Being added as Auth. questions...

[Anonymous]

My fiance (streetbob) paid the Discover card down to $0 yesterday, today it posted. It has a CL of $8500 and the trade line is 7yr 10mo. He also paid the Lowes to 0%, it has a CL of $2700 and the tradline is 4yr 5mo. I have a new 1mo tradeline for my Amazon Store card and I'm at 12% util, will be down to 5% next month and 0% to following month ( I have 6mo 0% right now). I'm also on the Chase which has a 2K limit and is 65% util. I used this calculator (Mod Cut-LInk, Im sorry links to this site cannot be posted on myFico its considered a CRO) to simulate what would happen if he added me to both the Discover and Lowes with $0 balances to see where the overall util. would be and it brings it right around the 9% mark. Question is...do we wait until his credit reports show the new balances or is it safe to add me now because the balances are at $0? Also would I get the age for the tradelines as well? Atm I have nothing on my CR's beside the Chase, Amazon and 1 inquiry from getting the Amazon card.

TIA

[bch238]

Sorry if I'm misunderstanding your question, but I'll take a shot at answering.

It shouldn't matter whether your add now or later.  Assuming that your credit score is affected at all by being an AU, your score updates when the creditors (on whose card you're an AU) report to the bureaus.  Everybody's utilization fluctuates up and down from day/week/month, and each individual's score dynamically reflects this fluctuation.  The score has no memory and no score is locked in, so it never mattters today what your score was last week (as far as utilization goes, anyway).  Example:  A and B have absolutely identical credit profiles, but A is at 50% utilization and B is at 0%.  If next month A pays his balances to 0% and B is still at 0%, then A and B will have the same score.   B gets no bonus for having a better score the month prior.

[Anonymous]

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@bch238 wrote:

Sorry if I'm misunderstanding your question, but I'll take a shot at answering.

It shouldn't matter whether your add now or later.  Assuming that your credit score is affected at all by being an AU, your score updates when the creditors (on whose card you're an AU) report to the bureaus.  Everybody's utilization fluctuates up and down from day/week/month, and each individual's score dynamically reflects this fluctuation.  The score has no memory and no score is locked in, so it never mattters today what your score was last week (as far as utilization goes, anyway).  Example:  A and B have absolutely identical credit profiles, but A is at 50% utilization and B is at 0%.  If next month A pays his balances to 0% and B is still at 0%, then A and B will have the same score.   B gets no bonus for having a better score the month prior.

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The Chase is affecting my score and even though it's 65% uti atm before that I had no credit to speak of. If it wasn't for him adding me to that card I probably would've never gotten my Amazon Store card back in Dec. for $1400 from 1st app. I was just wondering if I'd pick up his long TL along with 0% uti. Currently my onlt TL's are 11mo and 1mo.

[Anonymous]

I don't know the answer to your questions, but congrats on the Amazon CLI!

[Anonymous]

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@Anonymous wrote:

I don't know the answer to your questions, but congrats on the Amazon CLI!

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Thanks

[JSS3]

You will get his history(age of card), more credit added to yours, lower overall utilization, and a boost in score.

He can add you whenever, but it won't show up until his reports are updated at the bureaus. Also, AFAIK if they don't for your social when adding you, you will have to be at the same address for it to show on your reports.

[Anonymous]

The bottom of this article has some information about what credit cards providers require to report and/or backdate AU accounts. I've never been asked for my AUs addresses (and my cards show up on their reports), but that could be fixed by having the cards sent to your fiancé's address if asked.

[Anonymous]

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@Anonymous wrote:

The bottom of this article has some information about what credit cards providers require to report and/or backdate AU accounts. I've never been asked for my AUs addresses (and my cards show up on their reports), but that could be fixed by having the cards sent to your fiancé's address if asked.

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Thank you for the link it was a very informative read and thank you both for the replies. We fortunately already live together so the card address is a non issue Discover asked for my address, DOB and SS# but Lowes asked for nothing. Crossing fingers this will help me get bigger and better approvals. The ultimate goal is maximizing rewards for spending we're already doing.

[takeshi74]

When a TL where you are an AU is considered -- it will not be in all cases -- the TL is considered like any other TL.  All factors matter.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

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@Anonymous wrote:

The Chase is affecting my score and even though it's 65% uti atm before that I had no credit to speak of. If it wasn't for him adding me to that card I probably would've never gotten my Amazon Store card back in Dec. for $1400 from 1st app.

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Being an AU is not inherently beneficial.  If a TL has high utilization it is not helping you.  All being an AU means is that the TL shows up on your reports (for TL's that report for AU's) and factors into your credit in cases where it is considered.  If a TL has negative Payment History, high Revolving Utilization, is a new account, etc then it will generally not be beneficial.  Consider the typical relative weights of the factors above as those still apply.  Note that Amounts Owed (which Revovling Utilization falls under) is a much bigger factor than Length of Credit History (which AAoA falls under).

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@Anonymous wrote:

Question is...do we wait until his credit reports show the new balances or is it safe to add me now because the balances are at $0?

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Even if they report the same data as they currently are for him your revolving utilization would drop on the next update.

[EdMan63]

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@takeshi74 wrote:

When a TL where you are an AU is considered -- it will not be in all cases -- the TL is considered like any other TL.  All factors matter.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

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@Anonymous wrote:

The Chase is affecting my score and even though it's 65% uti atm before that I had no credit to speak of. If it wasn't for him adding me to that card I probably would've never gotten my Amazon Store card back in Dec. for $1400 from 1st app.

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Being an AU is not inherently beneficial.  If a TL has high utilization it is not helping you.  All being an AU means is that the TL shows up on your reports (for TL's that report for AU's) and factors into your credit in cases where it is considered.  If a TL has negative Payment History, high Revolving Utilization, is a new account, etc then it will generally not be beneficial.  Consider the typical relative weights of the factors above as those still apply.  Note that Amounts Owed (which Revovling Utilization falls under) is a much bigger factor than Length of Credit History (which AAoA falls under).

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@Anonymous wrote:

Question is...do we wait until his credit reports show the new balances or is it safe to add me now because the balances are at $0?

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Even if they report the same data as they currently are for him your revolving utilization would drop on the next update.

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I just told my wife this morning to remove me as an AU on her AmEx BCE she just PC'ed from her Costco Amex she's had since 94. Reason being that I don't need the card and that AmEx doesn't backdate for the AU and I don't want a new account showing up on my CR which adds no benefit. Her card is backdated to 94 but mine said 2016. She was just being a good wife but right now I'm trying to increase my score for a possible new mortgage in the next year or so and don't need any negative factors to weigh against me such as a decrease in AAoA.