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ralvarez2678
Valued Member

authorized user

I started rebuilding my credit score about a year ago. Short story, i was in the high 600's then parents had financial problems and i was paying their mortgage and bills plus my own so my credit cards were last thing on my mind. i had 7 cards at the time and all were sent to collections and Cap 1 just put mine on restriction so i paid those balances off and left them open since one of those is my oldest card (11yrs).

i started with a secured loan then went on to a $500 secured credit card at a credit union. then was approved for a $350 limit card with First Savings Bank with a high APR but i took it and had an increase to $600. Cap 1 approved me for a Quicksilver rewards card with $500 limit which is now at $1000 CL.

So, after a year i went from a very low 500 score to a 601/600 credit karma scores but they really havent' moved for quite some time. So today, i added myself to my fiance's two BoA credit cards of $2,500 each and out of that $5k she carries about a $30 balance combined. On average, what type of bump am i looking at by adding $5000 CL with 98-99% available credit?

sorry for the novel guys.

Message 1 of 4
3 REPLIES 3
NormanFH
Super Contributor

Re: authorized user


@ralvarez2678 wrote:

I started rebuilding my credit score about a year ago. Short story, i was in the high 600's then parents had financial problems and i was paying their mortgage and bills plus my own so my credit cards were last thing on my mind. i had 7 cards at the time and all were sent to collections and Cap 1 just put mine on restriction so i paid those balances off and left them open since one of those is my oldest card (11yrs).

i started with a secured loan then went on to a $500 secured credit card at a credit union. then was approved for a $350 limit card with First Savings Bank with a high APR but i took it and had an increase to $600. Cap 1 approved me for a Quicksilver rewards card with $500 limit which is now at $1000 CL.

So, after a year i went from a very low 500 score to a 601/600 credit karma scores but they really havent' moved for quite some time. So today, i added myself to my fiance's two BoA credit cards of $2,500 each and out of that $5k she carries about a $30 balance combined. On average, what type of bump am i looking at by adding $5000 CL with 98-99% available credit?

sorry for the novel guys.


Depends on what derogs you have on your file.

 

What current open revolving accounts do you have, not counting the new AU accounts?

When was the last reported late payment?

Are there any charged off credit card accounts still showing an unpaid balance?

Most Recent FICO 8 Scores EX616/TU587/EQ607 01/09/2018 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
Message 2 of 4
ralvarez2678
Valued Member

Re: authorized user

 


Depends on what derogs you have on your file.

 

What current open revolving accounts do you have, not counting the new AU accounts?

When was the last reported late payment?

Are there any charged off credit card accounts still showing an unpaid balance?


 

 

 

My last late payment was in late 2013. i started my rebuild in late Feb 2014. I have 3 open credit cards ($500/$600/$1000) one that is restricted from Cap1 (oldest card) no balance and 3 open collection accounts.

Message 3 of 4
NormanFH
Super Contributor

Re: authorized user


@ralvarez2678 wrote:

 


Depends on what derogs you have on your file.

 

What current open revolving accounts do you have, not counting the new AU accounts?

When was the last reported late payment?

Are there any charged off credit card accounts still showing an unpaid balance?


 

 

 

My last late payment was in late 2013. i started my rebuild in late Feb 2014. I have 3 open credit cards ($500/$600/$1000) one that is restricted from Cap1 (oldest card) no balance and 3 open collection accounts.


I would geuss that you may see minimal increase, depending on AAoA effects. Once that late ages past 24 months you should see more score growth. Not a fan of the whole AU thing myself. It distorts your scores and its quite visible to creditors - they are not stupid. I think it should only be used when one cannot generate a score at all, or cannot get even secured cards.

 

 

Most Recent FICO 8 Scores EX616/TU587/EQ607 01/09/2018 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
Message 4 of 4
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