07-26-2009 04:10 PM
07-27-2009 05:31 PM
I have been added as an AU on two cards with a total of around $21,000 total credit available. Both cards carry zero balances. One has been open for 12 years, one of 7 years. My personal CR's are thin. The addition of these cards certainly helped the scores. Mine are around 750 (+/-) with TU and EQ.
The AU's have not helped in any way with being approved. I have applied with Chase and Jared and been denied on both of them. Both the letters stated not enough TL's reporting open. I called the Chase backdoor number and they told me they required 3 TL's open for 2 or more years with perfect payment history.
I am sure other's on here have more experience and better advise, but I have found the AU's don't really help at all unless you are just looking for a score boost. If you have good TL's established, that might work better for you. However, the places I have applied to do not count AU's in their decisions.
07-27-2009 05:44 PM
07-27-2009 06:50 PM
I agree that multiple 20 year, perfect accounts, long AAoA is going to be adequate most of the time.
PenFed usually does not instant approved, but sometimes they do. NFCU reviews most apps, but they instant approve some. Alliant instant approves (without even asking about income or HHI). AMEX has instant approval processes....so do most issuers.
If you ask for a specifically VERY BIG CL, this may require a review, but once you get to a certain "aged" FICO, then the lenders line up.
07-27-2009 11:09 PM
Thank you, guys! Hobojon, can you name the particular banks that approved your wife with your AMEX AU? When did that happen? Thanks again!
BofA/Merrill, Citi, Chase, Amex, USAA, National City cards were all apped and approved 12-18 months ago with no credit prior to AU cards.
07-28-2009 12:52 PM
My daughter was approved for CapOne $1k with only AU's, but then app'ed NFCU and got $8k.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.