topic How do creditors see CR's with just AU Accounts.... in General Credit Topics

How do creditors see CR's with just AU Accounts....

Andy77 — Sat, 08 Feb 2020 14:10:18 GMT

How do creditors see only a CR with an AU accounts ? Since you are not the primary, is that scored differentely ?

I have two AU accounts on my CR now as I go through my BK and I don't know if I should just use those two AU accounts and not worry about getting cards of my own for a few years ?

Re: How do creditors see CR's with just AU Accounts....

Brian_Earl_Spilner — Sat, 08 Feb 2020 14:15:49 GMT

Most lenders will exclude AU accounts from lending decisions.

Re: How do creditors see CR's with just AU Accounts....

Andy77 — Sat, 08 Feb 2020 14:21:30 GMT

So, what you are bascially saying is I should re-establish my CR in my own name and not rely on the AU accounts to rebuild my report since I am not the primary ?

Re: How do creditors see CR's with just AU Accounts....

Brian_Earl_Spilner — Sat, 08 Feb 2020 14:23:13 GMT

AU accounts weren't designed to boost people's scores. They were designed for housewives that didn't have their own income. If you have your own income, you should be establishing your own credit.

Re: How do creditors see CR's with just AU Accounts....

Gmood1 — Sat, 08 Feb 2020 14:35:11 GMT

Lender exclusion is mainly on manual reviews.

For those banks that rely heavily on an automated systems for credit card decisions.

The AU accounts do allow folks to slip through the cracks occasionally. lol

If purchasing a home. There's a much greater chance of the AU account not having an affect. Since there are human eyes reviewing it.

Depending how old the BK is. I'd wait until the smoke clears. Then begin adding some secure trade lines of your own.

The AU accounts will indeed make your profile stronger, if only artificially. Especially if the AU accounts are many years old.

Sometimes that's all you need in order to get a toe in the door.

Re: How do creditors see CR's with just AU Accounts....

Anonymous — Sat, 08 Feb 2020 14:41:10 GMT

AU's are usually not considered because they are not the sole owner of the card which accepts all responsibility for the account including AU charges.

Re: How do creditors see CR's with just AU Accounts....

Andy77 — Sat, 08 Feb 2020 14:56:04 GMT

Thank you for all the input. My mother added me as an AU on her 51 yr old Chase Freedom, 2k bal 23k CL.

Never late.

I have never had a Chase card of my own, but maybe one day when I apply for one of them, having this card on my CR when I might have to plead my case will help.

Re: How do creditors see CR's with just AU Accounts....

Brian_Earl_Spilner — Sat, 08 Feb 2020 15:00:08 GMT

Unfortunately, chase is one of the lenders that will not factor in AU accounts. It also won't allow you to build a relationship with them as the primary is solely responsible for the card. You'll also have to wait 10 years after BK discharge to be considered for a card

Re: How do creditors see CR's with just AU Accounts....

Andy77 — Sat, 08 Feb 2020 15:02:23 GMT

LOL, well there goes that idea. Anyway, I know I got a boost from having this on my CR, so I am thankful for that, at least.

Re: How do creditors see CR's with just AU Accounts....

Gmood1 — Sat, 08 Feb 2020 15:05:24 GMT

@Andy77

Now that's what I call an AU boost!!! Wow

It may not do you much good with Chase.

But it could make a major difference with some other lenders.

If you have a way into Navy Fed. I know from experience.

The AU accounts can and do make a positive impact.

18 yr old nephew had only a couple of my AU accounts reporting.

When he went after his first Navy CC. He was instantly approved for a $25k SL.

With absolutely no credit history of his own.

Re: How do creditors see CR's with just AU Accounts....

Brian_Earl_Spilner — Sat, 08 Feb 2020 15:08:07 GMT

Yeah, sorry, I'm not trying to be a downer, just trying to make sure you're informed. On the bright side, once your BK is done, you'll have no problem getting credit in 6-12 months. Start with the usual suspects, cap1, discover, secured cards. Honestly, you probably won't need a secured card depending on if you burned cap and disco, and for how much.

Re: How do creditors see CR's with just AU Accounts....

Andy77 — Sat, 08 Feb 2020 15:10:00 GMT

I burned Cap one for about 45k so not sure I will get back in with them. I am a member of NFCU so I plan on trying for their secured card a few months post bk discharge.

Re: How do creditors see CR's with just AU Accounts....

Brian_Earl_Spilner — Sat, 08 Feb 2020 15:15:01 GMT

Oh, you'll get back in. It may take a year or more with that balance, but they always let people back in as long as you didn't bounce any payments.

Re: How do creditors see CR's with just AU Accounts....

Anonymous — Sat, 08 Feb 2020 15:36:01 GMT

I'm still stuck back on the post about a 51-year account. That's an amazing stat.

Re: How do creditors see CR's with just AU Accounts....

Andy77 — Sat, 08 Feb 2020 15:51:13 GMT

Yea ... seeing 1969 on the card is cool

Re: How do creditors see CR's with just AU Accounts....

Brian_Earl_Spilner — Sat, 08 Feb 2020 15:39:49 GMT

@Andy77 wrote:

Yea its neat... opened 1969...... my mother told me my aunt added her as an AU when she filed a bk in 1991. I am not sure how the account survived all these years since my aunt passed away.

Lolwut

Re: How do creditors see CR's with just AU Accounts....

Remedios — Sat, 08 Feb 2020 16:04:56 GMT

I'm curious, how can your mom who happens to be an AU on the account of a deceased person add another AU

Re: How do creditors see CR's with just AU Accounts....

Andy77 — Sat, 08 Feb 2020 16:10:23 GMT

I could be mistaken and maybe my mother was on the account as a joint account.

I just thought when my mother filed Ch 11 in 1991 the court would have closed that joint account , but maybe not

Re: How do creditors see CR's with just AU Accounts....

JNA1 — Sat, 08 Feb 2020 20:04:41 GMT

I can say this - and I’m not expert by any means - I put my Mom on my 3 oldest accounts a several months ago when my Dad passed wash help boost her credit. She had no credit profile at all because everything had always been in Dad’s name. My cards raised her score 119 points instantly. After a few months of reporting, she got an offer from Cap 1 and she opened a Cap 1 Platinum. After a few months of that being open, she applied for the Chase Amazon card and got it with a $1500 limit. IDK if she could have got them without being added an as AU, but now Indigo, Ollo, Credit One, First Progress, Mercury and others are hounding the crap out of her. 😂 I told her to let these two grow and use them just to help build her credit. She didn’t understand it because kept saying “I don’t need credit cards” which she doesn’t, but seeing her score jump from 550’s to 680’s in less than 6 months made her a believer.

Re: How do creditors see CR's with just AU Accounts....

Anonymous — Sat, 08 Feb 2020 23:59:13 GMT

While a persona may not need to sue credit cards, ever. I have a weird feeling that a credit score will have a far greater impact in the future, than just getting credit...