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Credit Card showing on report??

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Anonymous
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Credit Card showing on report??

We are in the process of refinancing (hopefully) our home.  I am a stay at home mom so I have no income and was told that they aren't interested in my credit report only my husband's.  I have a credit card that my husband is an authorized user on therefore it shows on both of our credit reports.  We have never been late with this card and there is nothing derogatory on either of our reports.  My question is....if I call the credit card company and have them remove him as an authorized user will all the information still appear on his credit report?   We pay this card each month without problems but do carry a balance.  This would improve our debt/credit ratio where my husband's report is concern? 

 

 

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IOBA
Senior Contributor

Re: Credit Card showing on report??

Based on what you have shared with us, I would leave it alone.   Do not take him off as an authorized user.   Removing him would delete the history of the card from his file and affect his FICO score.


Can you pay it off before you refi?  It would help with debt to income ratio.   OR can you have it paid off with the refi?  That would also help with debt to income ratio.

Message 2 of 4
Anonymous
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Re: Credit Card showing on report??

Thanks for the advice. 

 

We have money set aside for the LO to tell us where would be the best place to put it...so possibly paying the credit card down.  Right now its his reports that matter and his score is in the mid-700's so that is good.  I don't want to do anything to jeapordize the score that is why I was hesitant to remove him.  We have had the card to close to 8 years with very good history (just a balance that is close to the limit).

 

 

Message 3 of 4
Anonymous
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Re: Credit Card showing on report??

I recommend sharpening the pencil and doing some math on this.

 

If you remove DH as an AU on the card,

how will it affect his AAofA?  (Calculate what it would be with and without the card)

how will it affect his length of credit history (Again check what it would be with and without the card)

how will it affect his overall utilization? (")

what will his individual utilization on each card look like? (")

how will it affect number of accounts reporting a balance? (")

 

Once you've figured out the numbers for each of the questions above, it will be easier to decide if it would be a wise move or not.  If it's a high utilization card, and removing him as an AU wouldn't negatively hurt length of credit history, or AAofA, and it gives him one less card with a balance, it may be worth it.  Utilization has a significant impact on score. 

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