So, we've been working on rebuilding our credit for the past couple of years after I filed BK in 2010 and we had to short sell our house that same year. Fast forward to today and our scores are in the 680ish range. We're in the process of purchasing a home using a VA loan. We've already qualified, but it's a new build so the loan won't close for at least 3 more months.
Question is - the interest rate from a score of 660 - 720 doesn't change, but if we could bump our score above 720 we'd get a lower interest rate. Both of our parents have offered to add us as authorized users on one of their accounts ( high limit cards, no lates, long credit histories and both parents have credit scores over 760). Do you think this could give us enough of a bump to get us over that 720 mark or is it not worth it?
Yes, we're going to verify that with the cards involved, but I want to make sure there's no potential negative effects from being added either.