After the 2007-2008 recession, my dad had to go through bankruptcy. It broke him down and definitely took a toll on him. He hates that my sister and I had to go through it, but we’re good. We always had food and a roof over our heads. He’s made sure we’re better off than him. He’s putting us through university as a single parent. All bills are paid in full every month, and he has zero debt. It’s been more than 7 years and he has no credit score now. He’s 63 and will retire soon. When he does, he will live with either me or my sister.
According to Experian, my credit score is 707, while Discover says it’s 767.
What would be the purpose of making him an AU? Does he need a card? Does he need credit history? Understanding the goal here would help determine the best approach.
Fife said:
What would be the purpose of making him an AU? Does he need a card? Does he need credit history? Understanding the goal here would help determine the best approach.
He would like to have his own space when he retires. I have offered to let him live with me and pay a portion of the bills, but that’s it.
@Heath
By ‘have his own space’, do you mean he’d need credit to apply for a home loan or get approved for a rental? If so, is the goal here for him to reestablish credit history for that potential upcoming application?
Heath said: @Fife
He’d get an apartment! That’s the goal. He wants to have independence for the last few years of his life.
I hear you. I’d suggest he just open up a credit card of his own. There are sites with pre-approval tools like Discover and Capital One where he can likely get a card and start building some revolving credit history. His own credit history is more meaningful than that of an AU account.
Heath said: @Fife
I’ll talk to him. You have been very helpful, I appreciate it!
Any time! As long as your account is in good standing (no late payments, low utilization, etc.), it wouldn’t be a bad idea to add him as an AU in addition to him getting a card of his own.