Here is goes...I was an authorized user on my mother BofA World Perks Visa. I never used the card, but at the time I needed to be an authorized user on the account to help with my credit that was struggling due to my foolishness in college. About 2 years ago when the "Great Recession" began my month was staying afloat on her card until she couldn't anymore and ultimately had to let it default, and it was charged off by BofA. Where I stand now is that because I was an authorized user on the account, that charge off affected my credit score. I want to know what should I do or can I do to help myself in this situation? Right now my Credit is in the fair range of 635-650. I'm sure that if I didn't have that CO on my credit it would be much higher. PLEASE HELP!!
Starting Score: 620 FAKO Current Score: FICO TU 715 (wal-mart) FICO EQ 692 Goal Score: 700
If you were genuinely an authorized user on the card, as opposed to a joint user, you have no responsibility for the debt on the card. Check your credit reports to confirm that it shows as authorized rather than joint.
If it reports as authorized, dispute with the credit bureaus as "not mine," and the account will be removed, negatives, length of history, and all.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit? FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007