@Anonymous wrote:
Can someone explain to me the Pros and cons of the Authorized user route to quick credit boost?
Is the jump significant?
does length of credit account matter?
Not much credit on my file I am at at 598/602/593 fico trying to get to a 620 in the next 60 days. is that even possible this route??
I was told it is but I am not sure..What say ye folks?
Welcome to myFICO.
Being added as an AU can help you under certain conditions:
The account needs to be older than any of yours,
The payment history has to be long and clean,
The utilization needs to be very low, and
If it will report to the CRA's. Not all cards will do this. You need to ask the company first.
You will inherit the entire history of this account which can be a good thing as long as it stays in great shape. One caveat however; if this account starts to go south your credit will be affected as well. Keep that in mind.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
