New AU Rules Question

Anonymous · ‎07-23-2007

I am an authorized user on an account that is over its limit. Effective, Sept. one of the credit card companies will stop using that in its scoring formula. What company is that and how do you think its going to impact my credit scores? Tu-574, EQ-532,EX-547

jru577 · ‎07-23-2007

I would think it would make your scores go up. Although...over the limit is NOT good, so I would ask the CRA to remove the info from your reports.

MidnightVoice · ‎07-23-2007

creditsoaring2007 wrote:
I am an authorized user on an account that is over its limit. Effective, Sept. one of the credit card companies will stop using that in its scoring formula. What company is that and how do you think its going to impact my credit scores? Tu-574, EQ-532,EX-547

No one yet knows who it will be come this fall, but the money here is on EQ.

The others are supposed to follow next year.

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

Tuscani · ‎07-23-2007

I would dispute that account as not mine. The account is currently hurting you.

Anonymous · ‎07-23-2007

I did do an online dispute on Saturday with Equifax in reference to that account. I called and tried to have it removed over the phone, but the representative told me it couldn't be removed until the balance reached 0.

Tuscani · ‎07-23-2007

creditsoaring2007 wrote:

I did do an online dispute on Saturday with Equifax in reference to that account. I called and tried to have it removed over the phone, but the representative told me it couldn't be removed until the balance reached 0.

BS... Unless this is a joint account you are not liable. Is it reporting to all three CRAs?

Message Edited by Tuscani on 07-23-2007 05:24 PM

Anonymous · ‎07-23-2007

It is reporting to all 3 CRA's and I have disputed it in the past with Equifax and they verified the debt. What do you suggest is my next course of action?

fused · ‎07-23-2007

creditsoaring2007 wrote:
I am an authorized user on an account that is over its limit. Effective, Sept. one of the credit card companies will stop using that in its scoring formula. What company is that and how do you think its going to impact my credit scores? Tu-574, EQ-532,EX-547

http://credit.com/credit_information/credit_report/Consumer-Alert-FICO-Formula-Changes.jsp

Anonymous · ‎07-24-2007

Wonderful. This is going to be interesting. Since I am an AU on an account with a balance that is over the limit, its going to be interesting to see how my scores change. I will not get my scores intentionally until after Sept and will report back to you guys. I am currently at:

TU-576, EQ-534,EX-547----> I hope to move them in the area of the low 600's. Then my next problem is that I will not have any open revolving accounts! Does anyone have any suggestions on this aspect?

Anonymous · ‎07-24-2007

@Anonymous wrote:
It is reporting to all 3 CRA's and I have disputed it in the past with Equifax and they verified the debt. What do you suggest is my next course of action?

Who is the primary cardholder? The first course of action should have been for you to have the primary cardholder call the CCC and request that you be removed from the account as an AU. If that is not feasible for some reason, you can call the CCC yourself and request to be removed.