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New Visitor
Posts: 2
Registered: ‎12-04-2012
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Confused About Closing Authorized User Credit Card Accounts...PLEASE HELP!!!

Hello Everyone, 

 

I am an older student who went back to school with some credit card debt.  I had to take private student loans which require I pay the interest (based on LIBOR) monthly.  So, I have to keep a 680 credit score to maintain the loan.   I had excellent credit (upper 780, 800, 810) before school, but the student loans seem to be dropping my score.  Last November my score dropped to 650 because the student loan company stated I paid the account too early.  It took 4 months, but they removed the late pay from my account.  But my score only moved to 680.    My students financial aid counselor suggested that I piggyback on my friends or family credit cards to improve the score when it dropped.

 

My score was 698 on 6/2012, but when I checked it today it plummeted to 669.  So I am wondering how to get this to improve?  I have 4 negatives listed:

1.High credit usage --> I don't use them, but without a job I can't pay them down.  The people I piggyback on do.  

2.New account too recent--> Student loan 7/2012

3. Accounts with balances-->23 (17 installments from student loans, 6 revolving).  

4.  Credit card balances-->  14 accounts 6 with balances.  4 are piggybacks.  2 of the piggybacks are almost maxed out.  

 

Any suggestions on improving the score.  I was thinking I can close the piggybacks that have the high balances.  I need it up fast to apply for a student loan in January.

You guys seem to know your stuff, so it looks like I need a Christmas miracle.

 

THANKS!

 

 

 

Length of Credit History: 17 Years, 5 Months 
Average Account Age: 6 Years, 1 Months

Valued Contributor
Posts: 1,914
Registered: ‎11-17-2012
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Re: Confused About Closing Authorized User Credit Card Accounts...PLEASE HELP!!!


HealthyNut wrote:

Hello Everyone, 

 

I am an older student who went back to school with some credit card debt.  I had to take private student loans which require I pay the interest (based on LIBOR) monthly.  So, I have to keep a 680 credit score to maintain the loan.   I had excellent credit (upper 780, 800, 810) before school, but the student loans seem to be dropping my score.  Last November my score dropped to 650 because the student loan company stated I paid the account too early.  It took 4 months, but they removed the late pay from my account.  But my score only moved to 680.    My students financial aid counselor suggested that I piggyback on my friends or family credit cards to improve the score when it dropped.

 

My score was 698 on 6/2012, but when I checked it today it plummeted to 669.  So I am wondering how to get this to improve?  I have 4 negatives listed:

1.High credit usage --> I don't use them, but without a job I can't pay them down.  The people I piggyback on do.  

2.New account too recent--> Student loan 7/2012

3. Accounts with balances-->23 (17 installments from student loans, 6 revolving).  

4.  Credit card balances-->  14 accounts 6 with balances.  4 are piggybacks.  2 of the piggybacks are almost maxed out.  

 

Any suggestions on improving the score.  I was thinking I can close the piggybacks that have the high balances.  I need it up fast to apply for a student loan in January.

You guys seem to know your stuff, so it looks like I need a Christmas miracle.

 

THANKS!

 

 

 

Length of Credit History: 17 Years, 5 Months 
Average Account Age: 6 Years, 1 Months


DEFINITELY get away from the piggyback's with very high debt to credit ratio!! Ideally, you should be piggybacking on people with no more than 30% utilization :smileytongue: (though under 10% is a LOT better!). Instead, become an authorized user on a family member or friend who maintains excellent credit and great utilization. that will benefit you the most!

 

Second off, I understand you don't work, but maybe go for a simple part time job to help you with your own CC balances? or ask for money for Christmas? :smileytongue: paying down as much as you can to lower your utilization will help your credit :smileyhappy:

 

Also make sure all the payments are on time for everything!! But for a quick fix, the above solutions should help raise your score!

 

All the best! Good luck!

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Posts: 2
Registered: ‎12-04-2012
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Re: Confused About Closing Authorized User Credit Card Accounts...PLEASE HELP!!!

Thanks.  I would love to pay them down but I am in medical school and the student loans barely cover tuition.  I will try to come up with a way to generate some extra money.

Valued Contributor
Posts: 1,914
Registered: ‎11-17-2012
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Re: Confused About Closing Authorized User Credit Card Accounts...PLEASE HELP!!!


HealthyNut wrote:

Thanks.  I would love to pay them down but I am in medical school and the student loans barely cover tuition.  I will try to come up with a way to generate some extra money.


Totally feel for ya. :smileysad: I'm just an undergraduate right now and it's amazing how much i'm paying for an in-state public school o.O can only imagine the horror of med school term bills...then again housing does jack up the price nearly twofold. try looking into internships or research assistant positions that pay! I have a research assistant position coming up in Spring that I can get college credit for, and if I wish to continue it in the summer the department can get funding to issue me paychecks! or just a part time retail/food position works too. I work every so often back at the JCP near my hometown that I've been at since I was 16!

Capital One Quicksilver World Mastercard $20k | JCPenney Gold $10k | Shell Drive for Five $800 | Chase Freedom Visa Signature $9.8k | TD Bank Easy Rewards Visa Signature $5k | Chase Sapphire Visa Signature $10k | American Express Blue Sky $13.7k | Discover IT $14.5k | SavingStar American Express $14.8k | American Express BCE $11.3k

FICOS: EX 756 EQ 735 TU 747 VantageScore 3.0: EX 741 EQ 748 TU 747 Credit Sesame (EX) 753 Credit.com (EX) 780 CapOne (TU) 787 Quizzle (EQ) 749
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