FICO WILL NO LONGER COUNTS AUs!

[Anonymous]

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MidnightVoice wrote:

I also assume that many genuine (esp spouse) AUs will be able to become real joint holders

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I'd hazard a guess at least some OCs will be mass mailing their customers with AU spouses and offer joint account conversions. Offer the beneficial TL to the AU spouse, and gain an extra liable party should the account ever go into default.

[Anonymous]

ok , what about people that are joint card holder? can they borrow piggybacking tradeline?

For Example:

I want  to be a joint-card holder to my friend credit card he has a perfect credit history, no baddies, if I joint- to his credit card as a joint card holder will I benefit from it? like recieved his tradeline( credit history) ?

[Anonymous]

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ctnbpl wrote:

ok , what about people that are joint card holder? can they borrow piggybacking tradeline?

For Example:

I want  to be a joint-card holder to my friend credit card he has a perfect credit history, no baddies, if I joint- to his credit card as a joint card holder will I benefit from it? like recieved his tradeline( credit history) ?

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If your friend is amenable, and the OC will do it, nothing illegal, immoral, unethical, deceptive, etc. With a joint account, both card holders are jointly responsible for ALL charges. Ain't no yours, mine and ours. Both card holders benefit from the CRA reporting in their FICO score.

[Anonymous]

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If your friend is amenable, and the OC will do it, nothing illegal, immoral, unethical, deceptive, etc. With a joint account, both card holders are jointly responsible for ALL charges. Ain't no yours, mine and ours. Both card holders benefit from the CRA reporting in their FICO score.

Question1 

I understand that both parties are responsible for paying debt and any obligation occured in those shared account but even this joint card holder member will recieve tradeline( credit history) Am I correct?

PS: What I try to find out is not only recieve credit history from the DATE  I will sign up as joint-card holder but I want to recieve credit history from the date my friend open his credit history. How is that work?

Question 2

When Fico will no longer count authorized user in they computer system, what will happen with all of those people that has build credit history as authorized user before August 2007? Fico will also not count them?

Message Edited by ctnbpl on 06-10-2007 03:52 AM

Message Edited by ctnbpl on 06-10-2007 03:54 AM

[Anonymous]

ctnbpl wrote:

Question1 

I understand that both parties are responsible for paying debt and any obligation occured in those shared account but even this joint card holder member will recieve tradeline( credit history) Am I correct?

PS: What I try to find out is not only recieve credit history from the DATE  I will sign up as joint-card holder but I want to recieve credit history from the date my friend open his credit history. How is that work?

Question 2

When Fico will no longer count authorized user in they computer system, what will happen with all of those people that has build credit history as authorized user before August 2007? Fico will also not count them?

1) If it's a joint account, the OC will report on both card holders CRs.

PS) If an account converts to a joint account, then the TL should appear on the new card holder's CRs with an open date from when the original card holder opened the card. But, it would not hurt to call the OC first.

2) Their FICO scores will drop if it's dependent on AU accounts. Let the plutocracy continue.

[Anonymous]

what is mean  OC?

[Anonymous]

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ctnbpl wrote:

what is mean  OC?

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Original Creditor

[Tuscani]

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ctnbpl wrote:

what is mean  OC?

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Check out http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=1325

[Anonymous]

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Noah_Bodie wrote:

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MidnightVoice wrote:

I also assume that many genuine (esp spouse) AUs will be able to become real joint holders

---

I'd hazard a guess at least some OCs will be mass mailing their customers with AU spouses and offer joint account conversions. Offer the beneficial TL to the AU spouse, and gain an extra liable party should the account ever go into default.

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I'd say that is probably the plan for the Major Banks that offer Credit Accounts...

Rob

[Anonymous]

FICO_Focused wrote:

I'd say that is probably the plan for the Major Banks that offer Credit Accounts...

It makes good business sense. I mean how often does the bank offer you something free of charge?

"Honey, look. The bank is giving away free credit! Woo-hoo!"

A lotta people might not fully understand it, but then it's my experience that a lotta people will sign something if you tell 'em it's good for 'em, whether it is or is not.

It also makes good business sense in that the debt becomes more secure. I wouldn't be surprised if some banks offered up a CLI or APR reduction to convert an AU to a joint account holder.