adding an authorized user

[MsTucker09]

Hello everyone my husband and I are having a new home built that should be completed by july or aug.  our loan consultant recently told us that my middle score right now is 640 and my husbands is 560 (which needs to get up to 620 quick) she suggested that he get a secured visa and we want to know is it possible to bring his score up 60pts with a secured card and my mother said to add him as an authorized user on my long standing acct w/ cap one but my loan officer said that would have no impact on his score. so does anyone have any suggestins because i thought as an authorized user it would be on his credit report also.  thanks

[Anonymous]

Did the loan officer specify why they felt the AU card would not benefit his score?

FICO 08 wasn't going to include AU in scoring, but has announced it will. Very few, if any, are even using the new FICO 08 scoring model.

Make sure Cap 1 reports AU.

What is the util on the Cap 1 card?

AFAIK it will be included in his score.

Message Edited by sidewinder on 03-27-2009 10:32 AM

[MsTucker09]

she said it would not benefit his score because the reporting agencies were no longer using it. 

I looked on cap 1 website and they said that they do report to credit agencies for A/U and they asked for his SSN which is  another reason we think they look.

my current util is 0% i use it about every 2 months for gas and pay it before staement period is over.

thank you

[Anonymous]

I think that possibly your broker has given the wrong impression, or possibly is mistaken.

AU will improve his FICO score, but will not, as credit reference, improve his history of credit use as "content."  He is not financially responsible for an AU account, and therefore creditors will not look at it as a credit reference.   However, they will look at his FICO and that will be affected by the AU because it affects utilization, balances, AAoA, oldest account and highest limit portions of the FICO algorithym.

[MsTucker09]

thanks 1 more thing I tried to add him as au on my 2 store charge cards but they just asked for his name not his SSN or anything.  am i to assume that is because they do not report to the credit agencies?

[Anonymous]

I just got added as AU on my Dad's 20 year old B of A card.  They did not ask him for my SS# and it showed up on my credit report and I got a 70 point bump up!

We share the same last name and have the same address.....it worked on TU and EQ...who knows with EX 

[haulingthescoreup]

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MsTucker09 wrote:
thanks 1 more thing I tried to add him as au on my 2 store charge cards but they just asked for his name not his SSN or anything.  am i to assume that is because they do not report to the credit agencies?

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Gap did not report me as an AU on DD#2's card (thank goodness.) I didn't even know that I was an AU, but apparently she told them that it was OK for them to talk to me, and presto! I became an AU.

I would assume that this is true as well of Old Navy and Banana Republic and whatever that fruit-named thing is, but you never know.

Some cards report AU's, some don't; some ask for SSN's, some don't. No rhyme or reason.

[MsTucker09]

Ok thanks do you know how long it took for it to be updated on your credit report

[haulingthescoreup]

Generally an AU account updates when the statement posts.

Bank of America updates new AU's immediately, although when they're removed, you have to wait for the next statement date.

In other words, it varies wildly.

[Thunderseven]

How long should a CC account be open before adding an AU?  I have a BoA card that I use once or twice a month and pay it off before the statement date to keep the util down to 0%.  It's only been open since 10/08 and I was thinking of "maybe" adding my daughter to help her start a credit history.  Should I do this, or is it too soon for my card?  Also, what king of hit could my scores take by doing so?