topic Re: Authorized User in General Credit Topics

Authorized User

joyclover — Tue, 21 Apr 2009 22:38:32 GMT

A friend is putting me on her CC accnt, that is 12 years old, never a late payment and the credit line is 17,000.00, will this give me a boost of 50-60 points. Wanting to build a house, my scores must be 660 in this area to get the mortgage. Currently my scores are TU 588, EQ 617, Exp. 597? Has anybody had a person put an authorized user on an account and had the CC pull their credit sheet and reject the authorized user for any reason?

I also called Verizon after sending 2 GW letters with no response. They were kind and I am hoping they remove the 2 accounts on my credit sheet that are paid and have been paid for some months now.

I also used Lexington Law for help, but my TU suffered, I am only showing 6 accounts with a 3 year history. I am praying this CC of my friends shows on TU in addition to the other 2 CA. I finally let them go to finish my own sheets with the help of this board.

Re: Authorized User

Anonymous — Tue, 21 Apr 2009 22:46:09 GMT

Do you have other revolving accounts?

What is your utlization if you do?

What is the balance on this card?

The age will likely help, but I can't say you'd get 50-60 points.

Re: Authorized User

joyclover — Tue, 21 Apr 2009 22:53:02 GMT

I do have other revolving accounts. One is a CC from clothing store (PD in full) reading ok throughout, one CC with a 223.00 credit line paid in full, I did leave 10.00 on it like other posts have said to do. The balance is 0, it is paid in full.

I have student loans that are at 151,000 that I have paid many off, and the others are in deferrment.

Re: Authorized User

AndySoCal — Wed, 22 Apr 2009 02:47:09 GMT

One thing to keep in mind about authorized user account and the FICO score is Fair Isaac creator of the score has changed how they treat authroized user accounts in their scoring model. The latest model limits the impact of authorized user accounts. The change is a result of the what has been called the credit rental scam. If you search the internet you can find articles on it. Not all the credit bureaus have the new model of the FICO score ready yet. I would be interested in knowing how you figuring the impact the this account on your score. IE 50 to 60 points Also make sure your creditor(s) are reporting your credit limit not the high balance. If your credit limit is 1000 on a credit card and the highest balance was 430 dollars with a crrent balance of 200 dollars. The high balance would affect the credit utilization computation in negative way as compared the credit limit. Also, having Verizon fix those problems should help your score.

Re: Authorized User

Scamp — Wed, 22 Apr 2009 03:12:51 GMT

AndySoCal wrote:
One thing to keep in mind about authorized user account and the FICO score is Fair Isaac creator of the score has changed how they treat authroized user accounts in their scoring model. The latest model limits the impact of authorized user accounts. The change is a result of the what has been called the credit rental scam. If you search the internet you can find articles on it. Not all the credit bureaus have the new model of the FICO score ready yet.

Note quite. FICO 08 was revised. AU accounts are still counted in your FICO scores, and even if it hadn't been revised, FICO 08 was hardly being used, yet, by anyone.

Re: Authorized User

AndySoCal — Thu, 23 Apr 2009 03:00:26 GMT

I agree. The point I was trying to make is the new model limits the impact of the authorized user account. As soon as all the credit bureaus have the score ready and the large lenders start accepting the new model then the score will be widely used.

Good luck.