Credit Cards

[fishbjc]

I just realized that DH is an authorized user on MY Sears Card.  This card was opened in 1981.  When the au goes bye-bye...he'll lose this age, correct?????

[MidnightVoice]

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fishbjc wrote:

I just realized that DH is an authorized user on MY Sears Card.  This card was opened in 1981.  When the au goes bye-bye...he'll lose this age, correct?????

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IF it ever goes into effect - yes

[SonorityGenius]

Sears is Citi - which allows JOINT status AND reports as joint on CRs correctly.

Call them up and make him Joint User

[FaircreditguyFL]

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SonorityGenius wrote:

Sears is Citi - which allows JOINT status AND reports as joint on CRs correctly.

Call them up and make him Joint User

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The OP indicated DH is AU. AU are supposed to be removed with the implementation of the new scoring model. However, there is no starting date - if ever.

[haulingthescoreup]

I think Sonority was advising converting from AU to joint.

That's my ace in the hole for the Discover if FICO 08 (3008?) ever goes into effect.

[Timothy]

Both Mine and DW's 2 oldest accounts drop off this year- (sept and Dec)

At least you can you it to joint status- I really don't see FICO 08 kicking anytime soon.  

[caliness1]

First of all, not counting AU accounts violates the Equal Credit Opportunity Act. See Reuters. Of course, the CRAs don't care, but I predict they will get sued for it immediately if it goes into effect.

Second of all, and I'm not 100% sure about this, AU accounts will still count for immediate family members living in the same household. See InfiniteCredit. In that case, will a spouse count as an "immediate family member"? Who knows.

[CreditMizer]

The ECOA only states the the CRA or CREDIT REPORT must report AU.  Under FICO08 your credit report will have the AU it just won't be used in the score.  There is nothing in the ECOA or any other law that says AU have to be included in FICO or any other scoring.  There is already plenty of info in credit report NOT included in FICO score.  Paid vs Unpaid collections make no difference to your score.  The amount of deragatory account does not affect the score (2 $10 collections are more damaging then one $10,000 collection).  Inquries remain on report for 2 years but FICO only looks at past 12 months.  So there is a lot of info in the CRA not used by FCO.  If/when FICO08 ever goes into effect AU will just be another item in your report that does not help or hurt your FICO score.

That press release is playing fast and loose with the interpertation of the law. 

[LaserBlue]

And it's worth pointing out just for the record that it's exactly that - a press release from a web site that makes its money from piggybacking, not a Reuters news article as the post might suggest.

Although I suspect most people could probably figure out it wasn't written by a professional journalist simply by the tone and style of it.

Message Edited by LaserBlue on 05-05-2008 09:34 PM

[cheddar]

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caliness1 wrote:

Second of all, and I'm not 100% sure about this, AU accounts will still count for immediate family members living in the same household.

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This is not true of FICO 08.  All AUs will stop counting.