Reply
New Contributor
Posts: 53
Registered: ‎01-29-2009
0

Re: Wait for pre-approval? Question about CC balances

Thank you!
Valued Contributor
Posts: 2,682
Registered: ‎07-29-2009
0

Re: Wait for pre-approval? Question about CC balances


acevesf wrote:

Cass and Honey thank you so much. I will post in the Credit Card forum. Hopefully my best buy card also updates last day of the month, but I do not have the best buy mastercard just their store card, not sure if that post different!

 

So what do you guys think should we wait to have our LO pull credit? would the balances currently showing on my report have a negative effect?


If you are in a position to wait...then why not wait? I know it's exciting to buy a house, and you're likely anxious to get started...but be patient and give yourselves the best possible shot at it. Let those lower balances report. You not only have to get through a loan officer...you have to get through underwriting. Give yourself the best chance.

 

As for adding your spouse as an AU on one of your cards, what is her AAoA right now? Am I reading correctly that you will have only $1 showing as a balance on your credit cards after everything reports? If that is the case, then adding her as an AU would only be beneficial if it raises her average age...unless I'm missing something (which is entirely possible).

 

Hang in there...you'll get more input.

New Contributor
Posts: 53
Registered: ‎01-29-2009
0

Re: Wait for pre-approval? Question about CC balances

[ Edited ]
Lyn thank you maybe you're right I should wait. But abou the Average age of accounts is that only on credit cards or auto loans as well? currently she has no credit cards revolving etc. only thing on there is our current car payment which we started september of 07. She had a car loan for about 6 months before that that was paid off as well.
Message Edited by acevesf on 12-01-2009 01:20 PM
Moderator
Posts: 17,053
Registered: ‎07-14-2009
0

Re: Wait for pre-approval? Question about CC balances


acevesf wrote:
Lyn thank you maybe you're right I should wait. But abou the Average age of accounts is that only on credit cards or auto loans as well? currently she has no credit cards revolving etc. only thing on there is our current car payment which we started september of 07. She had a car loan for about 6 months before that that was paid off as well.
Message Edited by acevesf on 12-01-2009 01:20 PM

Your AAoA is the sum of the ages of every account on your report, whether open or closed. This is measured from the time each account was opened until present.
New Contributor
Posts: 53
Registered: ‎01-29-2009
0

Re: Wait for pre-approval? Question about CC balances

sorry for the newb question but does AAOA also include any collections?

 

thank you all so much for your help.

 

I think I may put her as an AU on my Best Buy card.

Moderator
Posts: 17,053
Registered: ‎07-14-2009
0

Re: Wait for pre-approval? Question about CC balances


acevesf wrote:

sorry for the newb question but does AAOA also include any collections?

 

thank you all so much for your help.

 

I think I may put her as an AU on my Best Buy card.


Unfortunately yes. :smileysad:

Valued Contributor
Posts: 2,682
Registered: ‎07-29-2009
0

Re: Wait for pre-approval? Question about CC balances


acevesf wrote:
Lyn thank you maybe you're right I should wait. But abou the Average age of accounts is that only on credit cards or auto loans as well? currently she has no credit cards revolving etc. only thing on there is our current car payment which we started september of 07. She had a car loan for about 6 months before that that was paid off as well.

Her score should go up if she shows a credit card. If she could be an authorized user on a card with no utility, that would be ideal. The oldest possible card would be ideal.

 

She is not showing what they call a "mix" of credit, which means revolving, installment, and mortgage. Her car loan is installment. A credit card would be revolving.

 

You are on the right track to be looking at all these things BEFORE you sit down with a loan officer. Too many people don't even look at their reports first, and they sit down to a big surprise. Homework first. House second.

New Contributor
Posts: 53
Registered: ‎01-29-2009
0

Re: Wait for pre-approval? Question about CC balances

I wonder if I should add her to my Best Buy card tomorrow, if they do AU. and hopefull by the time the $0 balance reports to my CR it will also show up on her CR. any idea how long AU takes to report to the CB's?
Contributor
Posts: 78
Registered: ‎11-17-2009
0

Re: Wait for pre-approval? Question about CC balances

When you call, be sure to mention something about having the AU reported to the CRAs.  If their computer system allows it, they'll be able to tack on your wife's SS# right then and there so they won't have to go searching around for her, which could expedite things for you. 
New Contributor
Posts: 53
Registered: ‎01-29-2009
0

Re: Wait for pre-approval? Question about CC balances

[ Edited ]

Just called they said they can add her as an AU and issue her a card but the agent said it would not build her credit.... I asked if I could provide him with a SSN he said no, only on co-signer and for that I would have to fill out an app. :smileysad:

 

anyone know if it will eventually show up on her CR even w/o her ssn or DOB?

 

 

nevermind about the co-signer either said thats not possible after the first 30 days of the original app have elapsed.

Message Edited by acevesf on 12-04-2009 12:25 PM
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.