I am rebuilding my credit. For the purposes of this post, I won't go into detail why. I just wanted to give concrete feedback on being added as an AU to my mother's Capital One credit card with a $12,500 limit. On Experian, it shows the credit limit and balance (which is $0). I was added as a user on October 26, 2018, status of my being added was reported to Experian on November 1, 2018, and the balance was reported to Experian on November 15, 2018. The day the bill prints. This first reporting shows the entire payment history going back to October 2013 and it has been paid off every month on time AND ONLY INCREASED MY EX SCORE BY 24 PTS.
It's shows all the same on Equifax, only Equifax showed the change about 5 days later and it INCREASED MY SCORE BY 91 PTS.
Transunion does not show the account yet but I will update as soon as it does.
Both EQ and EX show a line in the description that reflects 'Responsibility' and it says 'Authorized User'.
Where I stand today, at the very beginning of my goal of returning my credit to 650 and higher:
That is one hell of a jump. I'm on my mothers Citi card that has 22 years of history. I got a bump but not like that!
TU finally added me as AU on Capital One card. My TU score went up to 577. THERE WAS A 97 PT INCREASE After this initial reporting
Nice - I should add maybe the only reason I didn't see a larger bump was because of her 89% UTI
Yes. That would be it. May I ask what your scores were when you were approved for your first card after starting in 500s?
hmmmmm - Secured? Maybe 620-630
Unsecured - 660'ish EQ FICO 08 but my FICO 09 was over 700 for NFCU approval (only $1k - LOL) My 2nd approval was from BB&T with TU FICO 09 of 683 ($3500) but I was also prequalified for this one.
Also I received around a 45 bump once I dropped the utilization to 45% EX. It hasn't hit the other 2 yet. But I'd bet I go over 700 on EQ and close on TU once everything reports. Next month I will be 720's I'm guessing because my utilization will drop again. Not bad for 5-6 months worth of work.
More deets. I filed for Chapter 7 on October 3, 2018. My BK should discharge next week. I will wait for a bit after the discharge to update. Once I have had a chance to dispute the two collections accounts I have totaling $1,400. I just wanted to report that since October when I was at:
I am now at:
I plan to get a small car loan, probably around $10K, after discharge (once I get up past 620 across the board). I will report the fruits of my efforts in all things FICO in a couple of months.
Im an AU on two cards (see my sig). They are reporting on EQ & TU but have not shown up on my EX report, which is probably why my EX score is so far behind the other two. Weird that they have not shown up yet...
It took longer for them to report to EX and I never got an alert. Just found it there one day. I think they were half asleep and yawning when they added it to my report