topic Re: Will adding a credit card with no balance increase my wifes score? in Understanding FICO® Scoring

Will adding a credit card with no balance increase my wifes score?

Anonymous — Wed, 21 Jan 2009 23:30:54 GMT

I was wondering if adding my wife as an authorized user will increase or decrease her score. I know it would make the overall debt ratio go down....but will it show up as a new account and hurt her. she has only had credit for about 3 years. i know new things cause more change on younger credit. the credit card will have no balance. We are trying to raise the score to about the 720 mark. its at 643 now. Only real problem is debt.

Re: Will adding a credit card with no balance increase my wifes score?

haulingthescoreup — Wed, 21 Jan 2009 23:41:27 GMT

The account will display its true history on her reports. If you opened it six months ago, it will show as a six-month-old account. If you opened it 5 years ago, it will show as 5 years old.

Rules of thumb for cards to give to an AU:
1. long history
2. squeaky clean history
3. low util
4. decently high CL

Re: Will adding a credit card with no balance increase my wifes score?

Anonymous — Thu, 22 Jan 2009 17:02:22 GMT

If the limit on this card is, say $300 or $500, 'prolly won't help her at all.

If you really wanna pump up her score, drop ut. to 3-5%.

Re: Will adding a credit card with no balance increase my wifes score?

Anonymous — Fri, 23 Jan 2009 12:16:48 GMT

I believe its my oldest account i have. 7 years old i think. and its just 1300 limit. they never have raised my limit but one time....stupid sears. it would take her from about 73% debt to limit to around 50%.

perfect history on the card.

i have a card with someone but it doesnt show up as being as old as the account is. Its my grandmas account. She has had it for a long time. but it doesnt take my credit history back that far.