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Wait for pre-approval? Question about CC balances

New Contributor

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

Thank you!
Message 11 of 23
Valued Contributor

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.

Message 12 of 23
New Contributor

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

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
Message 13 of 23
Moderator Emeritus

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.
Message 14 of 23
New Contributor

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.

Message 15 of 23
Moderator Emeritus

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. Smiley Sad

Message 16 of 23
Valued Contributor

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.

Message 17 of 23
New Contributor

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?
Message 18 of 23
Contributor

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. 
Message 19 of 23
New Contributor

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

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. Smiley Sad

 

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
Message 20 of 23