I heard that having a savings account can help benefit your credit is this true? I also have someone that has added me as a AU how long will it take to show up on my reports? and will it bring my score down?
Savings accounts play no role in determining your credit score, and as long as the person that added you as an AU has good credit history, it should help to increase your score in the coming months.
Whether or not savings accounts matter on your credit score, Dumb Bob did not know that what mattered was public knowledge, it is often the case that credit applications ask whether or not you have a savings account. It would seem like they ask that for some reason.
Fair Issac has information (available to the public) that describes the components of your FICO credit score. Income and assets are not components of your FICO score. The FICO score is based on historical data that has been proven over time to provide a reasonably accurate indication (in the aggregate) of likelihood to pay in the future. That said, many lenders will treat the FICO as only one component in the decision to grant a loan. Other factors like employment, assets, and other matters that, in their opinion, also provide some sense of ability to pay into the future are often considered as well. So, the point here is that the FICO is not the same as a credit application.
