Credit Repair help needed..

[jenrhi]

Will having someone add me as an authorized user on one of their long standing accts help my credit score at all? And, if they do, will my bad scores (TU 588 EQ 596 EX 635) drag theirs down?

[pizzadude]

Being added as an AU will add the account to your credit report, this includes the current balance, credit limits, any late payments, etc.....

So assuming that this is an account with only positive history, and a low balance, then it will likely increase your score, but it is impossible to know by how much.    It sounds like this card would increase your Average age of accounts ( AAoA ), which is a good thing.

The person who actually owns the account will not have any changes to their CR or scores as a result of adding you as an AU.

[jenrhi]

One more question,will they check my credit before adding me, thus another inquiry on my cbr?

[pizzadude]

Nope, they most likely will not pull your CR.

With most AUs, the owner of the account is the one who is liable for any and all charges, both theirs and yours. There are a few exceptions to this, like Amex.

[CS800]

The cool thing wiht AU is that you get the age of the account and it reports to your credit bureau. Win win if e accoutn is in good standing

[MarineVietVet]

Ditto to what others have said.

One thing I will ask is where did you get your scores? No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO.

At one time you could also purchase your Transunion score at transunioncs.com but no more. Wal Mart now offers a TU08 score to those who have their store card and the Discover version.

Equifax will still sell you a FICO score found here: www.equifax.com/web-myfico-products/

At this time there is no 3 in 1 monitoring service that sells FICO scores.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[jenrhi]

Good question-i learned the hard way. I enrolled in a credi montioring thru myfico and watched my credit score for about 7 months (this is the equifax score) Last week, i went thru a site called credit Karma and one called truecredit. Below is what they reported:

Equifax-598

Experian-631

Transunion-654

Given that my mid score showed 631-I rushed to the mortage lender to start the loan process-they pulled a tri merge report and my Equifax and Experian were correct however, my transunion was a whopping 66 points less at a 588!! Needless to say, I cannot proceed and I am devastated and trying to find ever yway to get my scores up as I need to have a mid of 620 to qualify for a loan.

[MarineVietVet]

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@jenrhi wrote:

Good question-i learned the hard way. I enrolled in a credi montioring thru myfico and watched my credit score for about 7 months (this is the equifax score) Last week, i went thru a site called credit Karma and one called truecredit. Below is what they reported:

Equifax-598

Experian-631

Transunion-654

Given that my mid score showed 631-I rushed to the mortage lender to start the loan process-they pulled a tri merge report and my Equifax and Experian were correct however, my transunion was a whopping 66 points less at a 588!! Needless to say, I cannot proceed and I am devastated and trying to find ever yway to get my scores up as I need to have a mid of 620 to qualify for a loan.

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Good. At least you know you have accurate scores to work with.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".