topic Need experienced advice re: Authorized Users in Rebuilding Your Credit

Need experienced advice re: Authorized Users

Workin4aLivn — Sun, 27 Jan 2013 02:44:37 GMT

So, we've been working on rebuilding our credit for the past couple of years after I filed BK in 2010 and we had to short sell our house that same year. Fast forward to today and our scores are in the 680ish range. We're in the process of purchasing a home using a VA loan. We've already qualified, but it's a new build so the loan won't close for at least 3 more months.

Question is - the interest rate from a score of 660 - 720 doesn't change, but if we could bump our score above 720 we'd get a lower interest rate. Both of our parents have offered to add us as authorized users on one of their accounts ( high limit cards, no lates, long credit histories and both parents have credit scores over 760). Do you think this could give us enough of a bump to get us over that 720 mark or is it not worth it?

Re: Need experienced advice re: Authorized Users

annielorie — Sun, 27 Jan 2013 03:41:18 GMT

YEs I do but it depends on the lender if they will count the AU in the scoring

Re: Need experienced advice re: Authorized Users

Workin4aLivn — Sun, 27 Jan 2013 22:35:30 GMT

Yes, we're going to verify that with the cards involved, but I want to make sure there's no potential negative effects from being added either.

Re: Need experienced advice re: Authorized Users

annielorie — Sun, 27 Jan 2013 22:41:04 GMT

As long as the account is clean no baddies low utilization and long it will help tremendously! Keep us posted!! And two is better than one