@ficobgtx wrote:This will hurt your AAoA, not help. I'm not really sure if this will help at all in your case. Guess it could lower your overall util, but yours is already low.
My Dad, when he was living (still miss him very much), added me to a Chase card that he opened years ago. The limit was 10K and he never went over 2.6K. He closed it in 2004 with a perfect payment history and it comes off my reports at the end of this month. It's done nothing but good things for me, adding to my AAoA because the 81 month payment history and age transferred over to my reports. Unfortunately, back then when I didn't care about credit, I didn't even check if I was dinged for a new account but I'm pretty sure the age and perfect payment history came along with it. I can't comment exactly what it did in the short run but I don't think it would hurt you at all. I would only do it for the age because your util is perfect.
From what I can gather, 6+ years AAoA is a sweet spot for FICO. If it would roll you over that, I might consider.
@roadtoamex wrote:Hey guys,
I've read some conflicting things here in the forums from past and more recent threads and was hoping for some help in a decision. I have a 660 range score right now and am about to purchase a home. My mother who I take care of financially has a card with a 20k limit, that she pays in full each month, balance never exceeds $4000 and she has never missed a payment in 12 years of having the card.
I had explained to her how I was building my credit the last year for a home purchase (I've always paid cash for everything including cars). As one of the things that is hurting me is age of accounts, she offered to add me as an AU.
Currently my two personal cards are a little over 30k credit, I never exceed $2000 balance and it doesn't matter because I pay in full each month so my utilization is reporting at like 2%.
Will her adding me to that card help immediately? average age will go up a couple of years I imagine as well as another 20k in avail credit bringing me to 50k. Are authorized users still benefiting from this in 2014.
If it will help, I'd love to have her do it, technically I pay that card anyway, but I'm concerned a "new account" ding might drop me, or the AU label (if there is one designated) could hurt.
Any current info would be much appreciated. Thanks guys!
Welcome to the forum. The issue you should ask your LO is whether or not an AU account will be discounted for your mortgage app. With a 660 score, low util are there any baddies on your reports?
And who is your Moms cc with? Amex does not backdate ACMs
@ficobgtx wrote:While I think it is difficult/impossible to say how many point it will cost you, this will be a new account for you. As Lexie mentions, Amex used to give ACM's (Additional Card Member) backdating, but not anymore. And no other cards backdate. So this would show as a new TL on your report without the aging that the primary account holder has. Therefore your AAoA will go down.
With most cc's AUs will inherit the primary card history- Amex is the only issuer that does not allow ACMs to inherit the history.
I think you are getting the terms backdate and inherit confused.
@09Lexie wrote:
@ficobgtx wrote:While I think it is difficult/impossible to say how many point it will cost you, this will be a new account for you. As Lexie mentions, Amex used to give ACM's (Additional Card Member) backdating, but not anymore. And no other cards backdate. So this would show as a new TL on your report without the aging that the primary account holder has. Therefore your AAoA will go down.
With most cc's AUs will inherit the primary card history- Amex is the only issuer that does not allow ACMs to inherit the history.
I think you are getting the terms backdate and inherit confused.
So Lexie, you are saying the OP would definetly benefit then, since his mom has perfect payment history. Then the OP should do it.
$600 
$6500 
$30k 
16k 
12k VSiggy