weallneedcredit

Someone here has to have better info on this. Navy Fed is a major lending institution and for them to get themselves into legal trouble by illegally reporting an Authorized User's account even after the person has asked that it be removed just doesn't make much sense. I/we have to be missing something either within the rules of the "law" that prohibits them from reporting negative information or they must do have the legal rights to do this to an "Authorized User". I sure wish I new what to do to make them remove this derogatory information that their reporting. Perhaps this issue has to be handled on a federal level, IDK...

Yep, after a heated conversation about this and several other things. We're no longer on speaking terms. She doesn't even answer my calls.

Hi, I need a little advise on a situation i'm currently in. I was added to my sisters Navy Federal Credit Card account as an"Authorized User". My sister devorsed her husband and the account went south. I Disputed the account through Equifaxes online dispute tool. Equifax returned an update that stated this; We have researched the credit account. Account # - xxxxxxxxxxxxxxxx The results are: We verified that this item belongs to you. Additional information has been provided from the original source regarding this item. Historical account information was deleted from this account. If you have additional questions about this item please contact: Navy Federal Credit Union, PO Box 3700, Attn CBR Disputes, Merrifield VA 22119-3700 Phone: (888) 842-6328 My other Auth user accounts they my sister helped me with were simply removed. Does Navy Fed have any legal rights to refuse removal of this account? Am I liable for this account even though I never signed a contract? AM I DOING SOMETHING INCORRECT. Please help, thanks inadvance

Welp, I applied and was approved for a line today from Bank Of America and from what the rep told me they will report to all major CRA's for both my personal and my business. I personally cosigined for the card and put my business on the applications as "second". Took 6 minutes on the phone and came back with a 15K line. i was told by the rep that once i establish a great payment history that I would be able to apply in my business name solely. I'll have to report back when I get more info, thanks...

Heres my thinking. If I Cosign for three lines and do get approved, should'nt my business have established credit after a year or so? Would'nt I be able to get Visa/Mastercard type or credit cards then? After I cosign and remain a cosigner for a year after my business credit is established I can simply remove my PG status or cut the cards up a do not use them any more!!! I'm also wondering if I could add my business as an authorized user on a few of my cards?

I have browsed this entire thread and all of this info is great, however, I have a few questions. IF YOU HAVE GREAT PERSONAL CREDIT, WHY WOULD'NT YOU SIMPLY PERSONALLY GURANTEE A FEW ACCOUNTS TO GET THE BALL ROLLING WITH YOUR BUSINESS. I UNDERSTAND THE LIABILITY FACTOR, BUT IN MY MIND IT'S 100% WORTH USING YOUR PERSONAL CREDIT, " OF COURSE THAT'S ONLY IF YOUR PERSONAL CREDIT IS GOOD ENOUGH TO HELP YOU IN THIS INSTANCE",. WOULD'NT HAVING GREAT PERSONAL CREDIT BE ONE OF THE PERKS IN YOUR FAVOR WHEN IT COMES TO COSIGNING FOR YOUR BUSINESS????

OK, ARE YOU SAYING THAT NAVY FED AND AMERICAN EXPRESS WILL EXTEND CREDIT TO ME WITHOUT A COSIGNER, OR ARE YOU SIMPLY SAYING THAT THEY REPORT? I JUST OPENED MY BUSINESS 2 MONTHS AGO! I DO UNDERSTAND THAT WHENEVER I COSIGN WITH MY PERSONAL CREDIT, I BECOME A PERSONAL GUARANTOR. THE MAIN THING I WANT TO ACCOMPLISH, IS TO BEGIN TO START GETTING TRADE LINES IN MY "BUSINESSES NAME" SO THAT EVENTUALLY I CAN USE MY BUSINESS NAME ALONE TO OBTAIN CREDIT. THE MAIN THING I NEED TO KNOW IS WILL COSIGNING HELP ME ESTABLISH CREDIT FOR MY COMPANY FASTER? I DO NOT MIND COSIGNING FOR MY OWN BUSINESS TO GET CREDIT STARTED UNDER MY LLC'S NAME!

Hello, I hope everyones day is going great! I just opened up a small business "LLC" and want to establish credit with the comapny as fast as possible. My personal credit is extremly well with an excellant payment history and several tradelines and a really low debt racial. Does anyone know if I can co-sign with my personal credit to get credit in my LLC's name? Only really looking to get a few credit cards for now. If the answer is "YES", whats some great companies to do this with? Any help would be greatly appreciated, CHEERS!!!!

I gather the same thing as you! With FHA loans I've noticed that to be true, 2 years is the standard for income. On the other hand, conventional loans are a little more lucrative and from what I've gathered, the standard from lender to lender can be night and day as to what each lender requirements are!

Yes, this is a second job meaning she has two jobs. Talked to a lender today that says a simple letter of employment in addition to her current job should be more than enough. Says that he has done many within the year just like this. I personally think that it all comes down to what the lenders requirements are and am also finding that there is no one standard that all lender's go off of. Gonna talk more with this lender this morning and will report back, thanks guys...

Yes, this is a second job meaning she has two jobs. Talked to a lender today that says a simple letter of employment in addition to her current job should be more than enough. Says that he has done many within the year just like this. I personally think that it all comes down to what the lenders requirements are and am also finding that there is no one standard that all lender's go off ofGonna talk more with this lender this morning and will report back, thanks guys...

Hello everyone, hope all is we there on the other side. My Wife and I are wanting to get a new home, but based on our research we're not so sure we can get qualified. So here's my questions. My Wife makes 53K a year at her main job and she's been there for the last 5 Years. She recently got a job offer that will pay her an extra 25K per year but the job doesn't start until January 6. Her middle score is 698 as of 11/15/2012 and we are leaning toward a conventional loan. It's my understanding that she needs to be at her job for at least 2 years to qualify for a Conventional Loan. Being that she's been at her first job 2 years I'm sure that's no problem but as for the other job I'm wondering if anyone knows if she can use it for added income to boost her Debt to income racial?? The second job is in the same exact kind of work that she's currently in now???? Do anyone know there are lenders out there that will allow her to combine her 2 incomes just as long at the job can be verified???? Any advice would be appreocated, thanks....

Was wondering if anyone out there has any experience with the mortgage ratios column on a credit report. A few years ago I did a modification with my mortgage and it caused the debt ratio within the mortgage column to go to 115%. I've since paid it down and am wondering if having a ratio above 100% on the "mortgage column" lowers your score? Does anyone know the answer to this???

Nope!! once it's in dispute they will not drop it, at least that's what I was told...

Just found out that disputing charges with equifax can drop your score while your in dispute status. My score went from 690 to 638. I disputed 2 old inquires and an old collection. I also had to different disputes 2 for the inquires and one for the old account both with different dispute numbers. The collection was removed today and my score increased back to 696 but am still waiting to see what happens with the inquires. I never knew this though