topic Re: Effects on adding GF as AU in Credit Cards

Effects on adding GF as AU

Anonymous — Tue, 03 Mar 2015 21:57:53 GMT

So after I upgraded my cards and figured out the best way to utilize my cards to get the best score, I decided to work on my GF's score a bit. Before we started she was mid 680s for all scores (685 eq, 688 tu, 683 ex) mid January. One collections account (falling off in a year), one judgement (getting removed very soon), mortgage, one credit card (BoA AK Air: $1400 CL) and a car loan. AAoA 8yrs, oldest account 14 years.

I added her on as AU on my CSP ($18k limit) and AMEX ED ($10k limit). We just logged onto her account to check her scores and lo and behold, she's at 725 eq, 724 tu, 714 ex! This really helped with her utilization but wow I didn't know the impact would be so great!

Just gotta thank you all one more time, this forum has completely changed our lives!

Re: Effects on adding GF as AU

racer-x — Tue, 03 Mar 2015 22:15:27 GMT

Awesome man.

I, we, are anxiously waiting to see the accts reports that I put my GF on...$10k CapOne and $17k Lowes.. The CapOne is 5yrs old so she'll get all that history. Not sure is she'll get the 2 yr Lowes history.

She's in the mid 600's, some good TL's (Quicksilver, Walmart, Best buy, positive paid loans, positive current auto loan), some small medicals from 5 yrs ago, a BK that will be gone in Oct, and I hate to say but 2 unpaid collections for utilities that were reported last year, but were from an old residence 5 yrs ago...aaarghh...yeah, I'm not happy with that/her.

I'm hoping for a 20 pt increase for her, but not expecting much more than that ....Those recent unpaid collections are definitely a boat anchor for her.

Re: Effects on adding GF as AU

Anonymous — Tue, 03 Mar 2015 22:21:51 GMT

@racer-x wrote:
Awesome man.

I, we, are anxiously waiting to see the accts reports that I put my GF on...$10k CapOne and $17k Lowes.. The CapOne is 5yrs old so she'll get all that history. Not sure is she'll get the 2 yr Lowes history.

She's in the mid 600's, some good TL's (Quicksilver, Walmart, Best buy, positive paid loans, positive current auto loan), some small medicals from 5 yrs ago, a BK that will be gone in Oct, and I hate to say but 2 unpaid collections for utilities that were reported last year, but were from an old residence 5 yrs ago...aaarghh...yeah, I'm not happy with that/her.

I'm hoping for a 20 pt increase for her, but not expecting much more than that ....Those recent unpaid collections are definitely a boat anchor for her.

I'm curious to see the lift on that as well. Different circumstances but it'll be nice to see the impact she receives from the AU add. Please keep us posted!

Re: Effects on adding GF as AU

Anonymous — Tue, 03 Mar 2015 22:24:09 GMT

@Anonymous wrote:
So after I upgraded my cards and figured out the best way to utilize my cards to get the best score, I decided to work on my GF's score a bit. Before we started she was mid 680s for all scores (685 eq, 688 tu, 683 ex) mid January. One collections account (falling off in a year), one judgement (getting removed very soon), mortgage, one credit card (BoA AK Air: $1400 CL) and a car loan. AAoA 8yrs, oldest account 14 years.

I added her on as AU on my CSP ($18k limit) and AMEX ED ($10k limit). We just logged onto her account to check her scores and lo and behold, she's at 725 eq, 724 tu, 714 ex! This really helped with her utilization but wow I didn't know the impact would be so great!

Just gotta thank you all one more time, this forum has completely changed our lives!

Nice.. Congrats to you and DG...

Re: Effects on adding GF as AU

thelethargicage — Wed, 04 Mar 2015 13:47:03 GMT

Just make sure you don't give her the actual card...otherwise your utilization's gonna go down the crapper. Trust me.

Re: Effects on adding GF as AU

Anonymous — Wed, 04 Mar 2015 14:02:59 GMT

@thelethargicage wrote:
Just make sure you don't give her the actual card...otherwise your utilization's gonna go down the crapper. Trust me.

+1. If you actually give her a card it will all end in tears, trust me. This is especially true because it sounds like she has util issues.

Re: Effects on adding GF as AU

takeshi74 — Wed, 04 Mar 2015 14:16:24 GMT

@Anonymous wrote:
This really helped with her utilization but wow I didn't know the impact would be so great!

Utilization falls under Amounts Owed. Note the size of that slice. It's why getting utilization in check is often suggested (second to addressing any derogs) as a way to improve one's credit.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

Re: Effects on adding GF as AU

Anonymous — Wed, 04 Mar 2015 14:17:18 GMT

I'm less pessimistic than the others, but remember that you are responsible for all charges on that card, regardless of which of you makes them. Now might be a decent time to get her another card in her own name, and then start weening her off of your cards. Either way, good luck with improving your family's credit health!

Re: Effects on adding GF as AU

racer-x — Wed, 04 Mar 2015 14:41:23 GMT

There's no way in hell I'm giving her the cards. I've had the CapOne card of hers for awhile...she hasn't even seen it.

I wouldn't let my mother have a card.

My daughter does have the AMEX BCP I gave her, but I was able to put a $1k cap on it. She's not getting the CSP though.

Re: Effects on adding GF as AU

thelethargicage — Wed, 04 Mar 2015 15:43:21 GMT

Remember these words of wisdom from Jack Nicholson on "As Good As It Gets" when even considering handing a credit card to your wife or girlfriend:

When asked how he knows women so well, "I think of a man...and then I take away reason and accountability."

Re: Effects on adding GF as AU

Anonymous — Wed, 04 Mar 2015 15:45:38 GMT

@thelethargicage wrote:
Remember these words of wisdom from Jack Nicholson on "As Good As It Gets" when even considering handing a credit card to your wife or girlfriend:

When asked how he knows women so well, "I think of a man...and then I take away reason and accountability."

LOL. Loved the look on the lady's face whom he said this to.

Re: Effects on adding GF as AU

Anonymous — Wed, 04 Mar 2015 15:55:24 GMT

Haha thanks for the concerns all. She does in fact have both of the cards I put her on and she is very responsible with paying her portion of whatever is charged. She's in awe of how I can eek out so many rewards for flights and such and she's all aboard that train.

Also, I'll be proposing to her later this year...I wouldn't give her the cards if I didn't trust her

Re: Effects on adding GF as AU

Anonymous — Wed, 04 Mar 2015 17:25:40 GMT

@Anonymous wrote:
Haha thanks for the concerns all. She does in fact have both of the cards I put her on and she is very responsible with paying her portion of whatever is charged. She's in awe of how I can eek out so many rewards for flights and such and she's all aboard that train.

Also, I'll be proposing to her later this year...I wouldn't give her the cards if I didn't trust her

Love makes you blind, my friend. The only people I would trust with my cards are my parents who both have excellent credit. If your DG has poor credit from being sloppy with her finances, there's a pretty good chance she'll do the same for yours. You've got some nice limits (either you or the other guy) = she can do some serious damage to your future. Not saying pull the cards out from under her, but get them capped if possible or monitor your charges VERY closely.

Re: Effects on adding GF as AU

Anonymous — Wed, 04 Mar 2015 18:18:12 GMT

That's the thing though, she doesn't have poor credit. Her scores were in the high 600s when we pulled her credit. Has a 300k mortgage and a current car loan. Collections was from an unreturned library book she was sure she paid off already, and the judgement was a tax lein on her old house from over 7 years ago. She wasn't stable financially back when that happened (old relationship). She was pretty much what I was before I came across this forum, having no idea about utilization or using cards properly. All she was concerned with was making payments on time and for the most part she's done that (lein aside). I feel comfortable with letting her have the cards because I know that whatever she uses it for she will pay off that week. Sorry it didn't work for your situation but for me it's just fine.

Re: Effects on adding GF as AU

Anonymous — Thu, 12 Mar 2015 22:06:33 GMT

Hahaha, oh man. My boyfriend is giving me the cards for all three higher limit accounts he just added me on.

^^^ Same situation here. If I use his cards at all, I'll pay in full immediately afterwards and it'll just be to help him actually have activity on them/help him gain rewards/higher limits - which might in turn help me gain higher limits. He's not a credit card person and wouldn't use them otherwise... thanks to me this past week he's gone from having one 2k store card, to it having a CLI to 7k, gaining a 10k card, and a 2k card that should have a nice CLI after 60 days. (Amex)

Re: Effects on adding GF as AU

core — Thu, 12 Mar 2015 23:00:21 GMT

Yeah I have found the effects of adding a GF as an AU are: High utilization and low bank balance.

But all this talk about not giving her the card? That doesn't always mean you're safe. The AU can call in and request a replacement card. After all, they are authorized, right? I listen to that evil Dave Ramsey fellow just for the entertainment value and I hear people call in with horror stories about this all the time.