Authorized User - Does This Still Work?
01-14-2013 10:01 AM
My husband and I are hoping to apply for a mortgage this Spring. My scores are around 650. The biggest problem for me is a 5 year old satisfied judgment, and 2 collections settled 2 or 3 years ago. No late payments. I only have one credit card with a $200 limit that it always reporting 5% or less. His credit is 600, 650, 630. About 6 settled accounts reporting and student loans in deferment. A couple of late payments but the soonest are almost 2 years old. His oldest account is 3 years, my oldest account is 11 months.
My question is, my parents both have excellent credit and have offered to add us as authorized users to one of their cards with high limits and low balances. Each card 5+ years old. Would this help us? Since our scores are close to the 640 minimum we need for a mortgage, I'm just looking for a way to bump us up so we can get over 640 across the board. Would AU help us gain points? Would it hurt us in the underwriting process?