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

Senior Contributor

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 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


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Valued Contributor

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 814 11/29/2016, Discover TU FICO 807 12/29/2016 Citibank Equifax Bankcard FICO score 827 12/27/2016 Average of Accounts 13 years and no Installment accounts, 1 TU inquiry in 2015
Senior Contributor

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 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


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Contributor

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 Smiley Surprised   I am AU on several on my wife accounts. I provide all the income and pay all the bills......


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Senior Contributor

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 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


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Valued Contributor

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 814 11/29/2016, Discover TU FICO 807 12/29/2016 Citibank Equifax Bankcard FICO score 827 12/27/2016 Average of Accounts 13 years and no Installment accounts, 1 TU inquiry in 2015