Will it help to add husband as an Auth User?

[JM761]

Hello,

We are trying to build my husband's credit file a bit. Thanks to many (at least 8) small student loans, mortgage and great payment history, credit is high (avg 826 Fico 8s).

I have a Care Credit Master card, open 15 months, CL 20k, paid as agreed. Always paid off, unless promo balance, leaving no more than 4% balance. Do we add my husband as an AU? 

I'm hoping to help thicken his file a bit. 

Unfortunately, he only has 2 credit cards (one is 14+ yrs old w CL 11k. The other is less than 1 year old, CL 9k) but other than the mortgage and student loans, no other payments, like a car loan. I've been told we need to build that up a bit because we plan to pay down the Student loans aggressively. As we pay them off, they will close and not as many accounts will report "paid as agreed", which will thin his file.

We would like to get approved for personal loan or heloc within the next few months but, in the meantime, can we add as an AU on a 15month pld account or will that mess things up?

Thanks in advance!

[JoeRockhead]

I'd have to disagree with whomever told you, you had to add additional installment loans to thicken his file. They (existing loans) count as part of the credit mix and adding more at this point in time will likely drop his score, not raise it. Even if they were paid in full, the positive accounts will still help his file for the next 10 years. 

He has excellent scores now, and I know several people with "only" 2 cards and near 850 scores so leaving things as is, is perfectly fine as the more things age, the better his file looks. Adding accounts, AU or not (unless the account is older than his oldest account at 14 years) will actually lower his AAoA. The old saying goes, if it ain't broke, don't fix it. If it were me I'd stand pat and continue what you're doing. He's in a great place already. Just my 2 cents.

[Thomas_Thumb]

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@JM761 wrote:

Hello,

We are trying to build my husband's credit file a bit. Thanks to many (at least 8) small student loans, mortgage and great payment history, credit is high (avg 826 Fico 8s).

I have a Care Credit Master card, open 15 months, CL 20k, paid as agreed. Always paid off, unless promo balance, leaving no more than 4% balance. Do we add my husband as an AU? 

I'm hoping to help thicken his file a bit. 

Unfortunately, he only has 2 credit cards (one is 14+ yrs old w CL 11k. The other is less than 1 year old, CL 9k) but other than the mortgage and student loans, no other payments, like a car loan. I've been told we need to build that up a bit because we plan to pay down the Student loans aggressively. As we pay them off, they will close and not as many accounts will report "paid as agreed", which will thin his file.

We would like to get approved for personal loan or heloc within the next few months but, in the meantime, can we add as an AU on a 15month pld account or will that mess things up?

Thanks in advance!

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No! Being added as an AU will not help his credit. If anything, he could consider getting a 3rd card on his own. Once a mortgage is open and active it pretty much trumps all other installment loans - unless one of the other loans shows a late.

One open loan with positive payment history does the trick. The student loans could all be paid off and closed without detriment.

[SouthJamaica]

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@JM761 wrote:

Hello,

We are trying to build my husband's credit file a bit. Thanks to many (at least 8) small student loans, mortgage and great payment history, credit is high (avg 826 Fico 8s).

I have a Care Credit Master card, open 15 months, CL 20k, paid as agreed. Always paid off, unless promo balance, leaving no more than 4% balance. Do we add my husband as an AU? 

I'm hoping to help thicken his file a bit. 

Unfortunately, he only has 2 credit cards (one is 14+ yrs old w CL 11k. The other is less than 1 year old, CL 9k) but other than the mortgage and student loans, no other payments, like a car loan. I've been told we need to build that up a bit because we plan to pay down the Student loans aggressively. As we pay them off, they will close and not as many accounts will report "paid as agreed", which will thin his file.

We would like to get approved for personal loan or heloc within the next few months but, in the meantime, can we add as an AU on a 15month pld account or will that mess things up?

Thanks in advance!

---

No, there's no reason to add things to "build" his file. His file is great the way it is, and will continue getting even greater.

"I've been told we need to build that up a bit because we plan to pay down the Student loans aggressively. As we pay them off, they will close and not as many accounts will report "paid as agreed", which will thin his file."

Whoever told you that doesn't know what they're talking about. The more he pays things down the better. The closed accounts will remain in his reports for many years to come.

Anything you do may well "mess things up", so don't.

[SouthJamaica]

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@Thomas_Thumb wrote:

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@JM761 wrote:

Hello,

We are trying to build my husband's credit file a bit. Thanks to many (at least 8) small student loans, mortgage and great payment history, credit is high (avg 826 Fico 8s).

I have a Care Credit Master card, open 15 months, CL 20k, paid as agreed. Always paid off, unless promo balance, leaving no more than 4% balance. Do we add my husband as an AU? 

I'm hoping to help thicken his file a bit. 

Unfortunately, he only has 2 credit cards (one is 14+ yrs old w CL 11k. The other is less than 1 year old, CL 9k) but other than the mortgage and student loans, no other payments, like a car loan. I've been told we need to build that up a bit because we plan to pay down the Student loans aggressively. As we pay them off, they will close and not as many accounts will report "paid as agreed", which will thin his file.

We would like to get approved for personal loan or heloc within the next few months but, in the meantime, can we add as an AU on a 15month pld account or will that mess things up?

Thanks in advance!

---

No! Being added as an AU will not help his credit. If anything, he could consider getting a 3rd card on his own. Once a mortgage is open and active it pretty much trumps all other installment loans - unless one of the other loans shows a late.

One open loan with positive payment history does the trick. The student loans could all be paid off and closed without detriment.

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... but he should not consider getting a 3rd card until after the upcoming HELOC or loan closes.