@Anonymous wrote:
I have a 500 credit score. The closing on the house me and my girlfriend are under contract for is November 1st. My mortgage lender wants my credit score to be atleast a 550 as soon as possible. I have opened a secure loan through my bank for 500 dollars and already made one payment. I really don't have any debt besides my Sallie mae student loan for 15k that was late but is now CURRENT and my car loan with 8k left. That is also credit. My problem was I had 2 or 3 store cards in the past that went to collections and one US dept of education student loan that became a garnishment. All of the credit cards have been paid off and foolishly closed. The US dept of Ed loan has been rehabilitated and I was told all the negative history gets expunged from my report from day 1 and a new loan of my remaining balance begins. It also comes off my check no longer being a garnishment. I was told this should take place within 60 days. I really don't have time to wait. So here is my question. My girlfriend who Is going to be on the mortgage with me has excellent credit. Could she add me on maybe 2 or 3 of her accounts as a authorized user? Her history is flawless and her balances are very small with 5 to 10k credit limits. She also has a Amex gold card with no balance and no limit. Would these help me out? And also how long would it take?and an estimate of the points I could recieve?? I currently have no open credit cards at all which hurts me. I'm current
with everything. I do not know what scoring system my lender uses. I heard fico08 is trying to eliminate authorized users. Is this true? I also heard mortgage companies don't use fico08?? Thank you for your help if anyone can please respond asap!!!
Welcome to the forums. I'll try to answer a few of your questions.
Could she add me on maybe 2 or 3 of her accounts as a authorized user?
Yes it can you IF the account is older than any of yours, IF the payment history is long and clean, IF the utilization is very low, and IF it will report to the CRA's. Not all cards will do this. You need to ask the company first. You will inherit the entire history of this account. One caveat however; if this account starts to go south your credit will be affected as well. Keep that in mind.
And also how long would it take?
In my experience it only took a matter of days but each lender may have different ways of reporting.
and an estimate of the points I could recieve??
I won't hazard a guess on this one. Others with more knowledge may be able to answer this.
I heard fico08 is trying to eliminate authorized users. Is this true?
No it's not true. AU's are still counted on accounts depending on the lender.
(myfico)
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
CC interest free as of 8/09
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".
