So apparently I am listed as an Authorized user on two of my mothers credit cards. Now she has excellent credit(Fico over 800 for all three CRAs) but on these two cards specifically, she carries a high balance.
She decided that should I ever need emergency cash, she would add me on as an authorized user. Even though I do not have the cards and don't use them, there are two credit cards with my name sitting at her house. When looking at my credit reports, I see that my revolving debt is really high, roughly 29.5K of 34K. The problem is that 29.5K of that is actually her debt and has nothing to do with me. All my credit cards are paid off and sitting pretty at a zero balance.
I initiated disputes claiming I am just an authorized user, not a secondary card holder, and have no financial responsibility for those debts and am hoping they come off my credit report but am not sure they will.
After some review, When I bought my house last April, the underwriter ignored those two line items as I am listed only as an authorized user, but when I play with the FICO score calculator, and I input that those balances are at zero, my score jumps up pver 100 points. Also, as I just initiated disputes last week regarding some other items showing up on my report, my scores dropped. TU is 666 and EQ(was 690) dropped to 663. I want to get those "revolving" balances off my credit reports so they stop having such an impact on my credit score. The lady at Discover told me that the main reason she could not approve me for the feature card was because of my high revolving debt. She then offered me a Discover IT card with no AF and a $1000.00 limit, which I stupidly declined. How can being an AU hurt you so much when the history is perfect?
