issuer and request to be added as a joint user. If you are jointly responsible for the credit, it will report to the bureaus and impact your score. Approval is still required, but it is typically easier to be approved when you are already and authorized user on a card.
No, having her listed as an authorized user will have no impact on your credit score.
No, only the owner and authorized users of the credit card will be reported on the credit card company to the credit agencies. If your husband is an authorized user on the credit card then it will show up on his credit report.
try challenging negative remarks on your credit this worked for me and alot of things were removed, but beware if the creditor is let's say not so forgiving they can make it look as if the debt is more recent then it is and therefore make your credit look worse.
Bad credit or any negative report will remain in your credit report for seven years. Therefore, if it happens that there is a wrong information that will affect your report negatively, be sure to dispute it immediately. You can also do your own credit card repair in order to eliminate any bad credit that will be reflected in your credit report.