Authorized user question

[duckster]

I am new to this forum and can say I have learned a ton while lurking for the past couple of weeks.  

Quick question regarding an account I am authorized on.  I am an authorized user on a CC but the account was closed by grantor due to being over the credit limit about 4 years ago.  Payment history is perfect since the card was opened, but it is closed and the balance is about 50% of original limit.  I really don't have any other credit to speak of other than a student loan.  No revolving or installment debt, only a few negative items that will be falling off withing the next year.   Should I get off the account as an authorized user or will they even let us since the account is closed?  

[Revelate]

Welcome to the forums!

Heck if it has perfect payments and you have a FICO score, go see if you can open 2-3 accounts with it and get your own tradelines... and then go and delete it as the 50% utilization is non-trivial.

Otherwise you can get it nuked, but since you have a few negatives you're not in a no-file status, so if the tradeline is reporting positively, on the whole it is probably helping you.

My thoughts anyway.

[duckster]

Thanks for the info.  My current scores are EQ626, TU 615, EXP 611.  I just paid off about 10 medical collection on a pay for delete, so I kind of want to wait a couple of months before applying to anything.  It has been so long since I have used my credit I am nervous to even try.  

[Revelate]

---

@blamere wrote:

Thanks for the info.  My current scores are EQ626, TU 615, EXP 611.  I just paid off about 10 medical collection on a pay for delete, so I kind of want to wait a couple of months before applying to anything.  It has been so long since I have used my credit I am nervous to even try.  

---

Big question is how old are the medical collections anyway?   Big congrats on getting them airstruck.

Personally I wouldn't want to leave a few months of payment history on the ground in your situation: you're just setting back your recovery by that long in the time domain by not establishing positive history now.

If you're really worried about it, go the secured route and then re-evaluate at the six month and year marks... but right now you're stalling yourself .

[duckster]

Medical collections are 3 -4 years old.  Just decided to try the PFD method and it worked, well at least the letter they sent me said they would do it.  They are all paid off either eay.  Thanks again for your advice.  

[duckster]

Ok, I took a chance on a Walmart card and was accepted.  The balance is $150 which is really low, but its a start.  I imagine once these medical collections are deleted/reported, things should go better.  Thanks again for your help.

[RobertEG]

If the current usefulness of an AU is at all qustionablle, and if you are planning to app for any new credit where they are likely to do a manual review, I would suggest deleting it.

Whenever you have the credit history or the account of another reported to your CR and included in your scoring, it eliminates the ability of a creditor, should they desire to do so, to see your own score based only upon your own history.  They have no way to "back out" single accounts and generate their own FICO score.

AUs are beneficial when appng for credit with low CLs or principal amounts, where the creditor may rely primarily or soley upon your score, but as the amount of credit being sought rises, they are more apt to do a manual review.  Upon seeing that your score is not an assessment of your personal repayment risk, it may negate the weight given to your score in their determination.  Great for budiling or rebuidling, but not always beneficial as you progress with your credit.