Argghh!! It's all a waiting game... I spent so much time on the phone with BoA today (that is one of the cards that I paid off). My statement closing date was the 4th, and they couldn't figure out why the zero balance wasn't reporting to the credit bureau, so I guess maybe this ploy won't work either.
We were going to wait until november to buy, which would have given me plenty of time to smooth out the wrinkles, but my fiance had to go and fall in love with a house this weekend - it is causing me no end of stress!
I know that BofA will do a special update to show AU status. Don't know about all the others --generally, you have to wait until the account posts its statement, and then you have to wait for all three CRA's to wake from their daily comas and update the reports.
You can pay for a rapid rescore on the two accounts which haven't updated yet. It's pricey, and you pay per tradeline per bureau, but if your back is against the wall, it might be worth it. Your lender should be able to tell you more about it.
Sorry to take this thread off topic... but... I am interested on how to pay for a rapid re-score. I recently paid off all my credit cards, my statements cut one week ago, yet no changes in my FICO score...
Is there any way you could provide some instructions on how to do this?
Thank you for your response Hauling...
Its quite depressing when the positive score updates dont happen as quickly as the negative ones... I applied for a small installment loan from my CU to build some history with them, it showed up on EQ 2 days later!!! I paid off all my CC debts 2 weeks ago and my statement cut last week and no updates to my Reports yet... Bummer...
Back onto the authorized used thread, I know my response wont be popular, but I feel that ALL authorized user piggy-backing on another's credit score should be abolished. Period. If it is too good to be true, then it is.
Yeah, I know, help daughter and son out, and all of the other arguments.
But credit scoring should be individual based.
I earned my own credit score. And when others didnt, their artificial gain is spread to all.
And when one person gets an artifical AU boost for credit of another, it just does not make sense to me.
Put them on as a joint account holder, and then let them take the benefits, as well as the perils, of their future account actions.
Credit scoring is about credit risk evaluation of the indivual consumer. Husbands and wives are not even scored together. Someone who gets a higher score without assuming the obligation and risk is just an anethema to the system.
Put them on as a joint account holder, if you want to boost their score, and then assume the risk for any stupid things they will do if they are not responsible.