Am Ex and BOA authorized user no benefit.

[Anonymous]

I have been cleaning up my credit for a year now. I have paid for deletion on all 14 of my old accounts in collection and as of one month ago I have zero collections on my credit report, 2 credit card and 3 store cards with 6 months of positive payment history, not late payments in 4 years and three charge off accounts not in collection for a total balance of 2000 dollars.

Every time I paid a collection and it removed from my credit report I got small boost to my credit score or 5 to 10 points, my score went from 492 to 607. Then last month when I had my last collections removed SURPRISE my score dropped 160 points experian and 180 points on transunion(fico) I have been rebucketed.

I paid a close friend to add me as an authorized user on two of his cards with high limits 17,000 on one and 13,000 on the other and 4 years of positive payment history. The BOA report last month and only boosted my score 16 points and the AM EX report today and ZERO point increase. Both report as authorized user not a real account as many people say they show, and AM EX didn't include prior payment history it shows as a new account.

What is going on I went from 14 collections on my report to zero and my score is the lowest it has ever been.

How do I recover?

[PrinceCorwin]

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@Anonymous wrote:
I have been cleaning up my credit for a year now. I have paid for deletion on all 14 of my old accounts in collection and as of one month ago I have zero collections on my credit report, 2 credit card and 3 store cards with 6 months of positive payment history, not late payments in 4 years and three charge off accounts not in collection for a total balance of 2000 dollars.

Every time I paid a collection and it removed from my credit report I got small boost to my credit score or 5 to 10 points, my score went from 492 to 607. Then last month when I had my last collections removed SURPRISE my score dropped 160 points experian and 180 points on transunion(fico) I have been rebucketed.

I paid a close friend to add me as an authorized user on two of his cards with high limits 17,000 on one and 13,000 on the other and 4 years of positive payment history. The BOA report last month and only boosted my score 16 points and the AM EX report today and ZERO point increase. Both report as authorized user not a real account as many people say they show, and AM EX didn't include prior payment history it shows as a new account.

What is going on I went from 14 collections on my report to zero and my score is the lowest it has ever been.

How do I recover?

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Through which source are you monitoring the score changes? (Credit Karma, MyFico, etc)

[Gmood1]

Go here and pull your real scores for a $1 www.creditchecktotal.com . Amex doesn't back date. Not sure about BofA. If neither back dates to the original opening of the account. That's one reason your score didn't rise. Not all lenders back date AUs.

Chase and Capital one do back date. 

I didn't see mention of an installment loan. If you don't have one reporting. Set up a $500 secured shared loan through Alliant FCU. Pay it down to 10% immediately after opening it. That can boost your scores around 30 points if you don't already have a installment loan reporting.

[Anonymous]

BOA did back date but it only provided a 17 point boost. And I already pay for my Fico scores.

[Gmood1]

If I'm following correctly, you had only 6 months history before becoming an AU? It will take time for your scores to equalize, if that's the case. 

[FiveOhFour]

I don't have any sort of credit history except my first two secured cards I got at same time in 2014 or 15 and between that and my last negative falling off my score shot up majorly from 450-500ish to around 750 or so. I was getting constant real credit offers from real banks, not credit one, so I applied and got a Quicksilver with a $3,000 limit. I was advised to go on a spree with my scores and open a few, or at least open one every few months, but I didn't and now it's been almost 2 years and that's still my only serious card, but now it has a $10,000 limit and my FICO score is ~790. So it's time I add more credit cards, not sure if I should apply for a few at once or space them out and if so by how long.

As for installment loans, where's the best place to do this? I don't have one of those on my history either, there's no way hat would boost my score around 30 points regardless though right? That would put me near an 820 FICO score. That would be epic. My mom has like 14 accounts in good standing including a mortgage (closed) and a couple car loans and a line of credit, and a bunch of store cards. All with 100% payments on time, zero negatives, and the oldest card is from 1993, a Sears card from Citibank that I just had myself added to as an AU. only about 5 of her accounts are open but still there's about $90,000 of available credit in credit cards alone with a total of $20 of a balance on a single one so her utilization is low. Her TU vantage score was about 812 until last week when one of her discover cards was closed for inactivity and that dropped her score 10 points.

Anyway my point is it's hard to imagine a little installment loan would put me at a higher score than someone with 50 years of credit history.

All that said it will help regardless, so how/from whom do I go about getting one with the lowest interest rate possible? I imagine even though you said pay 10% right away that you want to live out the loan period and not pay it off early right? I thought that I recall reading that the benefit to your credit history comes from each individual months payment being made on time and in full so you want as many of those as possible is that right?

Sorry for the long post but I truly appreciate any input

[Gmood1]

Fiveohfour, here's a link that will explain the SSL trick better than I can http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...
And yes it can jump your scores another 30 points.
Even paying ahead, it will report as though it's being paid monthly. Drag out the loan as long as you can. Alliant reports on the last day of the month. If executed before that time, expect score movement the upcoming month.

[FiveOhFour]

When you say it has four years of positive payment history is the account four years old only or is the account holder than that but it had missed payments at some point before that period, and if so when were the missed payments and for how long 30,60 or 90+ days and how many of them were there. When you look at the account on your credit report does it show anything under worst payment status besides "current" ? Also look on your report under that account details for the field that says "times 30\60\90 days late" and see if it says anything other than 0/0/0. If it does then you need to find out when exactly they were from because you may have inadvertently added negative information to your credit report I actually did this myself in the same exact way being added as an authorized user not realizing the very old missed payments would have a negative impact, I was just focused on having a card with a history going back to 1993 on my account and the $4000 credit limit at a time that my highest secured card limit was $400 and was only a few months old

[FiveOhFour]

Thank you. I apologize if this info is in the link you gave me I will dive into that, but you said even paying ahead it will report it as if it's being paid every month but you also said drag out the loan as long as you can, are you saying when setting up the loan initially make it for as long a period as possible or to keep it going as long as possible by paying as little as possible each month. I'm sure you mean the former as the latter seems to contradict your first statement but it's worth clarifying.

[Gmood1]

Yes, choose the 60 months loan in order to drag it out. You won't have to pay on the loan for at least four years, if you pay it down to 10% or so from the start.