I was looking at my Fico scores and I noticed that it said that AU accounts are not factored into scoring. So would I not benefit from adding an AU with good payment history and credit limit?
***Gardening 3/29/2018 until 9/25/2018***
@rmduhon wrote:
It is factored in your scores, just maybe not as much. It also depends on the Fico version. Mmi added my nephew as AU to a few of my cards to start him out building his credit. With those cards being the only thing on his reports his scores are in the 720 range.
Thanks for the response. I think this is the Fico 8 scoring model. When I look at the breakdown of how each category counts and it's percentage it tells me that AUs are not factored in the credit utilization, history or credit age. I'm confused because prior to me opening my own credit card account, I thought it mattered.
@newhis wrote:
@A1Credit wrote:Thanks for the response. I think this is the Fico 8 scoring model. When I look at the breakdown of how each category counts and it's percentage it tells me that AUs are not factored in the credit utilization, history or credit age. I'm confused because prior to me opening my own credit card account, I thought it mattered.
I started without score or history 3 years ago. I added my DW in a few cards.
When she was ready to apply to her first credit card, her EX FICO was 770 (FICO will not give you a score if you don't have at least 6 months history, at least reporting $0 on the accounts). So for my DW and her AU cards, they created history, age and utilization.
I was AU on 1 of DWs card, that didn't report until a year later, at that time it reported a BT balance and it was the only change on my reports and my score dropped 15 points.
You can also check my post to see how an AU with a small balance make my DW's score go up 16 points and if that card is at $0 her score go down those 16 points (FICO).
For the AUs to be efective it is better to add family members with same address. My guess is that you add someone with other last name and different address will not help as much.
We do have the same last name and since he is my dad, I have used his address on things before so I'm not sure that would be an issue.
Okay I think I can answer this...
months since last account was opened is 187
Average age of Accounts is 106
I have 2 revolving accounts opened, one being the AU and the other being my first card in my rebuild from Capital One with a SL of $3000. I will have 2 on my own when my Express card is added to my credit report. I just received it over the weekend when I was pre-approved during check out. I debated on accepting because I want to get cards that I will actually use but decided that I shop in that store enough for it to benefit me and accepted it. I was given a $500 limit. I declined a pre-approved Ulta card because I didn't think it would be beneficial although I do shop there. I'm holding out for a Discover card.
I have 5 closed accounts. 2 of them are paid charge-offs.
Do you need to know the total number of ALL my accounts?
@Anonymous wrote:Hello A1Credit! Can you tell us the age of your oldest account? (Open or closed.) And then also, the age of the credit card to whch you think you might be added as an AU? The thing you want is to find a card that is much MUCH older than your oldest account is. An exception would be a person with no accounts at all -- in that case even a two year old account would be a good deal just to help you get your first credit card (as Newhis explains).
Also useful to hear would be the total number of accounts that you have (open and closed).
I just got a new credit report today from MyFico and it is only counting my Capital One card as credit utilization and does not included the utilization from the AU. My current utilization is 22%.
@rmduhon wrote:
It is factored in your scores, just maybe not as much. It also depends on the Fico version. Mmi added my nephew as AU to a few of my cards to start him out building his credit. With those cards being the only thing on his reports his scores are in the 720 range.
Well wouldn't my report utilization be higher than 22% since I have have the AU which is almost maxed out and my Capital One card sitting at $643 out of $3000?