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I have another question.
I have a furniture store credit line showing on my EQ account as a credit card, that isn't showing on the others. I paid the account off about 3 years ago, but i had 1 late payment. Should I call the other agencies to see if they would list it as a credit line, or will a 3 year old late payment hurt me. The credit line was 1200. thanks
@Anonymous wrote:I have another question.
I have a furniture store credit line showing on my EQ account as a credit card, that isn't showing on the others. I paid the account off about 3 years ago, but i had 1 late payment. Should I call the other agencies to see if they would list it as a credit line, or will a 3 year old late payment hurt me. The credit line was 1200. thanks
A report free of derogs is what you are after so no I would not be trying to add this one to the other 2 bureaus. What I would be doing is sending them a GW letter asking for forgivness of that late http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680
@gdale6 wrote:
@Anonymous wrote:I have another question.
I have a furniture store credit line showing on my EQ account as a credit card, that isn't showing on the others. I paid the account off about 3 years ago, but i had 1 late payment. Should I call the other agencies to see if they would list it as a credit line, or will a 3 year old late payment hurt me. The credit line was 1200. thanks
A report free of derogs is what you are after so no I would not be trying to add this one to the other 2 bureaus. What I would be doing is sending them a GW letter asking for forgivness of that late http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680
Agreed if it had perfect history i would but because of that 1 missed payment you dont want it on there.
It usually depends on the card issuer.
I'm an AU on my parent's Discover it that they opened in 1986 and it reports for me from 1986.
I'm also an AU on my parent's Fidelity Investment Rewards AMEX (FIA Card Services) that was opened in 2009, and it reports for me from 2009.
@Anonymous wrote:
Is there an example of a good, Goodwill letter on the site?
So if everyone will forgive my ignorance, if I am added as an authorized user to a discover card 16-17 years old with perfect pay history (afaik) with 8.2k balance and 16k cl it might help increase my score? I have a few collections still showing after finding multiple mistakes on my report along with a few legit items. In process of clearing all these up. Mid score is 618 for a mortgage. DTI is 4% now and this won't effect that much(might raise to 5-6%). 2 new cc's, both with balance about 10% yet to report (brand spanking new), one cl 300 the other 5k (might bring DTI to 6-7% at most). Will the 50% utilization hurt more than the long history of good payments or will the added history help? I am trying to get score up a bit to qualify for 3% down mortgage and maybe a better rate. When my new cards report I expect 20-40 point increase. Removing baddies should help a bit also. Will this help?
@Anonymous wrote:So if everyone will forgive my ignorance, if I am added as an authorized user to a discover card 16-17 years old with perfect pay history (afaik) with 8.2k balance and 16k cl it might help increase my score? I have a few collections still showing after finding multiple mistakes on my report along with a few legit items. In process of clearing all these up. Mid score is 618 for a mortgage. DTI is 4% now and this won't effect that much(might raise to 5-6%). 2 new cc's, both with balance about 10% yet to report (brand spanking new), one cl 300 the other 5k (might bring DTI to 6-7% at most). Will the 50% utilization hurt more than the long history of good payments or will the added history help? I am trying to get score up a bit to qualify for 3% down mortgage and maybe a better rate. When my new cards report I expect 20-40 point increase. Removing baddies should help a bit also. Will this help?
I would say it would not help but hinder due to the high utilization on it. You want old accounts for AU that are rarely used or show a small balance relative to their CL. Mortgage lenders are going to discount AUs anyway so I would not muddle the waters with one, you have to stand on your own two feet with them.