Reply
Senior Contributor
drkaje
Posts: 3,482
Registered: ‎07-25-2008

Re: Request For New Laws REgarding Authorized Users, Finance Companies to Representative

@ tbolt2,

 

Each of those consequences is the result of opting to stay home. Why should the law arbitrarily decide who benefits from AU status?


Starting Score: 675
Current Score: EX ? FICO, EQ 708 FICO
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Valued Contributor
AndySoCal
Posts: 1,893
Registered: ‎04-07-2009

Re: Request For New Laws REgarding Authorized Users, Finance Companies to Representative

Authorized user accounts were never meant for people to help others raises their credit score. Considering in most cases has done nothing to build the credit history or are responsible for the account which they are benfiting form credit wise.  One exception to what I just said is Tbolt2's wife and their are others. This is one reason why I like how FICO has adjusted their scoring model for authorized user accounts.

Equifax My FICO score 815 5/28/2012. Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
Senior Contributor
drkaje
Posts: 3,482
Registered: ‎07-25-2008

Re: Request For New Laws REgarding Authorized Users, Finance Companies to Representative

@ Andy,

 

They probably shouldn't score AU accounts. It's not like being added to someone else's card actually shows responsible use of credit.


Starting Score: 675
Current Score: EX ? FICO, EQ 708 FICO
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Contributor
tbolt2
Posts: 84
Registered: ‎03-11-2011

Re: Request For New Laws REgarding Authorized Users, Finance Companies to Representative


drkaje wrote:

@ Andy,

 

They probably shouldn't score AU accounts. It's not like being added to someone else's card actually shows responsible use of credit.


 

Actually, in my case it does :smileysurprised:   I am AU on several on my wife accounts. I provide all the income and pay all the bills......


Starting Score: 534 11/09
Current Score: FICO 652 05/11
Goal Score: 700+


Take the FICO Fitness Challenge

Senior Contributor
drkaje
Posts: 3,482
Registered: ‎07-25-2008

Re: Request For New Laws REgarding Authorized Users, Finance Companies to Representative

I meant responsible use of one's own credit, t.

 

AU/ACM definitely gives people advantages in rebuilding, borrowing, utilization, and thickening files. I'm just opposed to arbitrarily deciding who can benefit from the practice and the silly arguments people used when complaining about whatever version of FICO ignored AUs.

 

For some weird reason, the AMEX I'm AU on came off EQ in March. I don't really know how much losing its CL/history affected score.


Starting Score: 675
Current Score: EX ? FICO, EQ 708 FICO
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Valued Contributor
AndySoCal
Posts: 1,893
Registered: ‎04-07-2009

Re: Request For New Laws REgarding Authorized Users, Finance Companies to Representative

@DrKaje

 

I mentioned in my orginal post Tbolts case is valid use of an authorized user type account.  There other examples as well.  In Tbolts case they should be included in the score.

Equifax My FICO score 815 5/28/2012. Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+