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Authorized User and Fico Score 2-4-5

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Member

Authorized User and Fico Score 2-4-5

My bank told me they would approve a mortgage loan if I could get my credit score to 580.  I have about 20 negative accounts on my report, 4 are tax liens 1 has been paid and I have disputed all of them due to the new law stating the requirements thus far the credit bureaus have not deleted these accounts.  Anyways my Fico Score 2 4 and 5 range from 504 to 592.  My question is this if I am added as an authorized user on someones account who has great credit will this increase these scores.  The other day I had another collection added and these scores didn't go down but other scores did.  Can anyone help me raise these scores that th banks look at for mortgages?

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Super Contributor

Re: Authorized User and Fico Score 2-4-5

The folks here on this forum might be able to make make some guesses as to the possible effect being added would have.  Here's what they'd need to know.

 

For the card on which you might be added as an AU:

    * When was that card originally opened?

    * What is its credit limit?

    * What is its current balance?

    * Are there any lates on that card?

 

For your profile:

What is your total credit card debt?  (Include all revolving accounts, closed or open.)

What is your total credit limit?  (All credit limits added together, open accounts only)

What is the age of your oldest account?  (Closed or open)

 

The big idea is that being added as an AU can be a good move if:

      * your oldest account is still very young

      * the card you are being added to is MUCH older than your oldest account

      * the balance on that card is $0 or very small

 

If all of those things are not true, being added as an AU is usually not a good idea.

 

You may be moving way too fast toward a home purchase.  As you describe your credit reports, they are a huge mess and you'd benefit from taking several months to get them looking much better.

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Valued Contributor

Re: Authorized User and Fico Score 2-4-5

Talk to your lender about it because some of them require any AU accounts be removed before approving a loan. If your lender is one of those then being an AU won't help.
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