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Authorized user question


jwakame
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The last post in this topic was posted 3819 days ago. 

 

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My wife and I are preparing to apply for a mortgage loan in 7-10 months and I have a question regarding being a authorized user for a few of her credit cards.

 

My current scores range from 570-593. I don't have any open revolving or installments credit. Most all of my baddies are medical except for a couple of utility ones. I have a few installment accounts that are closed and all completed as paid never late.

 

My first step is getting a secure BOA or Cap One card today but was also curious if I should try to be added as a authorized to my wife's revolving accounts(Kohls-$500 limit, Cap 1 Platinum-$750 limit, Care Credit/GE $2000.00 limit) all of which are at least 80% utilized but we are planning to aggressive pay those off in the next 3-4 months.

 

In addition should we open the secured cards jointly?

 

Any advice to see if this is even possible and how doing will effect my scores would be greatly appreciated.

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Don't bother opening the secured card jointly. 7 to 10 months is a short window to resolve all this. You will definitely need your own revolving lines when it comes time to apply for the mortgage, if you become an AU on her's to try to get more credit up front, it may not work as expected because of the high utilization.

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I would also recommend doing a mortgage application before you actually need or want a mortgage. A mortgage app often awakes dormant collection activity, and there may be stuff out there that isn't currently reporting (or isn't even yours, for that matter).

 

You don't want that stuff popping up on your reports when you really need to close the deal on a house.

Edited by cv91915
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We plan on having all the utilization down below 10% in the next few months.

 

@robert217- I'm not at all familiar with Whychats method for the medial. If you could elaborate or point me in the right direction that would be great. I have also heard that medical will not effect your mortgage acceptance or rate but I find that hard to believe. I'm sure they effect your score regardless but of course I don't know.

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