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Searched the forum but couldn't find an answer...will being an AU on a family members card help generate a Fico score? I am new to credit, so I do not have one yet...I just started my first cards but no Fico score for 6 months I heard.
But if I am an AU and it reports...will I then be able to see a Fico score that month?
Also, does anyone know of NFCU uses AU accounts in their approval scores, since the have an internal score of their own?
Thank you!
While it may trigger generation of a score, since your file is thin and the AU represents a major portion, if not all of the reported accounts, the "score" may be viewed by a creditor or business as being substantially useless to them, and they may choose not to give it much weight in their decision making.
By definition, an AU account enters the credit history of another into your credit file/report.
Thus, the generated score is, by definition, not a reflection of only your own credit history and assessed repayment risk.
If your only account, it could be viewed as being of no value to the creditor in assessing your credit risk.
Is the type and degree of credit you will be applying for of sufficient level that the creidtor is likely to do a manual review, or is it just a starter/rebuilder card?
If the creditor does not do a manual review and simply looks at your score, they wont be aware that the score is not representative of only your own history. That is common with many lower limit cards.
However, it the creditor does a manual review and sees that the majority or all of your accounts are an AU, they may choose to ignore your score in their decision making.
@gdale6 wrote:
If the AU account is older than 6 months then you should get a Fico generated.
+1
@MzChrissy wrote:
Off topic gdale6. How did you get your credit scores to show that way? Are you or another myFico administrator able to change my signature?
https://ficoforums.myfico.com/t5/SmorgasBoard/Badges-for-Your-Signature/m-p/5257198