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I have been working on rebuilding my hubby's credit as well as my own since February. We are making good progress, but I am concerned that my husband's utilization is keeping his score down. Long story short, he is an AU on his son's Home Depot card. We had remodeled our kids' house (free labor) and my hubby was added as an AU on their card so he could pick up materials for the kids. Anyway, I forgot about the whole Home Depot card until the other day I realized that the kids' high usage could be bringing my husband's score down. I asked our lender (we are trying to refi our house) if my husband should get of the kids' card . He said it was a catch 22. The card is 2 years old with on time payments, but it has a high balance. The lender said that my hubby's score might go up by getting off the card because it would bring the UTI down OR his score might drop because of losing the "aged" credit. I feel like it is a gamble. Is it possible to be taken off the card, see what happens and then be put back on if the score drops? Any advice is greatly appreciated.
@Anonymous wrote:I have been working on rebuilding my hubby's credit as well as my own since February. We are making good progress, but I am concerned that my husband's utilization is keeping his score down. Long story short, he is an AU on his son's Home Depot card. We had remodeled our kids' house (free labor) and my hubby was added as an AU on their card so he could pick up materials for the kids. Anyway, I forgot about the whole Home Depot card until the other day I realized that the kids' high usage could be bringing my husband's score down. I asked our lender (we are trying to refi our house) if my husband should get of the kids' card . He said it was a catch 22. The card is 2 years old with on time payments, but it has a high balance. The lender said that my hubby's score might go up by getting off the card because it would bring the UTI down OR his score might drop because of losing the "aged" credit. I feel like it is a gamble. Is it possible to be taken off the card, see what happens and then be put back on if the score drops? Any advice is greatly appreciated.
You can simply dispute the account with the CRAs as not mine, because technically, it isn't..
It will be really hard to be readded in reporting once you remove; but if the UTIl is high, then I would remove.. plus, I am an advocate of removing all AU cards as soon as your score is decent enough to support itself..
-scott
+1 You're pretty much at the mercy of the owner of the AU account. You can't control their actions, you just kind of hope they do good by it. Better to get rid of them when you can and rely on your own credit.