If added as AU will I get a boost?

[Anonymous]

So here's a breakdown of my credit account/payment history:

Open accounts:

Chase CC - $500 Limit - $0 Current Balance - Opened 6/2003 (30D lates, Jan 2006, Sep 2005)

CapitalONE CC - $1200 Limit - $0 Current Balance - Opened 3/2002 (30D late, Jan 2006, 60D late, Feb 2006)

Personal Loan - $2500 Original Disbursment - $1660 Current Payoff - Opened 5/2010 (Never late)

Auto Loan - $112735 Original Disbursment - $9211 Current Payoff - Opened 5/2010 (Never late)

US Dept. of Education - $63179 Original Disbursement - $63100 Current Payoff - Opened 1/2011 (Never late, have made 1 payment)

SallieMae Student Loan 1- $9642 Original Disbursment - $13674 Current Payoff - Opened 11/2001 (Never late)

SallieMae Student Loan 2- $7700 Original Disbursment - $12759 Current Payoff - Opened 10/2000 (Never late)

AES Student Loan 1- $7734 Original Disbursment - $9581 Current Payoff - Opened 5/2010 (60D late, Sep 2006, 90D Oct 2006)

AES Student Loan 2- $3351 Original Disbursment - $3498 Current Payoff - Opened 1/2006 (30D late, Jan 2007)

WellsFargo Student Loan - $5400 Original Disbursment - $6289 Current Payoff - Opened 2/2000 (30D lates, Jan 2009, Mar 2007)

Iowa Student Loan Loan - $5755 Original Disbursment - $4867 Current Payoff - Opened 10/2002 (30D lates, Mar 2009, Jan 2009, 90D late, Jun 2006)

Closed Accounts:

Key Bank Credit Line - $500 Limit - Opened Jun 2004 - Closed Aug 2007 - (Never late)

Personal Loan - $2368 Original Disbursement - Opened Jul 2008 - Closed Jan 2009 - (Never late)

Personal Loan - $2700 Original Disbursement - Opened Apr 2004 - Closed Apr 2006 - (30D lates, Apr 2006, Feb 2006, Sep 2005, Aug 2005, Jul 2005, Jun 2005, 60D lates, May 2006, Nov 2005, Oct 2005, 90+D lates, Sep 2006, Aug 2006, Jul 2006, Jun 2006, Dec 2005)  This account ended up in small claims court, which is the judgement listed below.  Yes, I was going through a very tough time financially...

Iowa Student Loan - $12232 Original Disbursement - Opened Dec 2004 - Closed Jan 2011 - (Never late, consolidated this loan into the US Dept. of Ed. loan listed above)

Best Buy CC - $1200 Limit - Opened May 2003 - Closed Aug 2008 - (30D lates, Apr 2008, Aug 2007, 60D late, Feb 2006)

Snowmobile Loan - $6240 Original Disbursement - Opened Nov 2007 - Closed Jul 2009 - (Never late)

Boat Loan - $2000 Original Disbursement - Opened Apr 2009 - Closed May 2009 - (Never late)

Auto Loan - $5646 Original Disbursement - Opened Jan 2009 - Closed Apr 2010 - (Never late)

Auto Loan - $2950 Original Disbursement - Opened Jun 2009 - Closed Jan 2010 - (Never late)

Auto Loan - $18917 Original Disbursement - Opened Mar 2005 - Closed Mar 2008 - (30D lates, Jul 2007, Jun 2007, Jan 2007, Dec 2006, Jul 2006, Apr 2006)

Auto Loan - $8450 Original Disbursement - Opened Apr 2004 - Closed Mar 2005 - (Never late)

Auto Loan - $5300 Original Disbursement - Opened Aug 2003 - Closed Apr 2004 - (Never late)

Collections:

Home Properties - Assigned 9/2006 for $803 - PIF as of 8/2008

Time Warner Cable - Assigned 9/2006 for $350 - PIF as of 8/2008

Public Record:

Paid Civil Judgment - $547 - Filed 7/2006 - PIF 8/2008 (Reference $2700 Personal Loan above for more info.)

My current FICO's are TU675, EQ681 and EX661.  So now that you are aware of my credit report info. do you think I could gain some more points by being added to my mother's credit card that has a $10,000 limit with a current balance of $600 that she opened in 2005 and has never been late?  If added it will only increase my utilization by 0.06%.  It won't adjust my average age of accounts by much, if at all, since it was opened in 2005...  She hardly ever uses this card and doesn't plan on using it at all.  In order to qualify for a loan package I'd like to apply for I've been told the guideline minimum score is a 700.  Think I can gain 19 points this way?

[Anonymous]

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@Anonymous wrote:

My current FICO's are TU675, EQ681 and EX661.  So now that you are aware of my credit report info. do you think I could gain some more points by being added to my mother's credit card that has a $10,000 limit with a current balance of $600 that she opened in 2005 and has never been late?  If added it will only increase my utilization by 0.06%.  It won't adjust my average age of accounts by much, if at all, since it was opened in 2005...  She hardly ever uses this card and doesn't plan on using it at all.  In order to qualify for a loan package I'd like to apply for I've been told the guideline minimum score is a 700.  Think I can gain 19 points this way?

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The best way to determine if having yourself added as an AU will increase your FICO scores, is to take out the pencil - as you have done - and do the math.

First thing - will it impact your utilization?  Usually the goal is to lower utilization, your math shows basically no change here. 

Second thing - will it impact your AAofA?  Usually the goal is to increase AAofA, you state that it will have no impact. 

Third thing - will it impact your length of credit history?  Usually the goal is to increase length of credit history -  I can't tell what would happen with yours, it looks like it would not increase(?)

Fourth thing - make sure it doesn't bring lates or other baddies onto your report as that would potentially lower your score.  In your case, the account is clean so this would not be a concern.

Fifth thing - will it increase your number of accounts reporting a balance?  In your case, it may.  Depending on what other accounts you have reporting a balance, this may or may not be an issue for you.

I might be missing something, but I'm not sure where the benefit would be in being added as an AU to this particular account.

The best way to determine how to increase your FICO scores, is to pull your FICO score here.  Look at the items under "What's Helping your FICO score" and "What's Hurting Your FICO score".  And use the simulator for a bit of help in knowing your best move going forward.  If you've pulled your FICO score here, what are the items listed under "What's Hurting Your Credit?"  If you post those in the Rebuilding Your Credit forum, you'll get lots of good feedback on how to increase that score from all the smarties that hang out here! 

[Anonymous]

Thanks for the thorough reply!  I was hoping that adding another open CC with no baddies and a low utilization would give me a bit of an increase...  My FICO's (other than EX obviously) were pulled here.  I have a ScoreWatch account.  That said, it states that the "Best Action" for me to boost both my TU and EQ scores is to payoff 90-100% of my credit card balances.  Which I find odd since they are already paid off...    I guess the only thing that will boost my score is time.

[Anonymous]

You mention that you paid off all your cc accounts,

Remember to pay attention to what balance is reported to the CRA's.

Most folks get their best FICO's if they let a small (less than 9% balance) report on one card, with the others reporting at zero.

If they're all reporting zero, you may see a ding in your FICO score - it depends on your CR, so it's good to experiment a tad with this if you're micromanaging your FICO score.

Most importantly, What's listed under "What's Hurting Your FICO Score?"

If you have any baddies (I think I remember you listed some lates?) check out the Rebuilding Your Credit forums for some good help on working with those.