topic Re: AU on credit cards and mortgage pre approval in Mortgage Loans

AU on credit cards and mortgage pre approval

Anonymous — Thu, 11 May 2017 12:35:56 GMT

Will I need to remove myself as AU on my familys credit cards in order to get a pre approval for a home loan? i want to sell the house i am in now and buy another one but the broker I was going to use said I will need to remove myself as AU first to get a better picture of my Fico score. Any ideas?

Re: AU on credit cards and mortgage pre approval

Anonymous — Thu, 11 May 2017 13:09:10 GMT

Hi, I am an AU on a couple of accounts, and have not been told that. The point of being an AU is to build your credit score, so I think you might want to consider a different broker. But maybe others can way in here

Re: AU on credit cards and mortgage pre approval

Revelate — Fri, 12 May 2017 06:37:42 GMT

Some lenders may require that but others don't.

Removing an AU may or may not hurt (depends what's in the rest of your file) but if I had an AU that was helping my credit score, and it is absolutely counted under the FICO 04/98 models used to underwrite most mortgages, I'd simply find a different lender.

Re: AU on credit cards and mortgage pre approval

StartingOver10 — Fri, 12 May 2017 12:32:20 GMT

Are all of your tradelines AU accounts or do you have some of your own?