We have multiple CC wish I am authorized user. That is why I have a great score. But at same time, I immigrated a couple years ago and while Expediand and Transunion found me in their system, Equifax did not. They sented me a letter saying I needed to establish credit. So I did the pre-approved process at discover. They refused me. After a while I applyed to self Lender.
Only Self lender I started less than 6 months ago reported to Equifax. So for Equifax, I have nothing but 1 account with self lander, and it's a very young account. I think Self Lender helped me to appear in Equifax, because they report at all 3 bureau, and I was able to get pre-approved to Discover-it.
@Champion54 it takes six months for Fico score to be generated.
If AU accounts aren't on EQ, and self lender is under six months old, where did you get the score from?
Just to briefly address AU accounts..most lenders will "strip" them during application process, since they want to evaluate your profile, not someone else's. While those scores are great, they aren't really yours.
Since you have very short credit history, there isn't a way to properly evaluate how you will handle payments, hence high APR reflecting high risk.
You're getting pre-approval because of AU accounts. They are taken into consideration because there hasn't been a HP, so they haven't been excluded yet.
You can give it a try, and if approved...yay!
If not, start looking at secured cards to build your own credit.
My numbers come from
Fico => Bank account
Trans union and Equifax, from Credit karma.
What bureau is the FICO score that comes with your account? The TU and EQ from Credit Karma are Vantage scores, not FICO. Vantage isn't really used in lending decisions.
Can you explain AU and Hp?
AU = Authorized User
HP = Hard Pull, an inquiry on your credit report from when a lender checks it due to your request for new credit. HPs are visible to anyone who checks your report for the next two years and have a scoring impact for the next year. They're contrasted with soft pulls (SP) which are only visible to you and do not affect your scores.