Will I generate a FICO Score quicker as an Authorized User?

[cashmerethinker]

I'm new to credit with a thin credit report (one Self builder loan and rent payments).

Will being added as an AU on a credit card with years of age, low utilization, etc. generate me a FICO Score sooner than waiting 6 months? If so, when?

[Anonymalous]

Yes. I was unscorable, with 5 months of personal credit history, when an old AU card reported, and I instantly had a FICO score. It won't work for Amex, who reports how long you've been an AU not the age of the card, and it might not work if the anti-fraud algorithms decide not to count your AU card when calculating your score. But in general, yes it can shortcut the process.

[cashmerethinker]

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@Anonymalous wrote:

Yes. I was unscorable, with 5 months of personal credit history, when an old AU card reported, and I instantly had a FICO score. It won't work for Amex, who reports how long you've been an AU not the age of the card, and it might not work if the anti-fraud algorithms decide not to count your AU card when calculating your score. But in general, yes it can shortcut the process.

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So the algorthim just randomly selects who to target?

Not every parent/child shares the same last night or address.

[Anonymalous]

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@cashmerethinker wrote:

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@Anonymalous wrote:

Yes. I was unscorable, with 5 months of personal credit history, when an old AU card reported, and I instantly had a FICO score. It won't work for Amex, who reports how long you've been an AU not the age of the card, and it might not work if the anti-fraud algorithms decide not to count your AU card when calculating your score. But in general, yes it can shortcut the process.

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So the algorthim just randomly selects who to target?

Not every parent/child shares the same last night or address.

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Just because we don't know all the rules doesn't mean it's random. Like much of underwriting, it's a black box.

And AU cards were created for spouses, not children.

[Thomas_Thumb]

Fico requires 6 months of credit history to generate a score. With the most recent Fico 9 and Fico 10 models rental history as well as certain types of monthly payments will count if they are in your name. VantageScore 3.0 and 4.0 also look at rental payment history.

Not sure that AU status would generate a score for you. Your loan counts as of its open date but you may also want to look at getting a secured credit card that can be converted to unsecured later.