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CC2013
Posts: 1
Registered: ‎08-20-2013
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FICO Score inclusions

I have just checked my score for the first time since I am a recent college graduate and saving for a home purchase.  My score was in the very good range with no late credit card payments and nothing delinquent.  I have credit cards listed that are my parents accounts and I am an authorized user.  As an example, one AMEX account was established in 1984 and I was born in 1989. This looks like  Is this a good thing or a bad thing?  I do not have any credit cards in exclusively in my name.  Should I open an account to pay regularly?  Should I have my name removed as an authorized user?  After reading all of this information I am concerned about any sudden moves or inquiries and the potential negative impact to my scores. 

 

I'm hoping to improve my score to excellent (an additional 35 points) before I make any mortgage applications.  Thoughts?  Advice? 

 

Thanks

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Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: FICO Score inclusions

I do think you need to add maybe a couple of revolving accounts in your name.  Your file is thin, it needs to be thickened up a bit to make it healthy.


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webhopper
Posts: 7,225
Registered: ‎09-16-2011
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Re: FICO Score inclusions

I think that you should remain as an AU on the American Express.

 

I think that you should apply for a new American Express Account in your own name.  Also, you may want to pick up a store card or two so that you can begin to establish credit in your own name.

 

When you get the new account, make sure that your "Member Since" date is 1984... otherwise call them and ask them to change that for you.

 

What are your scores now?  what is the timeline of your proposed home purchase?

 

 

 


Starting Score: 08/29/2011 TU 671 EQ 674
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pizzadude
Posts: 9,674
Registered: ‎01-28-2010
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Re: FICO Score inclusions

 

I concur, it would be good to open another revolving account or two.   Given your history with AMEX you might consider applying with them.

 

And don't worry about your existing AMEX card being older than you, it shouldn't be an issue with anyone.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
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mongstradamus
Posts: 7,395
Registered: ‎06-19-2013
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Re: FICO Score inclusions


webhopper wrote:

I think that you should remain as an AU on the American Express.

 

I think that you should apply for a new American Express Account in your own name.  Also, you may want to pick up a store card or two so that you can begin to establish credit in your own name.

 

When you get the new account, make sure that your "Member Since" date is 1984... otherwise call them and ask them to change that for you.

 

What are your scores now?  what is the timeline of your proposed home purchase?

 

 

 


Which amex card would be easiest to try for to just get your foot in the door. I was thinking of trying to get BCE sometime next spring , but wanted one amex to get my feet in the door, which could help bce app later down the road.


EX Fico 782 9/25/14 Fako 801 CS/Credit.com 11/24/14
EQ SW 823 quizzle fako 796 7/19/14
TU Fico 808 Fako 787 Creditkarma 11/24/2014
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pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

Re: FICO Score inclusions


mongstradamus wrote:

webhopper wrote:

I think that you should remain as an AU on the American Express.

 

I think that you should apply for a new American Express Account in your own name.  Also, you may want to pick up a store card or two so that you can begin to establish credit in your own name.

 

When you get the new account, make sure that your "Member Since" date is 1984... otherwise call them and ask them to change that for you.

 

What are your scores now?  what is the timeline of your proposed home purchase?

 

 

 


Which amex card would be easiest to try for to just get your foot in the door. I was thinking of trying to get BCE sometime next spring , but wanted one amex to get my feet in the door, which could help bce app later down the road.


The charge cards are generally easier for approvals than the revolving cards.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

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