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Frequent Contributor
cfstr1
Posts: 436
Registered: ‎06-15-2007
0

AU Accounts

Does anyone know whether or not the CB who will stop recognizing AU's in September will invalidate AU accounts prior to the new program date or AU accounts that begin in September after the switch?
Moderator Emeritus
fused
Posts: 16,378
Registered: ‎03-12-2007
0

Re: AU Accounts



cfstr1 wrote:
Does anyone know whether or not the CB who will stop recognizing AU's in September will invalidate AU accounts prior to the new program date or AU accounts that begin in September after the switch?

No confirmation on the CRA yet! Many here think it will be EQ though.
Credit Profile -
FICO 08 Scores (09-16-2014): EQ 824, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

Established Contributor
dog
Posts: 560
Registered: ‎05-03-2007
0

Re: AU Accounts

all indications are that no au accounts, old or new, will be used in calculating scores.

cfstr1 wrote:
Does anyone know whether or not the CB who will stop recognizing AU's in September will invalidate AU accounts prior to the new program date or AU accounts that begin in September after the switch?


Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007
0

Re: AU Accounts

Yep.. my money is on EQ for Sept. It is my understanding that AU accounts will still report, but they will be exempt from score calculations. It's going to be interesting to see how the CCCs, CRAs and MyFICO is going to differentiate between AU and non-AU accounts. My first thought is any account with the notation "Authorized user" would be the determining factor. Problem is not all AU accounts show this notation. Seems to me the only way to accurately achieve their goal would be with new CRA subscription codes (assuming  the CCC does not decide to simply stop reporting for AUs).. Should be interesting.
Moderator Emeritus
fused
Posts: 16,378
Registered: ‎03-12-2007
0

Re: AU Accounts



Tuscani wrote:
Yep.. my money is on EQ for Sept. It is my understanding that AU accounts will still report, but they will be exempt from score calculations. It's going to be interesting to see how the CCCs, CRAs and MyFICO is going to differentiate between AU and non-AU accounts. My first thought is any account with the notation "Authorized user" would be the determining factor. Problem is not all AU accounts show this notation. Seems to me the only way to accurately achieve their goal would be with new CRA subscription codes (assuming  the CCC does not decide to simply stop reporting for AUs).. Should be interesting.


Posters are also reporting some CCCs such as CITI are no longer accepting joint account apps.:smileysad: This is unfortunate as this is a possible way for an AU to become a joint account holder and maybe avoid a major drop in their FICO scores.
Credit Profile -
FICO 08 Scores (09-16-2014): EQ 824, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
0

Re: AU Accounts



fused111 wrote:
 
Posters are also reporting some CCCs such as CITI are no longer accepting joint account apps.:smileysad: This is unfortunate as this is a possible way for an AU to become a joint account holder and maybe avoid a major drop in their FICO scores.


HSBC didn't say they don't do joint accounts, but they say they wouldn't convert. It's a Levitz furniture store card with a $5K CL.
 
I think I'm going to lean on them a bit "as my wife and I will soon be buying a home and will be in need of some new furniture. I sincerely hope HSBC would be willing to work with us. We would look favorably on your assistance in the near future when we are again furniture shopping."
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
0

Re: AU Accounts



Tuscani wrote:
It's going to be interesting to see how the CCCs, CRAs and MyFICO is going to differentiate between AU and non-AU accounts. My first thought is any account with the notation "Authorized user" would be the determining factor. Problem is not all AU accounts show this notation. Seems to me the only way to accurately achieve their goal would be with new CRA subscription codes (assuming  the CCC does not decide to simply stop reporting for AUs).. Should be interesting.


Seems they are conveying it in some way already. On TC, checking both mine and DW's, some are noted as JOINT, others as INDIVIDUAL, and still others as AUTHORIZED USER. That's how we picked up on DW as an AU on our Wells Fargo VISA.
 

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