How to increase score

[Anonymous]

I dont want to ask it again but I am real confused now

I went to Wachovia bank and Citibank and they both say this:

Being an authorized user DOES NOT affect your credit either negatively or positively. It DOES show on your credit bureau as debt that you are able to use, but doesn't make your score go up or down.

Being a joint means you share responsibility with the primary account holder, and that you are equally liable for the debt. This can affect your credit score either positively or negatively because you are responsible for whether it has a high balance, or whether or not the payments are made on time

so basicly event if I am authorized user I will inherent history but my score will not going up or down? I dont know who should I ask to get correct answear please help

[fused]

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ctnbpl wrote:

I dont want to ask it again but I am real confused now

I went to Wachovia bank and Citibank and they both say this:

Being an authorized user DOES NOT affect your credit either negatively or positively. It DOES show on your credit bureau as debt that you are able to use, but doesn't make your score go up or down.

Being a joint means you share responsibility with the primary account holder, and that you are equally liable for the debt. This can affect your credit score either positively or negatively because you are responsible for whether it has a high balance, or whether or not the payments are made on time

so basicly event if I am authorized user I will inherent history but my score will not going up or down? I dont know who should I ask to get correct answear please help

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They were replying to another person's post.  YOU WILL get your parents entire postive tradeline and history if you become an AU.  Better if its more than one cc, like the BOA and chase you mentioned in earlier posts.  Not so certian the department store cc will help as much as the two major cc's. Your score should increase sizably.  Believe me!

[Anonymous]

fussed 111 I believe you

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chase credit card say- when I add myself as authorized user they just ask about my first and last name, but this wont help because if they know only my name so they are not able to send report to credit bureu because they dont have my Social Security number

What they suggest me to do to get a co-owner of this card not authorized user( but I will be liable for a debt also) so in order for me there is no other "patch" to solve this?

Any suggestion , comment welcome!!!

Message Edited by ctnbpl on 05-22-2007 09:40 PM

[Anonymous]

I dont think its possible to get an 800 score very quickly, in fact Im a loan officer and check credit scores all the time and its VERY rare to see an 800 + score. I dont even know if they really exist. I wonder if the job you are applying for is a sham. You may want to look into it more. Just sounds odd to me. Im sorry I cant help you more with your question you are doing everything right and your scores look pretty good as is.

[PCR20]

STUART wrote:
I dont think its possible to get an 800 score very quickly, in fact Im a loan officer and check credit scores all the time and its VERY rare to see an 800 + score. I dont even know if they really exist....

800+ do exist, although I have never personally had all three "True FICO's, not FAKO's" report all in the 800's at the same time just yet (I'm trying for that now). There always seems to be one CRA that is more pessimistic than the other two. (Or just plain wrong)
 
This thread is connected to the other one about trying to help a family member boost their credit score. If adding a family member to a few of my long-standing accounts as a AU helps them, I'm all for it. I have absolutely no problem adding a child as a AU if it helps them establish credit (read better rates) ... so long as they show enough responsibility to deserve it. I'd rather have them concentrate on studies then worrying about whether they can get next semester's student loans.
 
What it does to my score is irrelevant.

[MidnightVoice]

I have been looking at what FICO High Achievers do, so my guess at the requirements for a plus 800 score are:

Having had at least one credit card for >10 years

Having an average age of all credit cards of at least 5 years

Having utilization of <5%

Having opened no new accounts in the last year.

Having only 1 enquiry or less in the last year

And of course, a perfect payment record for at least 5 years, preferably 7.

Anyone like to comment?

[fused]

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MidnightVoice wrote:

I have been looking at what FICO High Achievers do, so my guess at the requirements for a plus 800 score are:

Having had at least one credit card for >10 years

Having an average age of all credit cards of at least 5 years

Having utilization of <5%

Having opened no new accounts in the last year.

Having only 1 enquiry or less in the last year

And of course, a perfect payment record for at least 5 years, preferably 7.

Anyone like to comment?

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I agree with your list.  I would like to add two add't TL's however.

Mortgage TL with perfect payment history 5+ years (guessing on # of years needed)

Auto loans satisfactorily paid, perhaps two of these

But hey, we never will really know!

[MidnightVoice]

Excellent point

So: - Revised list

 I have been looking at what FICO High Achievers do, so my guess at the requirements for a plus 800 score are:

Having had at least one credit card for >10 years

Having an average age of all credit cards of at least 5 years

Having utilization of <5%

Having opened no new accounts in the last year.

Having only 1 enquiry or less in the last year

Having preferably 2 installment loans of at least 5 years on the report

Having (probably)  a mortgage loan of several years

And of course, a perfect payment record for at least 5 years, preferably 7.

Anyone else like to comment?

Message Edited by MidnightVoice on 05-23-2007 01:54 PM

Message Edited by MidnightVoice on 05-23-2007 01:54 PM

[Anonymous]

Oldest revolving TL is 19 years old.

[Anonymous]

personal loan for $6000 Pay each month for 5 years

any good "tricks" to increase? I dont have one but open for suggestion