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Madlock

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Member since: July 2010

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How does being an authorized user affect credit score

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That's not true. As an authorized user, the available credit, amount owed, and debt to income all reflect on the user's credit report and score regardless of the account's standing.

There was a lot of drama a year or so ago when agencies were seeking to close a loophole created by people "buying" authorized user space on other people's accounts, but due to the large number of husbands and wives who share cards without ever considering the difference, bureaus reversed themselves and report accordingly.

- Jul 22, 2010
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How does being an authorized user affect credit score

Helpful to 5 out of 5 people

That's not true. As an authorized user, the available credit, amount owed, and debt to income all reflect on the user's credit report and score regardless of the account's standing.

There was a lot of drama a year or so ago when agencies were seeking to close a loophole created by people "buying" authorized user space on other people's accounts, but due to the large number of husbands and wives who share cards without ever considering the difference, bureaus reversed themselves and report accordingly.

- Jul 22, 2010
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Response by Madlock

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how can i improve my credit score in 2months

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Unless you can eliminate negative information from your credit history or pay-down accounts with excessive debt-to-credit ratios, you can do very little that will have any kind of dramatic positive impact upon your score over a two month period. Strong credit scores reflect creditworthiness built over time.

On the other hand, you can do a great many things to send your credit score spiraling downward in the blink of an eye. It can take no more than a single late payment or delinquency to have a negative effect that can take months or years to overcome.

While building top credit requires both the judicious use of credit and avoiding its irresponsible use, maintaining a high credit score is generally MUCH more about avoiding negatives than chasing positives.

- Jul 13, 2010
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how can i raise my crdit score 100 points in 6 months

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Death is about the only student loan "forgiveness" that exists - and then ONLY after it claims whatever it can from your estate.  You borrowed it.  You owe it.

- Mar 04, 2013
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Trends by Age

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Of COURSE he could have - others could have made him an authorized user of long-established accounts which would immediately give him positive tradelines AND a high AAoA.

I never cease to be amazed by people who simply state conclusions they've decided upon with absolutely NO basis for deciding upon them.

- Mar 25, 2012
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Comment by Madlock

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will selling my car and paying off my auto loan help my score?

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It may not be a "negative" in terms of credit score, but it can most certainly affect one's debt to income ratio and ability to borrow further.

- Jul 08, 2010
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how can i get my credit built up fast

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The impetus behind the urge for "quick fixes" tends to be the same kind of compulsion that results in so many credit woes. Building credit is precisely that, "building"; and there are no Pre-fab solutions on the market.

People who've developed strong credit profiles over time have earned the consideration of lenders and creditors. Otherwise, what you're describing is really little more than trying to concoct a way to trick lenders into lending money to you when there wouldn't otherwise have been a reasonable basis to justify their trust.

- Jul 09, 2010
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Response by Madlock

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how can i raise my crdit score 100 points in 6 months

Your score doesn't ALWAYS go up when you pay off a car loan.  It depends on how much was owed proir to the pay-off, your AAoA (average age of accounts) and how long the loan was in effect.

Thinking I was doing myself a favor, I actually bombed my score by 20 points by paying-off a car loan that otherwise would've been just fine had I kept making payments provided the monthly amount doesn't consume an undue amount of your income.

It's ESPECIALLY frustrating when you financed ONLY to build credit rather than needing to borrow.

- Mar 04, 2013
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Response by Madlock

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how can i raise my crdit score 100 points in 6 months

Know your audience

First of all, know what score your target audience is going to be using and gear your actions toward influencing THAT particular model.

The CreditKarma/TransUnion Vantage score has been notoriously irrelevant for my own credit, jumping all over the place arbitrarily, even when no relevant credit activity has occurred.  Mine just lept from 688 to 721 when, knowing my credit is MUCH stronger, I applied for a mortgage and was told by BOTH lenders my score across the 3 bureaus ranged from a LOW of 808 to a HIGH of 825.

Credit Karma and TransUnion's propreitary consumer scoring MAY be helpful to alerting you when something generally positive or negative may have happened, but I'd put ascribe almost NO significance to the "score" they depict relative to ones actual lenders use.

- Mar 04, 2013
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Response by Madlock

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with ck score of 692 do you think i can get a loan for 7.000.personal unsecured installment loan

Not that I don't appreciate the value of CK in principle or the general advice or discussion forum it provides to exchange information, but I've found its credit score modeling - and particularly its summary analysis to vary wildly from the real world.

For example, CK describes my credit rating and detailed data to be "fair" and places me at about the 52nd percentile, despite each of the other bureau-provided 3-in-1 scores each depicting each of my credit histories and scores to be in the "Excellent" range and having no delinquencies within the past 7 years.

- Aug 18, 2010
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Can making a final car payment lower my score?

Well, paying-off the loan most certainly did lower my TU score - by 4 pts accoding to FICO. My FAKO score dropped by 7. My oldest tradeline is 21 years and my average is 7 years.

- Jul 30, 2010
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Response by Madlock

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