Reply
Valued Member
Posts: 26
Registered: ‎07-26-2012
0

How much can this help my credit?

[ Edited ]

Current credit situation: Transunion has no score for me but my Equifax score is 600.

 

I have two old car loans on my credit that are paid off, Both positive accounts. A few old collections that are about to fall off. My only open credit line is a secured CC $200 limit. I haven't needed much credit. I work full time and pay everything with cash. I received an inheritance about 5 years ago and purchased my home so I don't have a mortgage.

 

My grandma wants to add me as an authorized user to her credit card to increase my score. I have been researching AU vs. co-applicants and found that if she adds me as a AU it may not report to the credit bureaus. The CC I'll be added to is a Chase AAA Visa opened in 1994 with a limit of $26K that has utilization of about 2% right now. 

 

What is my best bet with being added? Should I go for the co-applicant? Will this give me retroactive history? Can my applicant be denied and can it affect her interest rate? The rep from the CC company said it would report on my credit and it won't affect her account but she is just a phone rep afterall. 

 

Thank you!

 


Starting Score: 600
Current Score: 663
Goal Score: 720


Take the myFICO Fitness Challenge
Regular Contributor
Posts: 114
Registered: ‎07-12-2011
0

Re: How much can this help my credit?

 

 

I know it will report if you are an AU.  I personally have 3 chase accounts where i am an AU and all of them report.  It did give me a nice bump in my score as I have over a 700 score with some baddies on it.  I haven't attempted to get a prime credit card or anything however I have no problem obtaining low interest auto loans.  I have 3 personal cards (2 secured and one with creditone) and 5 or 6 (AU) accounts.

 

Good luck.

NFCU Flagship Sig (24.5k); NFCU CashRewards (24.5k); NFCU NavCheck (15k); Chase Sapphire Preferred (15k) ;Chase Marriott Rewards (14k);US Bank Flex Perks (9k); Barclays Rewards (8k); Chase Freedom (14k); BOA Travel Rewards Sig (20k); BOA Privileges with Cash Rewards Sig (9k); Discover IT (6.5k); Walmart Discover (3k); Wells Fargo Platinum (9.5k); Wells Fargo LOC (10k); Bloomingdales Amex (5k); Macy's Amex (5k); Paypal Extras Mastercard (6k); Bananna Republic Visa (5.5k); Lowes (6k); Sams Club Discover (5k)....In the garden since 8/15/13



Moderator Emeritus
Posts: 10,932
Registered: ‎12-30-2011
0

Re: How much can this help my credit?

[ Edited ]

Siobhanmairead wrote:

Current credit situation: Transunion has no score for me but my Equifax score is 600.

 

I have two old car loans on my credit that are paid off, Both positive accounts. A few old collections that are about to fall off. My only open credit line is a secured CC $200 limit. I haven't needed much credit. I work full time and pay everything with cash. I received an inheritance about 5 years ago and purchased my home so I don't have a mortgage.

 

My grandma wants to add me as an authorized user to her credit card to increase my score. I have been researching AU vs. co-applicants and found that if she adds me as a AU it may not report to the credit bureaus. The CC I'll be added to is a Chase AAA Visa opened in 1994 with a limit of $26K that has utilization of about 2% right now. 

 

What is my best bet with being added? Should I go for the co-applicant? Will this give me retroactive history? Can my applicant be denied and can it affect her interest rate? The rep from the CC company said it would report on my credit and it won't affect her account but she is just a phone rep afterall. 

 

Thank you!

 

 


In this case the CSR is 100% accurate.  An AU is what you're looking for currently, after which and the corresponding bump in FICO score you will likely get, it's worth looking at your own options for future use.  Granted other than financing a car or possibly a new house it doesn't sound like you have much need for credit, but it's worthwhile building one's credit report anyway even if there's no conceivable use for it right now or near/mid-term future.

 

Edit: also there's something funky with your signature though looking at it not quite sure where it's going wrong, I'm an HTML luddite unfortunately.

 

Edit 2: I made a liberal assumption that what you had posted in your original message was what you wanted for your signature and I stuck it in there.  Was just a matter of presentation rather than HTML code.   If you wish to change it, it can be found under My Settings / Personal Profile / Personal Information in the SIgnature field.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 693, EQ 8 685, TU 705, EX 709 (02/27/15)
Goal Score: 700 on EQ 04 (01/01/16)


Take the myFICO Fitness Challenge
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.