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  #1  
Old 01-10-2018, 09:31 PM
truelove84 truelove84 is offline
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Default How can he work on his credit while he's in jail/prison?

Is it possible that "Q" can work on his credit while he's in jail or no as far as building it? I assume that he has to be out to do the legal work right?
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Old 01-10-2018, 10:01 PM
CenTexLyn CenTexLyn is offline
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There are plenty of things that can be done. However, they are not going to allow him to have the cards in his possession while inside. I have one client that knows his account number though and has someone on the outside that takes care of payment of the bills as they are due.

In the interim, if you were to trust him enough, you can add him as an authorized user to your accounts...some will report those accounts.

Actions can also be taken to address the negatives that might still be on the reports, although depending on how much time has been served, they may also be to the point of falling off due to age.
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Old 01-12-2018, 07:55 PM
yourself yourself is offline
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I would also make sure he's dealing with any debts that he had before he went in. Close down credit lines, keep a bank account open, file his taxes appropriately, don't default on his auto loan, etc. if he has money, he needs to make his payments and pay off the high interest stuff first.
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Old 01-13-2018, 11:13 AM
MissStar MissStar is offline
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A lot of debt has statute of limitations. For some debt (in some states) after 7 years it falls off your report (or you have to request it to be deleted). But this only works if a penny hasn’t been paid towards it. First step would be to get rid of any debt that’s past it’s legal limit.
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Old 01-13-2018, 11:49 AM
CenTexLyn CenTexLyn is offline
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Quote:
Originally Posted by MissStar View Post
A lot of debt has statute of limitations. For some debt (in some states) after 7 years it falls off your report (or you have to request it to be deleted). But this only works if a penny hasn’t been paid towards it. First step would be to get rid of any debt that’s past it’s legal limit.
This is not entirely correct. First, while it is true that a charge-off will generally fall off seven years after the date of the first major delinquency immediately preceding the charge-off event, this does not hold true if there has been litigation that results in a judgment. Judgments can live for many years, and in many jurisdictions, are also renewable AND have interest accumulating from the date of judgment.

Secondly, payment towards the amount is not always what controls for litigation purposes. There is a lot more than simple reporting issues to be aware of.

There are very specific reasons why I point people towards creditboards dot com...it is the credit experience equivalent of the prison-related knowledge that exists here.

One needs to be acutely aware of WHY they take a particular action on credit matters lest it compound the problems.

I would disagree with the guidance to close down lines. Where an account is open and reporting, it makes sense to keep it open as long as there are no fees being racked up. Scores take into account utilization as well as age of accounts. It is far easier to get credit when the report shows some older accounts than if one has scrubbed it to within an inch of its life...it doesn't take a lot of accounts to have a score over 750, but you won't get there with none showing. And yes, some sites will point to 800 as the goal, but the reality is anything over 750 is going to have you in the top tier of most underwriting considerations...

Last edited by CenTexLyn; 01-13-2018 at 11:51 AM..
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Old Yesterday, 12:16 AM
truelove84 truelove84 is offline
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Thanks guys but he been in jail for thirteen years he never had any credit but he would like to know ways he can build it while he's in there is it possible?
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Old Yesterday, 12:34 AM
redtop43 redtop43 is offline
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The only way I can think of is to be added as an authorized user to someone else's account.

I can tell you that about five years ago, when my ex-wife got her green card, I added her to my American Express account, and within a month she had a credit score of 750. I don't think she had a credit file in the USA prior to that, but since I had an Amex for 20 years, it said that she had a 20-year credit history in the USA.

There's not much risk for the person adding, as long as you lock the card, which almost all credit card providers allow. They will have to provide you with their social security number.
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