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Authorized user question

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Anonymous
Not applicable

Re: Authorized user question

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

Message 21 of 32
gdale6
Moderator Emeritus

Re: Authorized user question


@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

Message 22 of 32
ADARPegasus
Established Contributor

Re: Authorized user question


@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.

Transunion - 788 05/16
Experian - 745 05/16
Equifax - 740 05/16
Message 23 of 32
Anonymous
Not applicable

Re: Authorized user question

Thanks for the advice.
Message 24 of 32
Anonymous
Not applicable

Re: Authorized user question

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.

Message 25 of 32
Anonymous
Not applicable

Re: Authorized user question

Is there an example of a good, Goodwill letter on the site?
Message 26 of 32
gdale6
Moderator Emeritus

Re: Authorized user question


@Anonymous wrote:
Is there an example of a good, Goodwill letter on the site?

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680

Message 27 of 32
Anonymous
Not applicable

Re: Authorized user question

Thanks. Right after I posted the question I called the company's collection dept., and the young lady was nice enough to remove the one late payment from my account. She said since I only had one late in 2 years she would do it for me.

She said it was a 48 hour turnaround time, and she would mail me a letter to send to the other two credit bureaus, since they only report to Equifax.
Can't wait to see how that one late pay removal changes my score.

Message 28 of 32
Anonymous
Not applicable

Re: Authorized user question

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?

Message 29 of 32
gdale6
Moderator Emeritus

Re: Authorized user question


@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.

Message 30 of 32
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