BOA CRA help!

[Anonymous]

My wife just got her credit scores - equifax-632, transunion-679, and experian-714. She is on my BOA Platinum Plus World points Visa credit card as an authorized user. I want to add her as a joint owner.

So, where will BOA look to determine her credit score?

Will her scores be high enough to be added as a joint owner or will it hurt her (or me) if they say no?

Thanks 

[Anonymous]

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Learningfast wrote:

My wife just got her credit scores - equifax-632, transunion-679, and experian-714. She is on my BOA Platinum Plus World points Visa credit card as an authorized user. I want to add her as a joint owner.

So, where will BOA look to determine her credit score?

Will her scores be high enough to be added as a joint owner or will it hurt her (or me) if they say no?

Thanks 

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BOA will pull a hard inquiry on her report (not yours, since you already have the card), and they will most likely pull EX, which is good since it's her highest score.  With a 714 I wouldn't imagine there would be anything to worry about.

The hard inquiry will hurt her score a little bit, but if approved, the entire history of the card will be added to her CRs.  If the card has a good history, and it's older than the average age of her accounts, it will help her FICO, probably more than the inquiry will hurt it.

The inquiry has the same effect regardless of whether they approve or deny.

Hope this helps, and good luck!

[Anonymous]

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cheddar wrote:

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Learningfast wrote:

My wife just got her credit scores - equifax-632, transunion-679, and experian-714. She is on my BOA Platinum Plus World points Visa credit card as an authorized user. I want to add her as a joint owner.

So, where will BOA look to determine her credit score?

Will her scores be high enough to be added as a joint owner or will it hurt her (or me) if they say no?

Thanks 

---

BOA will pull a hard inquiry on her report (not yours, since you already have the card), and they will most likely pull EX, which is good since it's her highest score.  With a 714 I wouldn't imagine there would be anything to worry about.

The hard inquiry will hurt her score a little bit, but if approved, the entire history of the card will be added to her CRs.  If the card has a good history, and it's older than the average age of her accounts, it will help her FICO, probably more than the inquiry will hurt it.

The inquiry has the same effect regardless of whether they approve or deny.

Hope this helps, and good luck!

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Just my two cents.  If she's already an AU, she's already getting the benefit from the account, so don't expect a jump in score just by making her joint.  In fact, like cheddar said, she may get a small drop from the inquiry.  It's still worth the change if she wants the account info and fears FICO 08.

[Anonymous]

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krystofur wrote:

Just my two cents.  If she's already an AU, she's already getting the benefit from the account, so don't expect a jump in score just by making her joint.  In fact, like cheddar said, she may get a small drop from the inquiry.  It's still worth the change if she wants the account info and fears FICO 08.

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Excellent point.  I missed that fact that she was already AU.

-cheddar (learning to read more closely)

[Anonymous]

This is still a good move- as FICo 08 will be implemented evertually-