Authorized User Accounts

[Revelate]

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@jeffeverde wrote:

So here's what the new scoring model does to people with AU accounts-

CR-

4 CO'd CC's  5-1/2yrs old

4 CA's for those CO'd CC's

1 Tax lien, released 1-1/2 yrs ago

2 Current CC's as AU

In December 2013, I applied and got a mortgage.  The lender's combined CR listes scores of-

666   EFX Beacon 5.0

651   TU   FICO classic 4

646   EXP FICO-II

After the mortgage started reporting, my credit monitoring indicated a 13 point bump to my scores

Fast forward to today.  With NO changes to my report other than the new mortgage (no new inquiries, no new baddies, no utlization change).  I set up a utility for the house, and applied for a CC, and they came back with these numbers-

561   TU  FICO (type not specified)

421   EXP   (type not specified)

That's an overnight drop of 225 points on a single score, strictly based on the algorithm change.

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Ah, without knowing what score was used, those datapoints are unfortunately not useful though the TU FICO might be.

The Experian sounds like an internal score of some sort, did they give you a range?  All bets are completely off if it doesn't say FICO, there's simply no comparison ability.

[jeffeverde]

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@Revelate wrote:

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Ah, without knowing what score was used, those datapoints are unfortunately not useful though the TU FICO might be.

The Experian sounds like an internal score of some sort, did they give you a range?  All bets are completely off if it doesn't say FICO, there's simply no comparison ability.

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Re-read the utility letter with (with my glasses on, this time  ).  Fine print at the bottom says "The credit score listed above has been calculated based on a special credit scoring tool developed for use by utilities, and may be higher or lower a credit score obtained from a consumer reporting agency". 

In the words of Emily Litella (Gilda Radner SNL character) -- "Ohhh. . . Never mind"

[kaylord84]

Hey im curious, what lender did you use for your mortgage? Also did they allow your AU accounts?

[CreditDunce]

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@kaylord84 wrote:
Hey im curious, what lender did you use for your mortgage? Also did they allow your AU accounts?

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The CR's may not add the AU account to your report if they don't believe it is legitmate, but if it is added it should count in FICO 04.   Most mortgages use the FICO 04 scoring model.  

FICO 08 may disregard some AU's on your credit report.  For the AU's FICO 08 uses, it will weight the AU accounts less (both good and bad).

[kaylord84]

I was referring to the specific lender . I have read that lenders may ask you to delete AU accounts

[CreditDunce]

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@kaylord84 wrote:
I was referring to the specific lender . I have read that lenders may ask you to delete AU accounts

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Sorry I didn't realize some lenders don't allow AU's.  

[jeffeverde]

I was working with a broker who had initial approvals from several lenders, but I ended up going with the builder's in-house lending (Standard Pacific), as they offered the best rate.

The scores used were- EQ - Beacon 5.0  /  EX - FICO-II  /  TU - FICO 04 , and yes, they did include the AU CC's