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Contributor
bmblbg
Posts: 140
Registered: ‎01-01-2013
0

AU on manual underwriting

I have been thinking of asking my aunt- who has impeccable credit- to add me as an AU on one or two of her CC accounts.  My goal is to be able to purchase a home by late 2013/early2014.  I know that with my current scores- and giving myself a few months to improve them a lttle more -I should be ok on my own, but the score bump from being an AU would definitely help with interest rates!!

My question is- have any of you heard of or experienced an issue with this "inflated" score on a manual UW? 

***9-4-13: TU 602 EQ 663 EX 626***
***6-13-13: TU 558 EQ 642 EX (yay to MyFICO for no more FAKO!!) 620***
5-31-13: TU 558 EQ 642 EX FAKO 643 * 1-24-13: TU 611 EQ 621 EX FAKO 643 * 1-21-13: TU 513 EQ 621 EX FAKO 643 * 1-3-13: TU 513 EQ 583 EX FAKO 643 * 1-1-13: EQ 568 EX FAKO 643 TU 513 * 12-22-12: EQ 558 EX FAKO 586 TU 525 * 11-15-12: EQ 554 EX FAKO 565 * 9-9-12: EQ 525 EX FAKO 574 TU (Lender pull-auto) 433
Moderator
guiness56
Posts: 22,406
Registered: ‎01-17-2008
0

Re: AU on manual underwriting

Some lenders will not allow AUs for that reason.  Sometimes if it is a spouse they are ok with it.

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: AU on manual underwriting

It's called piggybacking, like guiness said, some UWs will discredit them.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Valued Contributor
rckstrscott
Posts: 2,660
Registered: ‎04-25-2011
0

Re: AU on manual underwriting


bmblbg wrote:

I have been thinking of asking my aunt- who has impeccable credit- to add me as an AU on one or two of her CC accounts.  My goal is to be able to purchase a home by late 2013/early2014.  I know that with my current scores- and giving myself a few months to improve them a lttle more -I should be ok on my own, but the score bump from being an AU would definitely help with interest rates!!

My question is- have any of you heard of or experienced an issue with this "inflated" score on a manual UW? 


My lender required that the AU accounts I had be removed prior to my prequalification... 

 

Many people indicate they didn't have to remove, but I definitely had to..

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Contributor
bmblbg
Posts: 140
Registered: ‎01-01-2013
0

Re: AU on manual underwriting

Thanks for the responses.  That's basically what I thought....  I'll just drop the idea of AU and keep working on the score!  Thanks again!

***9-4-13: TU 602 EQ 663 EX 626***
***6-13-13: TU 558 EQ 642 EX (yay to MyFICO for no more FAKO!!) 620***
5-31-13: TU 558 EQ 642 EX FAKO 643 * 1-24-13: TU 611 EQ 621 EX FAKO 643 * 1-21-13: TU 513 EQ 621 EX FAKO 643 * 1-3-13: TU 513 EQ 583 EX FAKO 643 * 1-1-13: EQ 568 EX FAKO 643 TU 513 * 12-22-12: EQ 558 EX FAKO 586 TU 525 * 11-15-12: EQ 554 EX FAKO 565 * 9-9-12: EQ 525 EX FAKO 574 TU (Lender pull-auto) 433
Valued Contributor
rckstrscott
Posts: 2,660
Registered: ‎04-25-2011
0

Re: AU on manual underwriting


bmblbg wrote:

Thanks for the responses.  That's basically what I thought....  I'll just drop the idea of AU and keep working on the score!  Thanks again!


You could just keep it on until they tell you if they need it off.. as mentioned, some lenders totally glaze over it.. plus, AUs are real easy to dispute off as 'not mine' cause they, well, aren't yours

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Contributor
bmblbg
Posts: 140
Registered: ‎01-01-2013
0

Re: AU on manual underwriting


rckstrscott wrote:

bmblbg wrote:

Thanks for the responses.  That's basically what I thought....  I'll just drop the idea of AU and keep working on the score!  Thanks again!


You could just keep it on until they tell you if they need it off.. as mentioned, some lenders totally glaze over it.. plus, AUs are real easy to dispute off as 'not mine' cause they, well, aren't yours

 

-scott


That's true- good point.  Thanks!

***9-4-13: TU 602 EQ 663 EX 626***
***6-13-13: TU 558 EQ 642 EX (yay to MyFICO for no more FAKO!!) 620***
5-31-13: TU 558 EQ 642 EX FAKO 643 * 1-24-13: TU 611 EQ 621 EX FAKO 643 * 1-21-13: TU 513 EQ 621 EX FAKO 643 * 1-3-13: TU 513 EQ 583 EX FAKO 643 * 1-1-13: EQ 568 EX FAKO 643 TU 513 * 12-22-12: EQ 558 EX FAKO 586 TU 525 * 11-15-12: EQ 554 EX FAKO 565 * 9-9-12: EQ 525 EX FAKO 574 TU (Lender pull-auto) 433

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