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AU on credit cards and mortgage pre approval

Regular Contributor

AU on credit cards and mortgage pre approval

Will I need to remove myself as AU on my familys credit cards in order to get a pre approval for a home loan?  i want to sell the house i am in now and buy another one but the broker I was going to use said I will need to remove myself as AU first to get a better picture of my Fico score.  Any ideas?

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Established Member

Re: AU on credit cards and mortgage pre approval

Hi, I am an AU on a couple of accounts, and have not been told that. The point of being an AU is to build your credit score, so I think you might want to consider a different broker. But maybe others can way in here
Starting Score: EQ: 556 / TU: 599 / EX: 571 -October 2016
Current Score: EQ: 624 / TU: 643 / EX: 651 - April 2017
EQ: 632 / TU: 651 / EX: 654 - May 10 2017
Goal Score: 750 By December 2017
Achieved Mortgage and closed on my 1st home June 2017.
Message 2 of 4
Moderator

Re: AU on credit cards and mortgage pre approval

Some lenders may require that but others don't.

 

Removing an AU may or may not hurt (depends what's in the rest of your file) but if I had an AU that was helping my credit score, and it is absolutely counted under the FICO 04/98 models used to underwrite most mortgages, I'd simply find a different lender.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge
Message 3 of 4
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Moderator

Re: AU on credit cards and mortgage pre approval

Are all of your tradelines AU accounts or do you have some of your own?

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