topic Re: Adding user for mortgage. in Mortgage Loans

Adding user for mortgage.

cjane1 — Thu, 24 May 2018 17:14:18 GMT

Hi all,

We are going to apply for mortgage loan next month but my husbands score needs to be about 20 points higher for a better interest rate, I am not working and it will be based on his income. Would adding him as an authorized user on my Discover card help? My card has about 6% utilization and has perfect payment history. All of our credit cards are paid off except my Discover and I can pay it off now. Will adding him as an authorized user affect negatively while trying for a mortgage loan?

Re: Adding user for mortgage.

Anonymous — Fri, 25 May 2018 16:42:26 GMT

Yes. If this is the only card of his reflecting a balance I believe it would optimize his score by leaving a small balance on it. My SIL added me as an AU to her BoA Card with 11 years of perfect payment history and 9% utilization. I received a 25 pt bump but YMMV. Good luck!

Re: Adding user for mortgage.

Anonymous — Fri, 25 May 2018 17:40:46 GMT

Yes, no, maybe. It really depends on the number of, and the ages of any of his other accounts. Without additional information its hard to say. I ask because you will want to raise the average age of accts not lower them.

Re: Adding user for mortgage.

me12345 — Fri, 25 May 2018 18:39:06 GMT

@cjane1 wrote:
Hi all,

We are going to apply for mortgage loan next month but my husbands score needs to be about 20 points higher for a better interest rate, I am not working and it will be based on his income. Would adding him as an authorized user on my Discover card help? My card has about 6% utilization and has perfect payment history. All of our credit cards are paid off except my Discover and I can pay it off now. Will adding him as an authorized user affect negatively while trying for a mortgage loan?

Based on the limited information that you provided, I would say yes it would help, how much? you would have to wait and see to find out. However, I don't really see a down side to it....I would do it.

Thanks,