Utilization

[Anonymous]

I am an authorized user on a couple credit cards that my wife opened. When we recently remodeled our house we used alot of available credit on these cards. My total Util is 85% right now. If we remove me from these two cards it will drop to 57%, plus I'm paying that down very quickly. My question is, these two cards are only about 1 yr and 3 mo's old each, is this going to hurt me? It is not affecting her credit, because she has been an AU on her dad's credit cards forever, and is showing 8% UTIL right now, because of his high credit limits. I'm trying to get my score up very quickly so we can re- finance our house soon. Thanks for all your advice and input, it has helped tremendously!

[Anonymous]

If you have other accounts that are that old or older, removing them won't hurt you. Will more than likely help you.

When and if FICO 08 goes in, AU will not be used in scoring. When it goes into effect is anyone's guess, I heard May.........but even after it does, it will be sometime before lenders begin using it.

[Junejer]

Hurting or not will depend on your average age. If you can pay it down pretty quickly, it will help your scores. How quickly are you wanting to refi?

[Anonymous]

Yes, these are actually two of the three newest CC's.. Thanks for your input!

[Anonymous]

We are looking to re-fi by October, hopefully.

[Junejer]

If you can pay them down in the next two to three months (1-9% uti), then I don't see how they can hurt you, all other things being equal (just don't be late or anything like that).