Hello all, thought I'd report a nugget about an authorized user I added to my Capital One. I'm helping a friend build his credit. He had NO credit score, and only back child support, which was/is reporting 150 days late, although he's actually current and that's in dispute. I added him to my Cap1 with zero utilization, and waited for it to report. It hit yesterday, and sent his score up 750 points! I realize this probably won't help his FICO, but it certainly has motivated him to follow in my footsteps to credit nirvana.
How thoughtful and courageous for you to help your friend! I assume you know by now from what I think you're saying in your post (and if not) CreditKarma scores are not FICO scores and FICO scores are all that matters. There is no correlation regardless of how close you find the two. But I too was encouraged and did better by seeing improvement on CreditKarma before I even knew there was a difference. Sometimes this alone is a motivator to keep doing the right thing if possible or even be more proactive if possible.
But here's a relatively recent post about a score boost due to being added as an AU that didn't yield the results with creditors as expected solely based on the score. Points to the fact that score alone is not all that matters. I encourage you to read all post to get a fuller picture.
Actually FICO doesn't disregard AU accounts. At least not the scoring models used the most.
Some lenders disregard AU accounts, such as Chase.
Most app systems just read what's there and spits out an approval. That's if the scores and profile look good.
I added my 18yr old nephew with zero credit in December. He's obtained every CC he's applied for, 3 total. All because, those AU accounts jump started his credit.
Navy Fed gave him a starting limit higher than anyone in my family on their first card with them at $25k!
Some lenders disregard AU accounts, such as Chase.
Most app systems just read what's there and spits out an approval. That's if the scores and profile look good.
I added my 18yr old nephew with zero credit in December. He's obtained every CC he's applied for, 3 total. All because, those AU accounts jump started his credit.
Navy Fed gave him a starting limit higher than anyone in my family on their first card with them at $25k!
That depends on how old the account was and if they reported the full history.
If they didn't back date to when she opened the account. You wouldn't see much of a bump if any.
Here are some of his scores right after these AU accounts reported. Remember he didn't have scores at all before this.
@CreditInspired wrote:
@Gmood1 wrote:
Actually FICO doesn't disregard AU accounts. At least not the scoring models used the most.
Some lenders disregard AU accounts, such as Chase.
Most app systems just read what's there and spits out an approval. That's if the scores and profile look good.
I added my 18yr old nephew with zero credit in December. He's obtained every CC he's applied for, 3 total. All because, those AU accounts jump started his credit.
Navy Fed gave him a starting limit higher than anyone in my family on their first card with them at $25k!Wow! Were family members jealous? 😂😁. Joking.
lol They were stunned! Including his mom and I! There were 7 of us before his approval that had Navy CC's that I know of.
He blew all of us out the water on that one!
The highest SL any of us had obtained on first Navy CC was around $15K. All of those family members were more than twice his age.
I'm the only one that has Navy Fed limits greater or equal to his now. It took me 3 years with them to pull off a $25k SL with them.