Fico 08

[Anonymous]

Hello,

I am worried about my Fico score with the new Fico08 reporting scheme.  I am an authorized user on most of my husband credit cards.  With the Fico08 system, it looks like i will be severly effected.  Most of the CCs under my name are very recent less than 2 years.  Under my husband name i have an average 4 years of credit history.   

We are planning on buying a house in the next six months.  Do you think it is a good idea to change from authorized user to joint account.  When will Fico08 scores will be used as a credit score. 

I currently have between 700 to 720 in the three credit scores.  My credit balance is approximately 22% of my credit limit.  I am planning on paying these cc's off. 

How much do you think my score will go up due to paying off CCs - Going from 25% (CC balance) to 0% (CC balance). 

How much do you think my credit score will go down with the reduction in credit history (4 years to 2 years)?

My CC told me that in the current FICO system that being an authorized user does not affect your credit score.  This is contrary to what i am hearing from this website.  Is there a difference between authorized user and joint user.

When does the Fico08 will be going into effect.  We need to buy a home before that.  I don't want to buy a home before that but we may have no choice.

[Anonymous]

Fico 08 was due to come out by now, but it keeps getting delayed. No one really knows when it will come out. 

Right now Joint or AU counts the same, but like you said.. AU will no longer be counted with 08.  I dont know how much your score will be affected with the 4-2 year change, and it depends on the limits you lose as well i suppose. 

I would suggest join, if you trust eachother enuff haha.  =)

[Anonymous]

When FICO 08 does get released, it will be awhile before lenders begin using it, from what I read.

My suggestion, work on your util and just leave the cards alone.

When you go for mortgage, if FICO 08 is in and the lender is using, and your scores are too low from not having the CCs, then(and only IF absolutely necessary) go joint.

My oldest account was opened nearly 7 years ago........it list on both EX and EQ, not TU.

EQ and EX also have many more accounts, and a extra collection. My longest account on EX and EQ is just 2 or 3 years old.

EQ also has no revolving reporting and has about 13+ more accounts than the other two.

You can see how the scores differ below.