Boosted Score 17 points being added as an AU. Should I add another before I apply for this loan?

[migo13]

I'm trying to get approved for the USAA Career Starter loan. It's a 2.99% Unsecured loan offered to newly commissioned officers.

I had a USAA Credit Monitoring FAKO score of 634, and now it's a 651 (MyFICO score was 633 at the time the USAA score was 634, so I'm assuming a myFICO score of 650). Is anyone familiar with this loan and the score requirements? Should I be added as an AU to another account before applying? I also have 2 old baddies in dispute because I have paid them but in the account status it's reporting as an open account (they show up as closed possible delinquent on my CR, but in account status it says open). I know for mortages unresolved disputes can effect approval. Is this the same for unsecured loans?

[llecs]

AUs impact your FICO in the following ways

Good:

1) can help with your mix of credit

2) can help with overall util, depending on the card

3) can increase your length of history and/or AAoA

4) can help your total number of accounts reporting $0, if reporting $0.

Bad:

1) hurt your credit history if reporting a baddie like a late or negative comment

2) hurt your AAoA if younger than your AAoA

3) hurt your overall util if the balance and CL on this card hurts your overall util.

4) hurt your score if reporting a balance, assuming that's an issue based on your bucket.

Don't assume that if your FAKO increases X points, then FICO would do the same. Your FICO can change in any direction. If that was your only card, and it has a clean history and util, then there's a great chance you could see double the increase from your FAKO.

Check the "open" comment. Per FICO it doesn't matter any. But there's a field called "account type". Open would refer to the account type vs status.

A dispute likely wouldn't impact your odds. USAA will look at the baddie itself and that'll be a factor.

[migo13]

Just ordered another Equifax FICO score through myFICO. I only saw a 5 point increase, so now I'm at 638. I think I'm going to jump on another card as an AU before I apply. I have my own secured card with a $225 limit ($0 balance), and the card I was recently added to has a $17K limit ($124 balance).

[migo13]

No chance for getting added as another AU, but I did apply for a Zync about 15 minutes ago and got approved! Awesome! Now I'm just waiting to see if some of my GWs go through.

[llecs]

Congrats! Treat them well, and they'll treat you well. They don't like me.

[igids1]

What does this even mean? I see this often, "treat them well and they will treat you well", or something to that effect. How do they treat you well? How do you treat them well? I don't understand all the hoopla over the amex cards? How are they any different then other major cards, besides the back dating?

[migo13]

I'm assuming that treat them well means paying them on time; them treating me well would probably include the benefits of having the card, opportunities in the future to qualify for other AMEX products, and the increased credit worthiness of having an open account with a prime lender?

[llecs]

Yep. Pay late and they'll close you. Charge more than your stated income (like I did) and they'll close you. I abused them and they don't like me.

[migo13]

Can you elaborate on charging more than your stated income?

[llecs]

I'm a business(es) owner (a LLC, a 1099er, and a S-Corp owner). I used my personal Amex Green to charge business expenses and was spending $10k-$12/month on average. This amount was greater than my stated income on the app and they also knew my income after a FR. They warned me about doing that and I toned it down, but after a while I picked up the spending again. Because of this they cut me off last month and closed my account down. So in short, carefully watch your spending in relation to your claimed income. They know.