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Valued Member
taste05
Posts: 46
Registered: ‎05-06-2008

Authorized User

I have done a search on here about authorized user's and am quite confused.  I see some places that myfico08 no longer considers them, but in other places I have seen that they do consider it now.  Could somebody please shed light on this for me.  Also does anybody know which companies report authorized users?  As of right now I do not have any revolving credit cards or store cards.  My partner is willing to add me as an authorized user if it is going to help my score. 
Moderator Emeritus
Posts: 11,562
Registered: ‎08-29-2007

Re: Authorized User

Hello taste05,

 

I've moved your post over here to the CC forum as you will get more answers on the AU reporting question.

 

As for FICO 08, it will count AU in scoring. However, it is very important that you not rely solely on AU accounts for your score, and consider adding some of your own, either now or later when your credit has improved(if that is what you are waiting on).

 

-sidewinder

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Valued Member
taste05
Posts: 46
Registered: ‎05-06-2008

Re: Authorized User

Yes I am waiting for my score to increase really before I try to apply for anything.  I am trying to get some extra points and some baddies removed from my report, but was curious how becoming an authorized user would affect my score, because my partners credit history is beyond stellar with like 750 credit score with no laters or anything on any of the cards. 
Valued Contributor
cobra19
Posts: 1,426
Registered: ‎07-24-2007

Re: Authorized User

Your status as AU will be affected (presumably positively) as soon as the creditor reports. More than your partners overall score, you want to be certain the accounts you are the AU on report a low utility and no lates.

 

 

 

New York Yankees - 2009 World Series Champions. 27... and counting.....
Valued Member
taste05
Posts: 46
Registered: ‎05-06-2008

Re: Authorized User

Thanks for the information.  Yeah he has never been late on any of the cards, and the utilization is low.  The credit limit is very high for the cards also.  The one is through Bank of America, and the other is a JC Penney store card.  Does anybody know if they report to authorized users? 
Contributor
andytisk
Posts: 78
Registered: ‎12-27-2008

Re: Authorized User

I know that BofA does for sure :smileyhappy:
___________________________________
Trying to join the 700 club by mid 09
___________________________________
When joined myFICO board:
12/08: TU: 579 EXP: 628 EQ: 587
01/09: TU: 644 EXP: 634 EQ: 630
Valued Member
taste05
Posts: 46
Registered: ‎05-06-2008

Re: Authorized User

Thanks Andy very good info.  And what in the world did you do to increase your score by that much in less than a month?  Inquiring minds need to know. 
New Visitor
APC_2009
Posts: 2
Registered: ‎03-30-2009

Re: Authorized User

I am currently authorized user on few of my wife's accounts. Since now I have cards of my own, and the fico factor also does not consider authorized users, i am planning to remove myself from all such accounts of my wife. Could you tell usually how long it takes to remove this information from each of the 3 Credit Reporting agencies.
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Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Authorized User


APC_2009 wrote:
I am currently authorized user on few of my wife's accounts. Since now I have cards of my own, and the fico factor also does not consider authorized users, i am planning to remove myself from all such accounts of my wife. Could you tell usually how long it takes to remove this information from each of the 3 Credit Reporting agencies.

AU's, especially easily verifiable AU's like husbands and wives, are still credited on their FICO scores.

FICO changed its mind on this; plus, it will be eons (to be generous) before FICO 08 is widely used. (FICO 08 is the version that was initially going to ignore AU accounts for scoring.)
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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