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Valued Contributor
Gunnar419
Posts: 1,158
Registered: ‎01-23-2013
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Re: Did my father hurt my credit score?


dndandrea wrote:

 

So let me see if I understand this. This is not affecting my overall credit score? This is actually increasing it every time he pays the bill? It's only bad if i'm trying to apply for a CLI or a new line of credit? That doesn't really make sense. My idea is that every time he pays the bill my credit score goes down. Now it's going up a bit because I just paid my first 2 bills from my credit cards, but it would have went up higher if i didn't have the sam's club right?


 

It IS affecting your score, but only in the short term. High utilization doesn't put any sort of long term black mark on your record. If your father has late payments or defaults on the card, that's a different matter and could hurt you as long as you are an AU. You're right that the age of the card is helping you, and now the record you're establishing with the new cards, and the decreased overall utilization that you're gaining from the new cards is counteracting what your father's doing with the Sam's card.

Contributor
solxp
Posts: 93
Registered: ‎12-16-2012
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Re: Did my father hurt my credit score?


dndandrea wrote:

dodfire wrote:

1. You could ask your father to request a CLI on the sams card and that will help with the UTL.

2. You said that you have two cards $1000 / $300 and then your fathers card of $500

     That is $1800 and if he carries a balance on the card of $400 that puts YOU at 22% UTL not 75%.

For the best possible scoring it is suggested to be at 1-9%, again this is if you are going to apply for a CLI or a new line of credit.

 

 

 


Thanks i'll see if he can get a CLI, but I doubt he can. It used to have a higher limit but he has a bad credit score, in deep debt, and he charges all his credit cards just like this sam's club card. If all his utilization is 75%+, i doubt they'll give him a CLI. 

 

So let me see if I understand this. This is not affecting my overall credit score? This is actually increasing it every time he pays the bill? It's only bad if i'm trying to apply for a CLI or a new line of credit? That doesn't really make sense. My idea is that every time he pays the bill my credit score goes down. Now it's going up a bit because I just paid my first 2 bills from my credit cards, but it would have went up higher if i didn't have the sam's club right?


The card your a AU on will affect your score. The age of it is Helping your two new cards and giving you probably a 7-8% or more  increase in your score. High Total utilization hurts alot more then just high utilization on a single card. Now that you have two new cards your over all utilization will go down so its not hurting you that much. If  you take the Sam's club card off your account right now you will probably see a huge drop in your score. 

Valued Contributor
lg8302ch
Posts: 2,680
Registered: ‎11-13-2012
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Re: Did my father hurt my credit score?

since your father pif the card every month, do you think he can pay down before statement cuts? let only report like 45$? not sure if this would help if his other cards are nearly maxed out but worth a try to see hoe it would impact your scores. I have never had an AU on my accounts nor been added as one so I do not really know what gets trasferred. only from that card or full account history?
FICO® EQ 784 (as of today) - TU 771 (07/25) * Fako EX 789 (09/02 - CS) * last app 06/01/14 * INQ last 2 yrs TU: 5, EX: 7, EQ: 7


Move the mouse over the cards for detailed view!..................................................................* Silver Spade Garden Club member *

Contributor
solxp
Posts: 93
Registered: ‎12-16-2012
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Re: Did my father hurt my credit score?


lg8302ch wrote:
since your father pif the card every month, do you think he can pay down before statement cuts? let only report like 45$? not sure if this would help if his other cards are nearly maxed out but worth a try to see hoe it would impact your scores. I have never had an AU on my accounts nor been added as one so I do not really know what gets trasferred. only from that card or full account history?

It doesnt matter what his other cards are as far as the OP goes only the card there a AU on will show up on thier account. Father could be late 180 on everysingle card he owns except the Sam Club and it will not affect the OP. If he goes late on the Sam's club it will affect the OP until they remove them as a AU and then it will be as if the card never existed on the OP's report. 

Established Member
dndandrea
Posts: 37
Registered: ‎03-01-2013
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Re: Did my father hurt my credit score?

[ Edited ]
Thanks for all the responses. So will I definitely see a significant decrease in my credit score if I ask to be removed as an AU? I could ask him to try and make payments earlier so the statement cut is 10% but I have a good feeling he'll say he doesn't want to worry about that. I asked him to ask for a CLI but he said he doesn't want to do that either, though we might give it a try.

If I just keep this letting this happen will the postive effect of paying in full every month beat the negative effect of high utilization. Yes my overall is only 22%, but that's still high and it show one of my cards (sams) as 75%+ on my credit report.

Edit: Also, I see a lot of people saying it is only temporarily affecting my credit score. However, does this every month and he plans on using it for another 30 years.
Contributor
solxp
Posts: 93
Registered: ‎12-16-2012
0

Re: Did my father hurt my credit score?


dndandrea wrote:
Thanks for all the responses. So will I definitely see a significant decrease in my credit score if I ask to be removed as an AU? I could ask him to try and make payments earlier so the statement cut is 10% but I have a good feeling he'll say he doesn't want to worry about that. I asked him to ask for a CLI but he said he doesn't want to do that either, though we might give it a try.

If I just keep this letting this happen will the postive effect of paying in full every month beat the negative effect of high utilization. Yes my overall is only 22%, but that's still high and it show one of my cards (sams) as 75%+ on my credit report.

Edit: Also, I see a lot of people saying it is only temporarily affecting my credit score. However, does this every month and he plans on using it for another 30 years.

If you get turned down for new credit because of this it is a easy thing to explain on recon until that happens I would stop worrying about all this. Your score only matters when your applying for new credit or up for a auto CLI no CC issuerer is going to AA you if you continue to make your payments on time and use your accounts with them properly. The fact is there is nothing wrong at all with what your dad is doing with the sam's club card. Its actually how credit is desigined to work and your Dad is using it exactly how half the population does. It just that its not the super duper secret double whammy triple dog dare way to get the highest possible credit score which some people tend to allow to run/ruin thier lives over.  If you are able to get credit when you want it and at terms you want does it  really matter if your score is 760 or 830.

Valued Contributor
dodfire
Posts: 1,453
Registered: ‎04-14-2012
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Re: Did my father hurt my credit score?


dndandrea wrote:
Thanks for all the responses. So will I definitely see a significant decrease in my credit score if I ask to be removed as an AU? I could ask him to try and make payments earlier so the statement cut is 10% but I have a good feeling he'll say he doesn't want to worry about that. I asked him to ask for a CLI but he said he doesn't want to do that either, though we might give it a try.

If I just keep this letting this happen will the postive effect of paying in full every month beat the negative effect of high utilization. Yes my overall is only 22%, but that's still high and it show one of my cards (sams) as 75%+ on my credit report.

Edit: Also, I see a lot of people saying it is only temporarily affecting my credit score. However, does this every month and he plans on using it for another 30 years.

Everyone here has given you the facts and very solid advice.

If the fact of him using the high UTL on the card is really bothering you so much then you should ask him to remove you from the account as an AU. 

It will go away and you will not have to worry about it. 

 

 

*8/10/13
Established Member
dndandrea
Posts: 37
Registered: ‎03-01-2013
0

Re: Did my father hurt my credit score?

Well if this is going on every month for 30 years, how will I ever get a CLI or new credit? I have 2 credit cards with low limits that I plan to have increased in a year. Plus I am going to be applying for school loans soon. I will probably need good credit when I go to get an apartment as well. These are all things upcoming this year and next year.
Valued Contributor
lg8302ch
Posts: 2,680
Registered: ‎11-13-2012
0

Re: Did my father hurt my credit score?

I think your dad could improve his scores quite a bit if he would be changing his payment date. Instead of paying after statement cut just before and boom...his scores could get better. he pays in full so why not take the benefit of improved scores for himself? this would be just a bit hard the first time but if he keeps doing it like this he would not get punished for util and it would make it easier to ask for CLI. it took me 20yrs to find out that I did get punished for util! :smileysad: Got my scores up by simply paying before statement cut on all but 1 card. nothing else. pif every month but kept using the cards so the balance/util was pretty much the same every month so were my scores..punishment for util for nothing as I pif too. have him try it out maybe? my util was way lower but still got quite an impact to pay before or after statement cut date :smileyhappy:
FICO® EQ 784 (as of today) - TU 771 (07/25) * Fako EX 789 (09/02 - CS) * last app 06/01/14 * INQ last 2 yrs TU: 5, EX: 7, EQ: 7


Move the mouse over the cards for detailed view!..................................................................* Silver Spade Garden Club member *

Valued Contributor
dodfire
Posts: 1,453
Registered: ‎04-14-2012
0

Re: Did my father hurt my credit score?


dndandrea wrote:
Well if this is going on every month for 30 years, how will I ever get a CLI or new credit? I have 2 credit cards with low limits that I plan to have increased in a year. Plus I am going to be applying for school loans soon. I will probably need good credit when I go to get an apartment as well. These are all things upcoming this year and next year.

The answers to your questions here have already been addressed. You can easily explain the usage. And over time as your credit grows...the higher limits or more cards you get..the more the UTL is going to drop.

You are only at 22%, stop worrying so much about it.

*8/10/13

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