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Authorized User the More the Better?

icloud987
New Contributor

Authorized User the More the Better?

Hi,

I have settled all my debts with the help of everyone's advice, thank you, everyone.

I have one question about rebuilding.

I got 3 credit cards of my own, 2 are secured cards: capital one, and open sky, the other one was unsecured cards from my past (it was never closed ).

I took out some student loan as my installment loan and play to pay the full monthly payment on it just to help me rebuild, this is the only debt currently . 

My SO is willing to add me to her credit cards as AU, she's added me on her 3 credit cards so far, would it be beneficial if she adds me on more cards as AU ? Or there is no need for adding me to more cards?

(Her utilization of all her cards is very low and she pays it off monthly. )

 

My current score is  613 with 3 credit bureau. My goal is to get to a decent/good score in 20 months to buy a house.

If there is anything else I should be doing to serve this purpose better, please advise.

 

Thanks. 

 

 

12 REPLIES 12
RSX
Valued Contributor

Re: Authorized User the More the Better?

you can stop with the ones she has already added you to - no need for more

 

and during the mortgage application, i believe they disregard all AU accts anyway

 

 

Dec 16/2019. EX. 721. EQ. 723. TU 746
Dec 29/2020 EX. 729 EQ. 723 TU 746
Sept 9/2021 EX. 734 EQ. 737 TU 746
Inq. EX 5 EQ 2 TU 5 - - CC 4x24, 3x12, 0x6
Amex BCP $32k - Apple GS $19k - BMW/Elan $9k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Boundless $10k - Chase United Club Infinite $26k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $23k - HSBC Gold - $13k - Penfed Gold - $12.5k - USBank Cash+ -$24k - HSBC LOC - $13.5k - PenFed LOC - $20k
Message 2 of 13
icloud987
New Contributor

Re: Authorized User the More the Better?

Thank you, I will stop then. 

 

I didn't know "during the mortgage application, i believe they disregard all AU accts anyway"

I was just hoping the AU would help increase my score slowly whether it would be disregarded or not.

 

Message 3 of 13
OmarGB9
Community Leader
Super Contributor

Re: Authorized User the More the Better?


@icloud987 wrote:

Thank you, I will stop then. 

 

I didn't know "during the mortgage application, i believe they disregard all AU accts anyway"

I was just hoping the AU would help increase my score slowly whether it would be disregarded or not.

 


It's better to get your own accounts rather than relying on a bunch of AUs. AUs are often disregarded, not only in mortgage apps, but in other types of applications as well.


Last App: 05/30/2021
Capital One Auto Refinance Loan

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 4 of 13
icloud987
New Contributor

Re: Authorized User the More the Better?

@OmarGB9 Thank you.

I am not able to get any of my own accounts at this moment, because of the settled debt history with many big banks and the low score.

I plan to try again in the future when things get better if I am ever in a position to pay any of them back in full . However, I remembered many posts mentioned I only need 3 credit cards of my own for rebuilding, which I already have. 

Are you saying if I can get more than 3 credit cards of my own, it would help more with my rebuilding? I should not stop at just 3 credit cards of my own (Assume I will use credit cards responsibly ) ?

 

 

 

 

Message 5 of 13
OmarGB9
Community Leader
Super Contributor

Re: Authorized User the More the Better?


@icloud987 wrote:

@OmarGB9 Thank you.

I am not able to get any of my own accounts at this moment, because of the settled debt history with many big banks and the low score.

I plan to try again in the future when things get better if I am ever in a position to pay any of them back in full . However, I remembered many posts mentioned I only need 3 credit cards of my own for rebuilding, which I already have. 

Are you saying if I can get more than 3 credit cards of my own, it would help more with my rebuilding? I should not stop at just 3 credit cards of my own (Assume I will use credit cards responsibly ) ?

 

 

 

 


You are correct, 3 cards is all you really need. No need for more, unless you want to.

 

All you can really do at this point is pay/settle those delinquent accounts, and begin a GW campaign to try to get them deleted, though that is extremely difficult to do. Just keep paying on time, and let time do its thing and let those negatives age; with that, though, is that if the negatives remain unpaid, then they'll continue to hurt your scores, especially if they're updating monthly. Best thing to do is pay as soon as you're able to.
 


Last App: 05/30/2021
Capital One Auto Refinance Loan

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 6 of 13
icloud987
New Contributor

Re: Authorized User the More the Better?

@OmarGB9 

Thank you, I have settled all my debt, the only debt I have now is the student loan I just took out for the sole purpose of rebuilding. (My only installment loan at this point ) 

I will definitely pay my current bills on time and try the GW letter. 

 

 

Message 7 of 13
sccredit
Valued Contributor

Re: Authorized User the More the Better?

Time...that is the best thing right now. Handle all accounts responsibly and let everything build history.

Ch 7 Discharge 3/12/2018
Cap One VentureOne $3,500, CapOne Savor $5,300, Kohls $3,000, Comenity MC $4,900
Infiniti Financial Lease (Ends 11/2021
California Coast CU Auto Loan $36k 2.48%

Goal: New Mortgage 3/2022
Message 8 of 13
GrandBay
Frequent Contributor

Re: Authorized User the More the Better?

@icloud987 

if all debts are settled/paid you have very few options 

1. time is your greatest asset.

2. keep CC balances low

3. have diversity in accounts

 

 

also, I will wait for someone else to chime in, but I do not think students loans will give you the bump you are anticipating. 

unless you pay it down significantly  - it may actually be a drag on your scores.

Message 9 of 13
icloud987
New Contributor

Re: Authorized User the More the Better?

Thank you for your advice.

As far as diversity, I currently have CC and Student loans. I can't think of anything else to add, I am not ready to buy a house yet. Do you recommend anything else that is beneficial for rebuilding and I can get as a student and low 600 scores?

 

I remember someone in the forum told me a student loan is an installment loan, and I do plan to pay it down monthly. 

Message 10 of 13
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