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Piggybacking on Family Mortgage to Increase Fico Score?

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Anonymous
Not applicable

Re: Piggybacking on Family Mortgage to Increase Fico Score?

ah yes, thanks, i am familiar with piggybacking on credit cards. I just didn't know the abbreviation AU, until now. 

Message 11 of 29
webhopper
Moderator Emeritus

Re: Piggybacking on Family Mortgage to Increase Fico Score?


@Anonymous wrote:

isn't there a simpler option for changing, or editing the mortage so that it includes another person, myself, without calling the thing an entirely new loan ("refinance')? 


 

Unfortunately there is not; as the mortgage is a security instrument that must be registered against the land title at the courthouse. The fees for handling the mortgage origination paperwork; property appraisal; title recording; title searching; and title insurance on the real estate are hefty fees not to be taken lightly. When you sign for a mortgage there can be up to 50 documents that need to be signed; plus your lower score can make the owner of the house pay much more over the life of the loan since the mortgage is rated off of the borrower with the lowest middle score.
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 12 of 29
webhopper
Moderator Emeritus

Re: Piggybacking on Family Mortgage to Increase Fico Score?


@Anonymous wrote:

i have 21,000 in revolving credit cards. 3,500 debt on one card, soon to be deleted so i have no revolving debt. 

my installment debt is pretty terrible: 44,000 total credit line for student loans, 4,000 paid off. 

my current score is 677 (equifax).

 

i could become an AU to one of my father's credit cards and raise my score more.

i hope to pay off 14,000 in debt on my installment accounts by the end of this month to bring my installment utilization to 65 used/35% unused credit. 

 

or what do you advise, if you will please? i need to get my FICO up to 750 asap so that i can start a lease/sublease business in a very competitive market. 

 


 

If your parents have some long history accounts that they don't mind adding you as an AU then by all means take advantage. 750 is tough to do when you are young because the age of your accounts can greatly influence your score. Don't apply for a lot of new accounts because this will hurt you more.
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 13 of 29
Anonymous
Not applicable

Re: Piggybacking on Family Mortgage to Increase Fico Score?

i'm 35. is it impossible to get to 750 within one year? or is there a certain age? what can i do to get there? 

would being added as an AU initially hurt my credit score?

 

 

Message 14 of 29
webhopper
Moderator Emeritus

Re: Piggybacking on Family Mortgage to Increase Fico Score?


@Anonymous wrote:

i'm 35. is it impossible to get to 750 within one year? or is there a certain age? what can i do to get there? 

would being added as an AU initially hurt my credit score?

 

 


 

Have you pulled your reports from this site? What is your average age of accounts?
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 15 of 29
Anonymous
Not applicable

Re: Piggybacking on Family Mortgage to Increase Fico Score?

average account age: 5 years, 7 months.

credit history, 11 years

 

i just got my report from equifax.

Message 16 of 29
webhopper
Moderator Emeritus

Re: Piggybacking on Family Mortgage to Increase Fico Score?

How many inquiries? Any collections? Any late payments or negative indicators? How many tradelines are on your report?
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 17 of 29
webhopper
Moderator Emeritus

Re: Piggybacking on Family Mortgage to Increase Fico Score?

If you are added to an account as an AU and the account is an older account; for you this would be 6 yrs or older; then being added as an AU will not decrease your score it will only help. You might also get added to a store card if you don't already have a store card.
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 18 of 29
Anonymous
Not applicable

Re: Piggybacking on Family Mortgage to Increase Fico Score?

one inquiry in the last two years from time warner cable company. 

 

i have 6 negative reports on my file:

1.2.3.three of my student loans are with sallie may, on all three in the same months, i have 90 days late on payment.

4. I chose to close a credit card account with BOFA. i also have 4 late payments on this card in the span of one year in 2007. i am fighitng this report.

5. i have two late payments on another card account, HSBC, one 30 day from 2008 and another 30 day from 2012.

6.US Dept. Education, late payment, 60 days, back in 2010. 

 

I have no collections on file.

Message 19 of 29
Anonymous
Not applicable

store card

what good do they do?

Message 20 of 29
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