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I have been added to a Merrill Lynch card account holder as an AU. the account has been established for 8-9 years, never late, and the utilization is below 10%. this i assume would help me signicantly because the 2 accounts that i have are new (less than a year). i have paid on time but my balances were almost maxed out until i paid them down to $0 this week.
im wondering if it is true that being added as an AU will help your utilization and the lenght of time the account has been open? Do these companies automatically report on your credit report or is this something that you have to ask to have done?
In your situation it sounds like the CC would help you.
If the CCC reports AUs to the CRA, and not all do, it will be done automatically and you shouldn't need to do anything.
Keep in mind that when you become an AU you inherit everything about the account except the responsibility to pay. So if they are late, you are late.
thanks. How do I find out if "Merrill Lynch" reports AUs to the CRAs?
@DavenTenorio wrote:thanks. How do I find out if "Merrill Lynch" reports AUs to the CRAs?
The easiest way is to call and ask them. And hope the CSR you talk to gives you the correct information.
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".
The Au will definitely help you but like the prior person said you need make sure that Merrill reports. Sometimes the non major credit card companies will only report negative times. You can call like the prior person said. If you don't get a straight answer, which you probably won't. Have the person who added you to the acct check his report so if its been reporting. You can do it for free at annualcreditreport.com to check the report. It doesn't monitor the credit like this site but atleast you have your answer. If its showed up on his or hers then it will eventually show up on yours.
thanks,
i called Merrill Lynch and as a generalized questioin spoke with 2 different ppl who explained to me not only that the DO REPORT, but HOW they report as well. I was a bit leary because i only had to give my name to be added, but they informed me they look at matching information from the cardholder ie: address, names, etc.
i see that utilization makes up 35% of your score. I know patience is virtue here, but im curious to know if anyone has an idea on how much of an increase should be expected.
I paid off 2 ccards 1) $500 limit / $472 Original balance paid down to $0 2) $400 limit / $172 balance paid down to $0
then just added as AU on $14,000 limit / $1,000 balance never been late and 7 year length of account
@DavenTenorio wrote:thanks,
i called Merrill Lynch and as a generalized questioin spoke with 2 different ppl who explained to me not only that the DO REPORT, but HOW they report as well. I was a bit leary because i only had to give my name to be added, but they informed me they look at matching information from the cardholder ie: address, names, etc.
i see that utilization makes up 35% of your score. I know patience is virtue here, but im curious to know if anyone has an idea on how much of an increase should be expected.
I paid off 2 ccards 1) $500 limit / $472 Original balance paid down to $0 2) $400 limit / $172 balance paid down to $0
then just added as AU on $14,000 limit / $1,000 balance never been late and 7 year length of account
Hard to give a answer for certain because no one really knows. However it is impossible to even guess without knowing what your score was to begin with.
Good point.
I know that my score was 590
PRIOR to having a public record from 2005 (cvil judgement auto) DELETED.
I checked my CS the next day and the score had not increased at all.
Now that I have paid off these balances in full, and have been added as AU, i dont know what to expect. I assumed a major increase, but after reading, it seems unpredictable
@DavenTenorio wrote:Good point.
I know that my score was 590
PRIOR to having a public record from 2005 (cvil judgement auto) DELETED.
I checked my CS the next day and the score had not increased at all.
Now that I have paid off these balances in full, and have been added as AU, i dont know what to expect. I assumed a major increase, but after reading, it seems unpredictable
Providing you now have absolutely no baddies on your report and based off your info provided I will go 625-675. Just a GUESS though. You try the FICO estimator yet? Let us know what the FICO score comes out to be when you get it please!
will do.
As far as any other negative information, i do still have a collection account from 2007 for $99. i havent bothered to do anything YET because im not sure its going to positvely affect my score.