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My Fico EQ score is currently at 696. I was first added as an AU on my mom's Chase Freedom card in late February of this year. After I turned 18, I got a Capital One secured card in early April. I was approved for both the Discover It and the Amex Zync in August.
In September, I decided to close out my Capital One card due to the AF. Thankfully my score didn't change when I did that.
Last month, I apped for the NFL Visa but was declined due to too many new accounts and too much available credit. I have decided to garden until January, at which time I will app for the Amex BCE. Will it help or hurt me to be removed as an AU on the Chase Freedom? My mom is the only one to use the card, and it is PIF every month (as are my other cards).
@528491 wrote:My Fico EQ score is currently at 696. I was first added as an AU on my mom's Chase Freedom card in late February of this year. After I turned 18, I got a Capital One secured card in early April. I was approved for both the Discover It and the Amex Zync in August.
In September, I decided to close out my Capital One card due to the AF. Thankfully my score didn't change when I did that.
Last month, I apped for the NFL Visa but was declined due to too many new accounts and too much available credit. I have decided to garden until January, at which time I will app for the Amex BCE. Will it help or hurt me to be removed as an AU on the Chase Freedom? My mom is the only one to use the card, and it is PIF every month (as are my other cards).
it will probably lower yourscore. only time it will increase your score is when she carries large balances which she is not if she is pif.
Her car is most likely adding to your average age of acounts in a good way, and a solid payment history. an AU factors into a Fico score just as much as a personal line reporting in my experience. Last year we were able to give a 16 year old boy a 800+ credit score....by adding him as an ACM to an30 year old Amex account and backdating him.
Wait, so if I am added to my parents' Amex and I app for the BCE in January, I will be backdated to their account age?
@528491 wrote:Wait, so if I am added to my parents' Amex and I app for the BCE in January, I will be backdated to their account age?
Amex doesn't backdate AUs to the original account date anymore. Most likely you will be backdated to the date when they add you on as a AU.
Ahh, too bad. I suppose I'll just stay on the Chase Freedom until I have a couple more prime cards.
MY MOM WAS REMOVED FROM MY DADS SEARS MASTERCARD ATER BEING AN AU FOR ABOUT 5 YEARS IT ACTUALLY BOOSTED HER 2 POINTS LOL.
Since it carried a high balance it acually lowered her utl he her an extra 2 points. So maybe it wont hurt your scores.
@distantarray wrote:
Last year we were able to give a 16 year old boy a 800+ credit score....by adding him as an ACM to an30 year old Amex account and backdating him.
Haha, I don't even know what ACM is. But does backdating here mean that the credit card company for this card reports the original date to the credit agencies or does it mean that the original date actually shows up as the membership year on the youngster's physical AU card and then also if he applies for his own card free of proud parents?
Being an AU rather than the responsible cardholder may have an effect on lendor decisions if they do more than a credit score review.
With the AU affecting (presumably positively) your score, should they want to determine what your score would be based only on your own credit history, they have no way of "backing out" the scoring affect of the AU status, and thus wont be able to see a true score based only on your own history.
Hard to say.