topic Re: Im a AU, cant wait in Credit Cards

Im a AU, cant wait

luckelle — Wed, 11 Jul 2012 23:19:21 GMT

My sponsor has BofA platinum plus w/ 13000 CL with a 3000 balance hopes that gives me a credit boost. I think she has 6yrs with the card. I have 8yrs average age. I have one cap one card w/300 CL that has not posted yet on report. hope it all goes well. someone please give me some reasurance

Re: Im a AU, cant wait

ADARPegasus — Wed, 11 Jul 2012 23:26:51 GMT

what else do you have on your credit? Whats your history like?

Re: Im a AU, cant wait

luckelle — Wed, 11 Jul 2012 23:59:06 GMT

4 co all older than 5 yrs 3/ falling off by feb, 2 auto loans paying as agreed

Re: Im a AU, cant wait

ADARPegasus — Thu, 12 Jul 2012 00:05:16 GMT

thats good! authorized user cards may help you score but they dont always help!

Re: Im a AU, cant wait

luckelle — Thu, 12 Jul 2012 01:15:27 GMT

jon, if it does is it evident at the time of posting or will it be gradual. I figure you all might say the terrible words( it depends)lol

Re: Im a AU, cant wait

Anonymous — Thu, 12 Jul 2012 02:41:09 GMT

@luckelle wrote:
My sponsor has BofA platinum plus w/ 13000 CL with a 3000 balance hopes that gives me a credit boost. I think she has 6yrs with the card. I have 8yrs average age. I have one cap one card w/300 CL that has not posted yet on report. hope it all goes well. someone please give me some reasurance

Yes it can help you IF the account is older than any of yours (older than your current AAoA is even better), IF the payment history is long and clean, IF the utilization is very low, and IF it will report to the CRA's. Not all cards will do this. I know that BoA has reported AU's for me. You will inherit the entire history of this account. One caveat however; if this account starts to go south your credit will be affected as well. Keep that in mind.

The utilization on this card right now is 23% (3,000/13,000). That's pretty high but not terrible. You should quickly know if this account will help you and you can always have yourself taken off at some point in the future.

Re: Im a AU, cant wait

luckelle — Thu, 12 Jul 2012 04:05:04 GMT

please show me the formula for finding the usage pecent. Been outta school for a while. Ok 13000? 3000used= % util. help anyone its vexing me

Re: Im a AU, cant wait

Anonymous — Thu, 12 Jul 2012 04:09:02 GMT

@luckelle wrote:
please show me the formula for finding the usage pecent. Been outta school for a while. Ok 13000? 3000used= % util. help anyone its vexing me

Utilization is calculated by dividing total balances by total credit limits. In this case it's $3,000 divided by $13,000 to get 23% utilization.

FICO scores both overall and individual account utilization.

Re: Im a AU, cant wait

luckelle — Thu, 12 Jul 2012 04:21:40 GMT

great thanks. Im on idiot mode. sorry. 40 will do this to ya