Credit Cards

[jay33]

Ok, I'm really new to FICO world.  So if I'm added on as an AU I won't be abe to get the credit history of the account?  Has this gone into effect yet.  I can't find a clear answer.

[cheddar]

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jay33 wrote:

Ok, I'm really new to FICO world.  So if I'm added on as an AU I won't be abe to get the credit history of the account?  Has this gone into effect yet.  I can't find a clear answer.

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Currently, if you are added as AU, you will get the entire history of the account.

When FICO 08 goes into effect, AU accounts will stop counting for FICO scoring purposes.  They will still appear on your CRs, but they will be ignored by the scoring algorithm.

FICO 08 has not gone into effect.  It is expected sometime this year, but nobody knows for sure if/when it will happen.

[FretlessMayhem]

I *think* I read somewhere that EX was the farthest along in implementing FICO 08, but still no definite timeline for full implementation.

I also read that EQ isn't going to implement it until their lawsuit with Fair Isaac is over.

[jay33]

Thanks for the info.  I just got added as an AU on two store CCs and a bank CC.  I'm hoping to get my score up and apply for a secured CC.  Any thoughts on where I should go?  alot of people say CU's or someplace like BofA.

EQ 583

EX 615

TU 563

[cobra19]

jay - if you have three new (presumably good) accounts showing up soon, you may not have to look at secured cards. I know when I added my sister as an AU on 2 of my AMEX cards, she saw a 50+  point jump in her scores.

You may not see 50 poitns, but you should be in the low-mid 600's.

[jay33]

So lets say with a 30-40 point increase in score what unsecured could I apply for?  Right now it seems I only get secured offers.

[jay33]

bump

[FretlessMayhem]

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jay33 wrote:

So lets say with a 30-40 point increase in score what unsecured could I apply for? Right now it seems I only get secured offers.

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If your EX goes up a little I would say you have a shot at getting an Amex Gold Delta Skymiles card. You could also try for a Green on the same inquiry as long as you apply for both on the same day.

I'm sure Capital One would also give you an unsecured card with your scores.

Message Edited by FretlessMayhem on 05-06-2008 03:33 PM