Seasoned Credit lines, Authorized User

[Anonymous]

http://en.wikipedia.org/wiki/Seasoned_trade_lines

Mentions the announcement from FICO that AU accounts would not be counted.

http://www.bankrate.com/finance/credit-debt/fico-08-will-score-authorized-user-accounts-1.aspx

Says that AU accounts will be counted when reported.i didn't know about this until just now....

is this still the case? are AU accounts that get reported affecting my FICO score?

[MarineVietVet]

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@Anonymous wrote:

http://en.wikipedia.org/wiki/Seasoned_trade_lines

Mentions the announcement from FICO that AU accounts would not be counted. This neeeds to be taken down. This is incorrect information. It was decided that AU's would be included under FICO 08.

http://www.bankrate.com/finance/credit-debt/fico-08-will-score-authorized-user-accounts-1.aspx

Says that AU accounts will be counted when reported.i didn't know about this until just now....

is this still the case? are AU accounts that get reported affecting my FICO score? From what I understand FICO 08 has still not been widely implemented but yes AU's will be allowed and are being allowed now under existing scoring formulas.

From a BK years ago to:

9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Credit Problems Which Is Worse?
Whats In Your FICO Score

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[llecs]

AFAIK, AUs are still counted. Lenders and FICO alike have been trying to exclude AUs from FICO scoring. As we saw during this recent recession, some borrowers duped lenders via purchasing seasoned TLs and misrepresented their credit worthiness come app time. I understand that this resulted in a higher default rate from those who purchased these TLs. So, there was pressure from lenders on FICO to remove AUs from scoring, and there was public talk on that, but there was an obscure law that FICO interpreted as preventing them from wholly doing that. FICO did at one point announce that AUs weren't counted (not sure if it's still there, but FICO had webinars posted where you can hear discussions between lenders and FICO on this topic). As far as I know, and certainly not sure on this, but FICO somehow omitted AUs if that person isn't related to the account holder. Now this is only for FICO 08 versions and those are sparsely used by lenders at this point. FYI, other scoring systems, like Vantage, already omits all AUs from their scoring.

Edited to add...MVV is a much faster typer than I.

[Anonymous]

Hi Fausto.  Please take caution when considering using any wikipedia statement as fact.

Wiki is a collaborative site, it is NOT a collection of information that has been critically reviewed and approved by "experts" for accuracy.  I have heard instances of misrepresentation time and time again - I've read a few myself, and simply don't visit that site anymore.

Some things might be accurate, but generally speaking, you may be better off looking to more reputable and solid sources for info.

[Anonymous]

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@Anonymous wrote:

Hi Fausto.  Please take caution when considering using any wikipedia statement as fact.

Wiki is a collaborative site, it is NOT a collection of information that has been critically reviewed and approved by "experts" for accuracy.  I have heard instances of misrepresentation time and time again - I've read a few myself, and simply don't visit that site anymore.

Some things might be accurate, but generally speaking, you may be better off looking to more reputable and solid sources for info.

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i'm well aware of what wikipedia is....that's why i included the bank rate article also.

and i'm checking here to see if the credit scoring gurus in this forum can speak on this.

[Anonymous]

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@MarineVietVet wrote:

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@Anonymous wrote:

http://en.wikipedia.org/wiki/Seasoned_trade_lines

Mentions the announcement from FICO that AU accounts would not be counted. This neeeds to be taken down. This is incorrect information. It was decided that AU's would be included under FICO 08.

http://www.bankrate.com/finance/credit-debt/fico-08-will-score-authorized-user-accounts-1.aspx

Says that AU accounts will be counted when reported.i didn't know about this until just now....

is this still the case? are AU accounts that get reported affecting my FICO score? From what I understand FICO 08 has still not been widely implemented but yes AU's will be allowed and are being allowed now under existing scoring formulas.

From a BK years ago to:

9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Credit Problems Which Is Worse?
Whats In Your FICO Score

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thank you.

[Anonymous]

Hi again Fausto - I didn't intend to offend you, I just don't see why anyone would bother looking to wiki for info.  But to each his own

Anyhoo, here's the gist of what I read concerning AUs here and elsewhere over the past several days (I was actually researching this very subject).  If you query "AU" you'll be able to easily read of different experiences - even which cards were more likely to report AU.

- AU accounts may or may not show up on all/any CRs - I guess it's a wait-and-see situation.

- Apparently, a number of Equifax CRs did not report AU accounts for a number of folks, but other reports did.

- Having commonalities of last name, shared addresses, etc. apparently did help some folks in getting an AU account reported.  If a SS# was requested for the AU, there was a greater liklihood that the account would be reported.

- If an AU can be reported, you'll want to be an AU for an account of a decent age (older than any of your accounts), low-to-no utilization, great payment history.  But there is a risk - you will be negatively impacted if that account is not maintained as such - any lates, high utilization, etc. will hurt your FICO score. 

I just added my fiance to 3 of my accounts to help his credit situation.  We'll have to wait and see if this works.

Good luck!

[Anonymous]

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@Anonymous wrote:

Hi again Fausto - I didn't intend to offend you, I just don't see why anyone would bother looking to wiki for info.  But to each his own

Anyhoo, here's the gist of what I read concerning AUs here and elsewhere over the past several days (I was actually researching this very subject).  If you query "AU" you'll be able to easily read of different experiences - even which cards were more likely to report AU.

- AU accounts may or may not show up on all/any CRs - I guess it's a wait-and-see situation.

- Apparently, a number of Equifax CRs did not report AU accounts for a number of folks, but other reports did.

- Having commonalities of last name, shared addresses, etc. apparently did help some folks in getting an AU account reported.  If a SS# was requested for the AU, there was a greater liklihood that the account would be reported.

- If an AU can be reported, you'll want to be an AU for an account of a decent age (older than any of your accounts), low-to-no utilization, great payment history.  But there is a risk - you will be negatively impacted if that account is not maintained as such - any lates, high utilization, etc. will hurt your FICO score. 

I just added my fiance to 3 of my accounts to help his credit situation.  We'll have to wait and see if this works.

Good luck!

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cool.

and i wasn't offended. guess i came across mean....hear that a lot at home but it's my personality. sorry if i came across mean.

[Anonymous]

No worries, Fausto   Funny, I was worried that "I" came across harshly with my Wiki comment.

Best of luck!

[Anonymous]

thanks, same to you