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Im almost completely cleaned of baddies. My brother has offered to add me as an AU on a couple of his cards. Once these start posting, will it help my scores and chances of being approved for cards that have said I have too little experience with credit in the past? I'm hoping this can accelerate my rebuild timeline and get me in with Discover or AmEx via the Delta Gold faster than on my own.
FICO 8 puts less emphasis on AU accounts that previous versions.
My question is less about how it will affect my score and more about whether it will help me clear the young account age and limited experience with credit hurdles I've had. I don't think this is a cure all, I'm just hoping it can shorten the time before I'm ready to apply with Discover/AmEx/Chase etc
@Anonymous wrote:My question is less about how it will affect my score and more about whether it will help me clear the young account age and limited experience with credit hurdles I've had. I don't think this is a cure all, I'm just hoping it can shorten the time before I'm ready to apply with Discover/AmEx/Chase etc
I got the Delta Gold 5 years from filing Ch 13 with an EX score in the 680s. Same 5 years with Discover and a similar EQ score. Never had an account with either lender.
Chase still doesn't like me... and I've never had a card with them either.
Your scores are low for a reason... if it's bankruptcy be prepared to wait it out. Whatever the reason you are going to need to clean up your reports to get in with those lenders. Your current scores aren't high enough... and no, I don't think AU accounts will give you that big of a boost to get approved for those cards.
If I were you I'd work on cleaning my reports and getting my own cards. In the meantime the AU accounts can't hurt... but as said, I wouldn't expect them to be a huge difference maker.
@TRC_WA wrote:
@Anonymous wrote:My question is less about how it will affect my score and more about whether it will help me clear the young account age and limited experience with credit hurdles I've had. I don't think this is a cure all, I'm just hoping it can shorten the time before I'm ready to apply with Discover/AmEx/Chase etc
I got the Delta Gold 5 years from filing Ch 13 with an EX score in the 680s. Same 5 years with Discover and a similar EQ score. Never had an account with either lender.
Chase still doesn't like me... and I've never had a card with them either.
Your scores are low for a reason... if it's bankruptcy be prepared to wait it out. Whatever the reason you are going to need to clean up your reports to get in with those lenders. Your current scores aren't high enough... and no, I don't think AU accounts will give you that big of a boost to get approved for those cards.
If I were you I'd work on cleaning my reports and getting my own cards. In the meantime the AU accounts can't hurt... but as said, I wouldn't expect them to be a huge difference maker.
Please see my original post and signature. No BK here, as I've said in EVERY post, the reasons listed center around lack of experience with credit. I'm trying to do it on my own and make all the appropriate steps. Only one issue left on my report. And the way it's reporting, no CRAs are listing it as a derogatory account. I understand that my current scores aren't high enough. I KNOW my scores are low. Once again, my question is whether an AU will help me with the negative mark of "limited experience with credit" and "limited payment history."
@Anonymous wrote:Please see my original post and signature. No BK here, as I've said in EVERY post, the reasons listed center around lack of experience with credit. I'm trying to do it on my own and make all the appropriate steps. Only one issue left on my report. And the way it's reporting, no CRAs are listing it as a derogatory account. I understand that my current scores aren't high enough. I KNOW my scores are low. Once again, my question is whether an AU will help me with the negative mark of "limited experience with credit" and "limited payment history."
Nope... piggybacking someone else's credit will not pass a manual review nor will it give you a big enough boost to recover from upper 500s/lower 600s scores.
Fix your credit and get your own cards.
You've already said "only one issue left on my report." You also said "I'm hoping this can accelerate my rebuild timeline."
You don't start with 514/497/509 scores for a "lack of experience with credit." As I said in my previous reply... whatever the reason for your scores you need to fix the issues with your credit.
Short version:
Discover/Amex/Chase won't touch you with those scores... they won't touch you with your current scores either. Unfortunately, AU won't boost you to where they would.
Adding yourself as AU isnt going to magically get you what you are after. I would obtain 2 more rebuilders to help boost your Fico score then work on your final derog whatever it may be. Once your new cards are reporting more than 6 months of history and your derog is gone that would be the time to try with the major lenders. As stated Fico 08 discounts AUs especially if they are not a spouse so I would not muddy the waters with AUs on the report.