For the oldtimers here (who are knowledgable on this subject), I thank you for opening my thread. My question is: I have a FICO score with TU of 683 according to myfico.com (it was about the same at PrivacyGuard. I have at PrivacyGuard with Experian a 751. I have a blank Equifax Creditfile (they deleted ALL my items) and Experian I can't get a score at myfico.com (it said I don't have enough on report to warrant a score??). Will it help if my Dad puts me down as an authorized user on 2 of his several credit cards. Their really long history cards, excellent payment history...he has 850 scores all around. Will being an authorized user only help alittle or will it help me big on my fico scores (on my credit files). Should I be an authorized user on 2 or as many as I want of his cards, maybe I should only have 2, cause the more you have it looks bad right? He's willing to make me an authorized user on whatever I want (of course I wouldn't even use them, it's just to help my credit files, get credit established without being turned down and getting hard inquiry turndowns on my file). He's a great father.
Being an authorized user on a good account with little or no balance will help. I would say as many as you want. Your credit report is empty and needs something positive to fill the space. You can always get them removed as you start to establish your own credit.
Agreed with darkdoj - it will definitely help. However, if you screw something up, it will reflect on your Dad's score too ...
Thank you so much, darkdoj & Vghost. This forum is very informative/helpful because of nice people like you. Much appreciated. I won't be using my Dad's cards, they will be mailed to him and immediately cut-up by him. I just need some type of "revolving" credit on my reports. I guess I should contact Equifax and Experian after 30 days and ask to have them added to my reports, or maybe the "revolving" accounts will "automatically" show up on my reports 45 days or so?? FYI,I got turned down by TARGET! The mailed letter stated I had "inactive and insufficient history" on Experian and Equifax. I've got an official fico score at TransUnion of 683! myfico.com couldn't score me on Equifax & Experian due to not enough history to even score..
What a nice dad you have. I think your dad making you an AU on two cards will really help you out a lot. Should report on your credit reports within a month, but may take a few months. Have your dad add you to cards that have the best payment history, lowest balances, and oldest account....once reported, you should get a nice boost in scores if they are "clean" cards....i.e. no lates and not maxed out.
Thank you, Cinderalla. Yep, I have one of the nicest and kindest fathers out there, would give anyone the shirt off his back, he's that kind. I'm lucky. He's never been late on anything, he has A1 credit. He told me he has several credit cards, 5 of them he hasn't used but they have $18,000 credit limits. I take it from what you guys have told me, that I should be put on two that he has used instead of the other ones that he hasn't used, but they all have high credit limits. Two he has used in the past of the several cards, he's used for large purchases (i.e. washer & dryer etc., tires) and immediately pays off. I should use those two that have some payment history on them, then. They're old cards, he's had them for years. I'll just tell him to put me on two of them then. Thanks for your advice.
Just to echo what someone else said above....you may need to write CRAs to request adding the info (the AU accounts) to your file. I am an AU on an account and it was automatically picked-up by only 1 of the big 3 CRAs. I haven't written a letter yet to request the other two that they add the tradeline, but I need to do so since the AU account was added close to a year ago.
