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Established Member
Posts: 63
Registered: ‎01-04-2014
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Authorized user effect

New member here, quick question:.. I am authorized users on some of my dads credit cards, he has quite a few cards with balances one 100k limit with a 88k balance, I just pulled my scores ranging from 650 to 699 I am 17 turning 18 when I am 18 I want to get my own credit card maybe from AMEX or somewhere will this high Utl hurt me?? Any suggestions?
Moderator
Posts: 27,207
Registered: ‎09-13-2012
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Re: Authorized user effect

Welcome to the forum.  Short answer, yes.  Util  will drag your score down plus those high balances/pytsv will be factored into your ability to repay even if your Dad pays the bills.

 

Creditors will not be able to determine by looking at your CR's who's paying what and although you are not responsible it still will impact your overall credit profile. 

Established Member
Posts: 63
Registered: ‎01-04-2014
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Re: Authorized user effect

Ok if I remove myself as an authorized user will it completely remove my my CR
Moderator
Posts: 27,207
Registered: ‎09-13-2012
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Re: Authorized user effect


Interestedincredit wrote:
Ok if I remove myself as an authorized user will it completely remove my my CR

No, you would have to dispute the TL as not yours.  

Does your father always carry a balance that high?

Established Member
Posts: 63
Registered: ‎01-04-2014
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Re: Authorized user effect

Not typically, just this year he's "building" a vacation home off his Cc then taking a home equity out when it's built... So if I dispute that will it remove? Even thou I'm an authorized user does that high balance still play a part in me getting my Own credit
Moderator
Posts: 27,207
Registered: ‎09-13-2012
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Re: Authorized user effect


Interestedincredit wrote:
Not typically, just this year he's "building" a vacation home off his Cc then taking a home equity out when it's built... So if I dispute that will it remove? Even thou I'm an authorized user does that high balance still play a part in me getting my Own credit

Since your a Dad will be paying it off in a year and you aren't apping until then- why not leave it?

Again, the high balance will impact your credit score and will make it difficult for you esp if the pyt for an $88,000 bal exceeds your dti 

Established Member
Posts: 63
Registered: ‎01-04-2014
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Re: Authorized user effect

I will be turning 18 in a month? Think I should just wait until it's paid or remove myself)
Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
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Re: Authorized user effect

You could remove yourself from cards that have a high balance, and keep those that has little to no balance.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Established Member
Posts: 63
Registered: ‎01-04-2014
0

Re: Authorized user effect

Ok that's is what I think I'll do then. Just call the back of the card, I believe it is JP Morgan Chase
Moderator
Posts: 27,207
Registered: ‎09-13-2012
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Re: Authorized user effect

[ Edited ]

Interestedincredit wrote:
Ok that's is what I think I'll do then. Just call the back of the card, I believe it is JP Morgan Chase

You will need to contact the CRAs to have it removed from your reports too 

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