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I apologize if this question has been asked before but I couldn't find the answer in my search of the forum topics.
I know that adding someone as an authorized user can help boost their score especially when they have little to no credit history.
My question is, how much of an impact will being added as an AU to a couple very good (30+ years of perfect payment history and 30k+ limits, very low util) tradelines have on my credit score even if I still have a couple charge offs and collections on my report. Will it make much, if any difference in my score?
Does anyone have any first hand experience?
Thank you in advance.
Welcome to the forum. The addition of positive credit will help however it will not erase the impact of any derogs.
You would be gaining the benefit of a longer AAOA which accounts for 10% of your score. The negatives account for a larger portion of your score even though the sting of a coll or late pyt decreases over time.
Thank you for the input. Will the AU TL also report the limit, payment history and utilization? If so, don't those categories have a high impact on your score?