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au on my moms citi card

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rsriverrat
Established Member

au on my moms citi card

hello everyone,

 

i am 38yo and am trying to buy the house i am currently renting. i have for the last 18 months been paying off my collection accounts, and have finally done so. i am a AU on my moms citi card,  this card has 11yrs of no lates, her CL is 11k with a balance of 4k +/-, i have a 250 dollar secured MC with a bal of about 40 dollars, i have had this card for 2 yrs and have had 2 30 day lates in that time period, the most recent was 6 months ago. those are my only 2 current open lines of credit.

 

currently my middle score is 540 but was just 614 2 months ago with 4 current collections which i paid off 30 days ago. with her high balance the way it is and mine so low would it be best if i were removed as an AU from her citi card?

 

i have other issues i am going to address tomorrow but this is my concern right now.

 

thanks for taking the time to reply

 

Ratt

Re-Starting the rebuilding process after a hard few years

Capitol One QS1 - $300 I Fingerhut - $700 I Victoria Secret - $550
Approved 4-6-16 DW's Capitol One QS1 - $300 (AU) I DW's Capitol One Platinum - $400 (AU) I DW's Credit One platinum rewards - $300 (AU)
Message 1 of 7
6 REPLIES 6
FocusOnFICO
Regular Contributor

Re: au on my moms citi card

Welcome to the forum, Ratt.

 

You should consider being removed.  The high utilization on her card will cause a significant point drop.  The downfall, though, is that you would only have your one $250 cl card.  If your mother will be paying her card down very soon, that would be best for you.

 

Other posters should be able to give you more information, too.


Starting Score: TU 766 EQ 788
Current Score: TU 788 EQ 811
Goal Score: TU 800 EQ 800


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Message 2 of 7
rsriverrat
Established Member

Re: au on my moms citi card

thanks for the welcome, as far as i know she wont beable to pay it down soon enuf, her bal was around 3k for the last few months however she just told me today that she had to have some repairs done on her van and her water heater took a crap over the weekend, so thats gonna be added also in the near future.

 

i have considered opening a badcock account (furniture store) for a few hundred dollars and paying it off over about a 6-12 month period.

 

thanks for the info

 

Ratt

Re-Starting the rebuilding process after a hard few years

Capitol One QS1 - $300 I Fingerhut - $700 I Victoria Secret - $550
Approved 4-6-16 DW's Capitol One QS1 - $300 (AU) I DW's Capitol One Platinum - $400 (AU) I DW's Credit One platinum rewards - $300 (AU)
Message 3 of 7
rsriverrat
Established Member

Re: au on my moms citi card

she put me on her account as an AU back in dec and it has reported on my file since then, its my understanding that even as a AU if she cant make the payments(not an issue) i would be responsible for repayment of that loan in my LO's eyes so i have to be careful with that, anyway the major issue and the reason for my post was her util is like 40% not the reccommended 7-9% as i have read here, my MC however even tho it is a much lower bal and age has the ability to have a util of 1%. i have no other unpaid debt on my CR, all collections are either paid in full or settled, 6 have been for over a yr, and 4 others were paid in the last 45days.

 

Ratt

Re-Starting the rebuilding process after a hard few years

Capitol One QS1 - $300 I Fingerhut - $700 I Victoria Secret - $550
Approved 4-6-16 DW's Capitol One QS1 - $300 (AU) I DW's Capitol One Platinum - $400 (AU) I DW's Credit One platinum rewards - $300 (AU)
Message 4 of 7
FocusOnFICO
Regular Contributor

Re: au on my moms citi card

I would clarify the AU responsibility issue.  Joint account owners are definitely responsible, but I would doubt AU's would be-----others posters to this thread can clarify.


Starting Score: TU 766 EQ 788
Current Score: TU 788 EQ 811
Goal Score: TU 800 EQ 800


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Message 5 of 7
rsriverrat
Established Member

Re: au on my moms citi card

hmm thats odd my last post was in response to someone else whose post apparently got removed.. anyway i spoke to my broker and he said her high util isnt so much an issue as the fact that my wife dropped the ball and got a late last month, that and she also put our MC over the limit, so 2 lates in 6 months, over the limit, and high util on moms card, dropped my score from 614 to 540 in a month... his advice, have mom pay her citi card down to less then 20% util, pay off our MC and do not use it anymore.. then he said after the oldest late falls off in feb (for mortgage purposes only, i can only have 1 late in 12m) then i should be well above the 620 i need for my loan, does this sound right?

 

Ratt

Re-Starting the rebuilding process after a hard few years

Capitol One QS1 - $300 I Fingerhut - $700 I Victoria Secret - $550
Approved 4-6-16 DW's Capitol One QS1 - $300 (AU) I DW's Capitol One Platinum - $400 (AU) I DW's Credit One platinum rewards - $300 (AU)
Message 6 of 7
FocusOnFICO
Regular Contributor

Re: au on my moms citi card

Unfortunate luck, but the advice seems to be sound.

Starting Score: TU 766 EQ 788
Current Score: TU 788 EQ 811
Goal Score: TU 800 EQ 800


Take the FICO Fitness Challenge
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