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Is my mom in for a big surprise??

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Is my mom in for a big surprise??

I've been repairing my own credit for about 4 months now and after speaking with my mom decided to take a look at her credit reports with her. My mom is very old school and usually pays cash for everything, so no surprise that when I pulled her reports from My Fico.....she had no information (good or bad reporting) to make up a credit report nor did she have a fico score. She explained to me that she had cc's and charge cards back 20 years ago but after her BK in 91' she hasn't opened anything in her name other than utility bills.
 
I'm trying to help her get approved for a home loan in about a year and so to get something reporting on her CR I added her as an AU on my sears card which has 2 years excellent payment history, $2200 limit, and a $154 balance. 
 
I just want to know if this is a good way to help her "jump start" her credit file and what kind of score will she have with this new information reporting??
 
 
Thanks
 
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Re: Is my mom in for a big surprise??



jwillvin wrote:
I've been repairing my own credit for about 4 months now and after speaking with my mom decided to take a look at her credit reports with her. My mom is very old school and usually pays cash for everything, so no surprise that when I pulled her reports from My Fico.....she had no information (good or bad reporting) to make up a credit report nor did she have a fico score. She explained to me that she had cc's and charge cards back 20 years ago but after her BK in 91' she hasn't opened anything in her name other than utility bills.
 
I'm trying to help her get approved for a home loan in about a year and so to get something reporting on her CR I added her as an AU on my sears card which has 2 years excellent payment history, $2200 limit, and a $154 balance. 
 
I just want to know if this is a good way to help her "jump start" her credit file and what kind of score will she have with this new information reporting??
 
 
Thanks
 


It will help her, as far as what score.....anyone's guess.
 
Since it appears that she is building rather than rebuilding, I'd have her add some more accounts.
 
Take a look at TheNewWorldMan's blog about starting a teenager out.
 
Most people have to be careful adding too many accounts at once, because it will decrease average age. I would add some of her own cards.
 
By the time she goes to get a mortgage, it is possible that FICO 08 will be used. If this is the case, if she only has AU, she could have no score. FICO 08 isn't going to count AU in scores.
 
The link below will tell you the minimum score requirements -
 
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