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CC and fico score confusion

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Valued Member

CC and fico score confusion

I applied for a secured credit card with NFCU. I was apporved today and my limit is 500 dollars. My question though is about me being an authorized user on my husband's secured credit card. It reports the utilization on all of my credit reports and my score responds BUT when i look on myfico it says that i have no qualifying revolving accounts to factor into my score. So is this authorized user cc calulated some other way into my score? I brought the utilization down on it to 4% and my scores moved. One jumped 20 points, another 10 and another 20. I guess im wondering if my NFCU cc will have a bigger impact and why the authorized user cc affects anything if it says it doesnt qualify.

When my credit card with NFCU begins to report how will its utilization factor into this other card?
Im just confused.
2 REPLIES 2
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Super Contributor

Re: CC and fico score confusion

It sounds like you have a subscription to the myFICO Ultimate credit monitoring service (CMS).  This is just one CMS of many (Credit Check Total, CreditWorks Premium, etc.) but they all have some things in common.  One thing is that they provide a front-end summary page which gives you a high level view of your reports.  Another is that they provide you with scores, which are generated by an algorithm on the back end.

 

The key thing is that the front end summary page is not made by the same people as the back end scoring algorithm.  Even at myFICO -- the front end summary page gives you no reliable insight into how the back end FICO algorithm is working.  I know that's a big surprise, but it is true.

 

This is never truer when it comes to whether a person's AU accounts are being counted by the scoring algorithm.

 

So basically you have to ignore what the summary page says or doesn't say when it comes to your AU accounts.  You may decide that the myFICO CMS therefore isn't worth paying all that money for, which is fine -- lots of people come to that decision.  You can get your reports for free and your FICO 8 scores for almost free, so it's ok if you decide to cancel your Ultimate subscription.

 

Your decision to keep the utilization very low on your AU card is a great idea.  When the card in your name begins to appear you should keep its utilization very low too.  Once your own card has appeared on your reports, we can give you a simple test that will answer definitively whether FICO 8 is counting that AU card.

 

 

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Valued Member

Re: CC and fico score confusion

Thankyou. This makes sense. I plan to cancel my subscription this month anyways. I think iv gotten what i initially needed from it and from these forums iv gained even more. Thankyou again!
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