topic Re: Being added as Auth. questions... in Credit Cards

Being added as Auth. questions...

Anonymous — Fri, 12 Feb 2016 00:47:32 GMT

My fiance (streetbob) paid the Discover card down to $0 yesterday, today it posted. It has a CL of $8500 and the trade line is 7yr 10mo. He also paid the Lowes to 0%, it has a CL of $2700 and the tradline is 4yr 5mo. I have a new 1mo tradeline for my Amazon Store card and I'm at 12% util, will be down to 5% next month and 0% to following month ( I have 6mo 0% right now). I'm also on the Chase which has a 2K limit and is 65% util. I used this calculator (Mod Cut-LInk, Im sorry links to this site cannot be posted on myFico its considered a CRO) to simulate what would happen if he added me to both the Discover and Lowes with $0 balances to see where the overall util. would be and it brings it right around the 9% mark. Question is...do we wait until his credit reports show the new balances or is it safe to add me now because the balances are at $0? Also would I get the age for the tradelines as well? Atm I have nothing on my CR's beside the Chase, Amazon and 1 inquiry from getting the Amazon card.

TIA

Re: Being added as Auth. questions...

bch238 — Tue, 09 Feb 2016 21:05:28 GMT

Sorry if I'm misunderstanding your question, but I'll take a shot at answering.

It shouldn't matter whether your add now or later. Assuming that your credit score is affected at all by being an AU, your score updates when the creditors (on whose card you're an AU) report to the bureaus. Everybody's utilization fluctuates up and down from day/week/month, and each individual's score dynamically reflects this fluctuation. The score has no memory and no score is locked in, so it never mattters today what your score was last week (as far as utilization goes, anyway). Example: A and B have absolutely identical credit profiles, but A is at 50% utilization and B is at 0%. If next month A pays his balances to 0% and B is still at 0%, then A and B will have the same score. B gets no bonus for having a better score the month prior.

Re: Being added as Auth. questions...

Anonymous — Tue, 09 Feb 2016 21:59:07 GMT

@bch238 wrote:
Sorry if I'm misunderstanding your question, but I'll take a shot at answering.

It shouldn't matter whether your add now or later. Assuming that your credit score is affected at all by being an AU, your score updates when the creditors (on whose card you're an AU) report to the bureaus. Everybody's utilization fluctuates up and down from day/week/month, and each individual's score dynamically reflects this fluctuation. The score has no memory and no score is locked in, so it never mattters today what your score was last week (as far as utilization goes, anyway). Example: A and B have absolutely identical credit profiles, but A is at 50% utilization and B is at 0%. If next month A pays his balances to 0% and B is still at 0%, then A and B will have the same score. B gets no bonus for having a better score the month prior.

The Chase is affecting my score and even though it's 65% uti atm before that I had no credit to speak of. If it wasn't for him adding me to that card I probably would've never gotten my Amazon Store card back in Dec. for $1400 from 1st app. I was just wondering if I'd pick up his long TL along with 0% uti. Currently my onlt TL's are 11mo and 1mo.

Re: Being added as Auth. questions...

Anonymous — Tue, 09 Feb 2016 23:11:34 GMT

I don't know the answer to your questions, but congrats on the Amazon CLI!

Re: Being added as Auth. questions...

Anonymous — Wed, 10 Feb 2016 00:22:41 GMT

@Anonymous wrote:
I don't know the answer to your questions, but congrats on the Amazon CLI!

Thanks

Re: Being added as Auth. questions...

JSS3 — Wed, 10 Feb 2016 01:48:34 GMT

You will get his history(age of card), more credit added to yours, lower overall utilization, and a boost in score.

He can add you whenever, but it won't show up until his reports are updated at the bureaus. Also, AFAIK if they don't for your social when adding you, you will have to be at the same address for it to show on your reports.

Re: Being added as Auth. questions...

Anonymous — Wed, 10 Feb 2016 04:38:43 GMT

The bottom of this article has some information about what credit cards providers require to report and/or backdate AU accounts. I've never been asked for my AUs addresses (and my cards show up on their reports), but that could be fixed by having the cards sent to your fiancé's address if asked.

Re: Being added as Auth. questions...

Anonymous — Wed, 10 Feb 2016 13:38:39 GMT

@Anonymous wrote:
The bottom of this article has some information about what credit cards providers require to report and/or backdate AU accounts. I've never been asked for my AUs addresses (and my cards show up on their reports), but that could be fixed by having the cards sent to your fiancé's address if asked.

Thank you for the link it was a very informative read and thank you both for the replies. We fortunately already live together so the card address is a non issue Discover asked for my address, DOB and SS# but Lowes asked for nothing. Crossing fingers this will help me get bigger and better approvals. The ultimate goal is maximizing rewards for spending we're already doing.

Re: Being added as Auth. questions...

takeshi74 — Wed, 10 Feb 2016 13:53:45 GMT

When a TL where you are an AU is considered -- it will not be in all cases -- the TL is considered like any other TL. All factors matter.

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

@Anonymous wrote:
The Chase is affecting my score and even though it's 65% uti atm before that I had no credit to speak of. If it wasn't for him adding me to that card I probably would've never gotten my Amazon Store card back in Dec. for $1400 from 1st app.

Being an AU is not inherently beneficial. If a TL has high utilization it is not helping you. All being an AU means is that the TL shows up on your reports (for TL's that report for AU's) and factors into your credit in cases where it is considered. If a TL has negative Payment History, high Revolving Utilization, is a new account, etc then it will generally not be beneficial. Consider the typical relative weights of the factors above as those still apply. Note that Amounts Owed (which Revovling Utilization falls under) is a much bigger factor than Length of Credit History (which AAoA falls under).

@Anonymous wrote:
Question is...do we wait until his credit reports show the new balances or is it safe to add me now because the balances are at $0?

Even if they report the same data as they currently are for him your revolving utilization would drop on the next update.

Re: Being added as Auth. questions...

EdMan63 — Wed, 10 Feb 2016 14:24:42 GMT

@takeshi74 wrote:
When a TL where you are an AU is considered -- it will not be in all cases -- the TL is considered like any other TL. All factors matter.
http://www.myfico.com/crediteducation/whatsinyourscore.aspx

@Anonymous wrote:
The Chase is affecting my score and even though it's 65% uti atm before that I had no credit to speak of. If it wasn't for him adding me to that card I probably would've never gotten my Amazon Store card back in Dec. for $1400 from 1st app.
Being an AU is not inherently beneficial. If a TL has high utilization it is not helping you. All being an AU means is that the TL shows up on your reports (for TL's that report for AU's) and factors into your credit in cases where it is considered. If a TL has negative Payment History, high Revolving Utilization, is a new account, etc then it will generally not be beneficial. Consider the typical relative weights of the factors above as those still apply. Note that Amounts Owed (which Revovling Utilization falls under) is a much bigger factor than Length of Credit History (which AAoA falls under).

@Anonymous wrote:
Question is...do we wait until his credit reports show the new balances or is it safe to add me now because the balances are at $0?
Even if they report the same data as they currently are for him your revolving utilization would drop on the next update.

I just told my wife this morning to remove me as an AU on her AmEx BCE she just PC'ed from her Costco Amex she's had since 94. Reason being that I don't need the card and that AmEx doesn't backdate for the AU and I don't want a new account showing up on my CR which adds no benefit. Her card is backdated to 94 but mine said 2016. She was just being a good wife but right now I'm trying to increase my score for a possible new mortgage in the next year or so and don't need any negative factors to weigh against me such as a decrease in AAoA.

Re: Being added as Auth. questions...

Anonymous — Wed, 10 Feb 2016 14:30:52 GMT

@takeshi74 wrote:
When a TL where you are an AU is considered -- it will not be in all cases -- the TL is considered like any other TL. All factors matter.
http://www.myfico.com/crediteducation/whatsinyourscore.aspx

@Anonymous wrote:
The Chase is affecting my score and even though it's 65% uti atm before that I had no credit to speak of. If it wasn't for him adding me to that card I probably would've never gotten my Amazon Store card back in Dec. for $1400 from 1st app.
Being an AU is not inherently beneficial. If a TL has high utilization it is not helping you. All being an AU means is that the TL shows up on your reports (for TL's that report for AU's) and factors into your credit in cases where it is considered. If a TL has negative Payment History, high Revolving Utilization, is a new account, etc then it will generally not be beneficial. Consider the typical relative weights of the factors above as those still apply. Note that Amounts Owed (which Revovling Utilization falls under) is a much bigger factor than Length of Credit History (which AAoA falls under).

@Anonymous wrote:
Question is...do we wait until his credit reports show the new balances or is it safe to add me now because the balances are at $0?
Even if they report the same data as they currently are for him your revolving utilization would drop on the next update.

I've been an AU for the Chase since it opened 11mo ago before we knew anything about utli. Currently his CR's don't reflect the $0 balances or lower uti on the Chase because they haven't reported yet. Thats' why one of my other questions were if we should wait to add me as AU before or after his CR's relfected the new balances. I have since found out that adding me now is more benefical because when the CC's report the new balances, they will be reporting me as well. Or at least I hope that's the case.

Edit to Add: His new credit scores should rise quite a bit and since we've never tried to get a CLI with Chase we're hoping that will be possible after the CC's report. Which in turn will lower UTI quicker while we're trying to pay it down.

Re: Being added as Auth. questions...

mowglidude — Wed, 10 Feb 2016 15:35:47 GMT

@takeshi74 wrote:
When a TL where you are an AU is considered -- it will not be in all cases -- the TL is considered like any other TL. All factors matter.
http://www.myfico.com/crediteducation/whatsinyourscore.aspx

@Anonymous wrote:
The Chase is affecting my score and even though it's 65% uti atm before that I had no credit to speak of. If it wasn't for him adding me to that card I probably would've never gotten my Amazon Store card back in Dec. for $1400 from 1st app.
Being an AU is not inherently beneficial. If a TL has high utilization it is not helping you. All being an AU means is that the TL shows up on your reports (for TL's that report for AU's) and factors into your credit in cases where it is considered. If a TL has negative Payment History, high Revolving Utilization, is a new account, etc then it will generally not be beneficial. Consider the typical relative weights of the factors above as those still apply. Note that Amounts Owed (which Revovling Utilization falls under) is a much bigger factor than Length of Credit History (which AAoA falls under).

@Anonymous wrote:
Question is...do we wait until his credit reports show the new balances or is it safe to add me now because the balances are at $0?
Even if they report the same data as they currently are for him your revolving utilization would drop on the next update.

With all things being considered, low util, AAoA and pmt history good, is it safe to say that being an AU helps a person close to the end of rebuilding? Also, will the account show 2016 or primary's date? I will be apping for cards soon, 693 EX, so I could use the bump. Also, if we have seperate addresses, what address is reported on AU's file?

Re: Being added as Auth. questions...

Anonymous — Wed, 10 Feb 2016 15:53:44 GMT

@Anonymous wrote:
@takeshi74 wrote:
When a TL where you are an AU is considered -- it will not be in all cases -- the TL is considered like any other TL. All factors matter.
http://www.myfico.com/crediteducation/whatsinyourscore.aspx

@Anonymous wrote:
The Chase is affecting my score and even though it's 65% uti atm before that I had no credit to speak of. If it wasn't for him adding me to that card I probably would've never gotten my Amazon Store card back in Dec. for $1400 from 1st app.
Being an AU is not inherently beneficial. If a TL has high utilization it is not helping you. All being an AU means is that the TL shows up on your reports (for TL's that report for AU's) and factors into your credit in cases where it is considered. If a TL has negative Payment History, high Revolving Utilization, is a new account, etc then it will generally not be beneficial. Consider the typical relative weights of the factors above as those still apply. Note that Amounts Owed (which Revovling Utilization falls under) is a much bigger factor than Length of Credit History (which AAoA falls under).

@Anonymous wrote:
Question is...do we wait until his credit reports show the new balances or is it safe to add me now because the balances are at $0?
Even if they report the same data as they currently are for him your revolving utilization would drop on the next update.
I've been an AU for the Chase since it opened 11mo ago before we knew anything about utli. Currently his CR's don't reflect the $0 balances or lower uti on the Chase because they haven't reported yet. Thats' why one of my other questions were if we should wait to add me as AU before or after his CR's relfected the new balances. I have since found out that adding me now is more benefical because when the CC's report the new balances, they will be reporting me as well. Or at least I hope that's the case.

Edit to Add: His new credit scores should rise quite a bit and since we've never tried to get a CLI with Chase we're hoping that will be possible after the CC's report. Which in turn will lower UTI quicker while we're trying to pay it down.

I wouldn't hold my breath for a CLI with Chase. They do give some auto CLI, but they're definitely not guaranteed or predictable. And any CLI requested is a HP. For Chase, the better strategy is to app for a new card and then move CL if desired. (Still a HP and possibly two with Chase, so of course one would need to evaluate if that is a good idea for them.) Also the co-branded cards with Chase anecdotally offer higher limits (some have said it's because many are Visa Sig).

Overall, sounds like you guys are moving in the right direction, congrats!

Re: Being added as Auth. questions...

Anonymous — Wed, 10 Feb 2016 16:45:52 GMT

@Anonymous wrote:
@Anonymous wrote:
@takeshi74 wrote:
When a TL where you are an AU is considered -- it will not be in all cases -- the TL is considered like any other TL. All factors matter.
http://www.myfico.com/crediteducation/whatsinyourscore.aspx

@Anonymous wrote:
The Chase is affecting my score and even though it's 65% uti atm before that I had no credit to speak of. If it wasn't for him adding me to that card I probably would've never gotten my Amazon Store card back in Dec. for $1400 from 1st app.
Being an AU is not inherently beneficial. If a TL has high utilization it is not helping you. All being an AU means is that the TL shows up on your reports (for TL's that report for AU's) and factors into your credit in cases where it is considered. If a TL has negative Payment History, high Revolving Utilization, is a new account, etc then it will generally not be beneficial. Consider the typical relative weights of the factors above as those still apply. Note that Amounts Owed (which Revovling Utilization falls under) is a much bigger factor than Length of Credit History (which AAoA falls under).

@Anonymous wrote:
Question is...do we wait until his credit reports show the new balances or is it safe to add me now because the balances are at $0?
Even if they report the same data as they currently are for him your revolving utilization would drop on the next update.
I've been an AU for the Chase since it opened 11mo ago before we knew anything about utli. Currently his CR's don't reflect the $0 balances or lower uti on the Chase because they haven't reported yet. Thats' why one of my other questions were if we should wait to add me as AU before or after his CR's relfected the new balances. I have since found out that adding me now is more benefical because when the CC's report the new balances, they will be reporting me as well. Or at least I hope that's the case.

Edit to Add: His new credit scores should rise quite a bit and since we've never tried to get a CLI with Chase we're hoping that will be possible after the CC's report. Which in turn will lower UTI quicker while we're trying to pay it down.
I wouldn't hold my breath for a CLI with Chase. They do give some auto CLI, but they're definitely not guaranteed or predictable. And any CLI requested is a HP. For Chase, the better strategy is to app for a new card and then move CL if desired. (Still a HP and possibly two with Chase, so of course one would need to evaluate if that is a good idea for them.) Also the co-branded cards with Chase anecdotally offer higher limits (some have said it's because many are Visa Sig).

Overall, sounds like you guys are moving in the right direction, congrats!

Thanks for the advise...it looks like the Chase Freedom might be the one to go with, plus it has nice perks. Do you think if they give us a low SL that we can recon over the phone or chat? And thanks for the encouragement