The first problem: WHICH creditors REPORT the AU accounts on the credit?
Had a client try this, and one of the creditors didn't even ask for his address. During a subsequent call they said they don't report the AU.
1) Barry at Fair Isaac mentioned some kind of lending law that requires AU accounts to be reported just like joint accounts. Does anyone know what law that is? It's got an "E" in it, maybe the Equal Credit Opportunity Act? Something like that?
2) I just recently saw First USA (see my posting above) and Sears reporting the AU accounts.
Which creditors DO report the AU accounts?
Do NOT apply for JOINT accounts because YOUR bad credit will most likely cause the rates to go up and limits to be decreased, might even result in the account being closed. THEN the only way to UNDO this is for the account holder to CLOSE the account and reapply. You could destroy a long friendship over this.