Will listing joint accouts that aren't being reported help my wife's score?

[Anonymous]

Hi, Im new so here's our story. Trying to redo our mortgage for a better interest rate before rates increase,We currently owe 12 years on a 15 year motrgage , never been late, payments about $1300 per month 6 1/4% interest. Three years ago the only loan we could get was from our local bank, 15 year mortgage is all they'll go.Our credit has improved and we'd like to try to shop and get a 30 year for hopefully a better intersest rate. We have equity and a good income for our debt.

To be able to shop and get our best rate possible, I know our fico score is key.

My wife's transunion score is 734 and all she has listed on her report is 1 open credit card 0 balance, a couple closed credit cards, and her student loans.Her average age of acounts is 13 years. None of our joint accounts from our local bank are reported. If Icall my bank and asked them to list these(they are listed on my report) do you think it would help her score.

The accounts are,

1. our first mortgage we took on our house, $93000 opened 2/05

2. our second mortgage,heloc $30,000 opened 2/06

Both of these were paid off in 5/07

3. our current mortgage $125,000 of $145,000 still owed

4. a open car loan $13000 taken out in11/07

These are all joint accounts that aren't listed on her credit report but they are on mine. There are no late payments on these 4 accounts. If I get my bank yo list them will it help or hurt her score and why? thank you for any help offered

[llecs]

I think her score would drop. If she has a 13 year AAoA, then adding 4 TLs that are only 3-5 years old would lower that AAoA and could easily drop her FICO scores.

The other thing to note is her mix of credit. Items like CCs play a big part in mix per FICO scoring, but to a lesser extent installment TLs. Closed OC accounts with a $0 balance don't play into FICO scoring per the mix. So, the only items that would have an impact would be the car loan and current mortgage. However, if she has other open installment accounts reporting, then she wouldn't see a change. If she has no open installment accounts, then there could be a slight score different either up or down. I paid off my last installment TL last year. I pulled my two FICO scores the day before it reported and the day after. My EQ score increased 7 points and TU dropped 5. In other words, any point gain, at best, would be washed out by the change in her AAoA. On that alone, I wouldn't do it.

Finally, the last reason to get a TL added would be for the utilization. However, installment util plays a teeny tiny part in scoring that it isn't worth messing with. In my example above, I paid my car loan from 25% to 0% and it still dropped TU.

[RobertEG]

If your bank is not reporting them to a CRA, it is probably because they dont have a reporting contract with a CRA,  It costs them money to do this.

You would be asking them to open a reporting contract with the CRA simply for your benefit.  I dont think that is lilely.

[Anonymous]

Thank you for your help so far. The banke is reporting the loan to transunion and experian but only on my credit report. They aren't reporting anything on my wife's report.