04-29-2010 08:39 AM
I got my report recently and noticed that the credit card I'm listed as an authorized user for my husband's account is on my report. It is listed as one of the revolving accounts. Score Power said the "best action" to improve my score was to pay down my cards over the next 24 months. I went ahead and called the company and had myself removed from the account as an authorized user hoping that it will raise my score. Will this take the balance of the card off my report and raise my score or will it still count against me as "revolving balance?" Thanks for any help.
04-29-2010 08:46 AM
Hi, welcome to the forums!
An AU account is good if:
-- It is older than your own AAoA (average age of accounts.)
-- It reports a $0 balance, or very low. It can be used during the month, as long as it's paid off before it updates to your reports.
-- It is absolutely squeaky clean: no lates, etc.
-- It actually does report to the AU's credit reports. (Not all do.)
What did the card look like (lates, balance vs CL, etc.) that you dropped?
If you haven't already, please read Understanding Your FICO ® Score and Credit Scoring 101 (at least the first post.)
These will give you the background knowledge you need to understand what you read here on the forums.
04-29-2010 08:52 AM
The card has a $1700 balance with a $2000 limit. 30 and 60 days late Jan and Feb 2010.
Will this help my score since I dropped it?
04-29-2010 08:55 AM
Oh, gosh, yes, I would think so!
85% util and two lates, one a 60, within the last several months --that's something that you definitely don't want on your reports.
You will probably have to wait until the next billing cycle for that particular card to see it leave your reports.
If it still reports after that, you might have to dispute with the CRA's as "not mine." But unless you really need to apply for credit right now, I would wait and see if it goes away on its own after a month. Disputing with the CRA's can blow up in unexpected ways, even when you're in the right.