Should I drop accounts that I'm an authorized user on to increase my score?

[justslide]

I am an authorized user on multiple cards. The age of the accounts are good, credit limits are decent and the payment history flawless. However, all of these cards are above 90% utilization, and essentially are "Maxed Out". My question is to keep these cards on my credit report, or to ask the cardholder to remove me as an authorized user?

The reasons I am unsure is because based on the FICO scoring model, payment history and length of credit history is 50% of your score, while amounts owed is only 30% based on this chart:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

I am including the breakdown of my credit profile, and the authorized cards. I have one charge off which is Capital One. Keep in mind my oldest accounts in which Im the primary borrower have multiple 30 and 60 day lates. My mortgage even had one 120 day late, but was caught up and has had no lates for over one year. My current FICO is in the low 600's for Experian and Equifax. My Transunion FICO (through the walmart card) is 678, and is the only CRA that does not have the Capital One Chargeoff. I have put "Authorized" next to the cards that I can be removed from, all others I'm the only one on the account.

 ** REMOVED **

If there are some Authorized accounts I should keep, or some I need to get rid of please let me know- or just get rid of them all?

I've been following these boards for the last year, and have been able to get most all of my derogatory items removed from my credit reports I would like to thank everyone for their continued advice and discussions.

Thanks in advance for your suggestions!

[guiness56]

IMO, I would definitely have them removed.  That utilization is killing your score.

At a later date when they are paid down you might consider getting re-added as AU.  Utilization is one of the biggest factors in your score.

I would take the loss for AAoA over what you will gain when your utilization drops any day.

[AndySoCal]

I agree on having them remved. The sooner the better in my opinion.

[justslide]

I will be left with only Negative accounts (CRA classify my mortgage and car loan as a negative account) with age/history, and the new accounts. Card holder said she will pay down the cards next year... wait or just remove myself from all?

Also- any way to remove the Capital One chargeoff? Have sent multiple letters, and disputed with CRA's but always comes back verified.

Any advice is appreciated... thanks!

[guiness56]

The auto and mortgage are negative accounts due to the lates.  Each late will be removed 7 years from each occurence.  When the last one is gone the accounts will become positive and stay for up to 10 years (+/-) from the date closed.

They are still factored into your AAoA.

Those AU accounts are affecting your utilization, which is the fastest way to gain points.

I still say get removed if the cardholder can't get them paid down until next year.

Your AAoA will take a hit but your utilization will improve significantly.

If it isn't paid it won't be removed.

[ebbystreats]

Not sure how to answer that, however I just did that very same thing on my report on the say so of my mortgage broker and I took a hit of 31 points and its looking like I now do not qulaify fo rthe house cause my score is now to low. I am so confused and frustrated. 

My scores before was

Trans 667

Equifax 634

Exp 590

I was pre approved with my middle score of 634 based on it being above the 620 mark for approval. My mortgage lender company told me to remove myself from my husbands credit cards because his utilization was pretty high and I did so. they just pulled again after 15 days and my middle score is 603. This is so disappointing.

Should I add those accounts back on to my credit profile?

[Revelate]

Pretty much if you don't have the positive history to qualify on your own, it's either that or wait.

I would look at each tradeline (age, payment history, and current utilization) and selectively add back if you have some which are better than others rather than all, but in general if you need to get the extra 30ish points back to qualify in a short time period, then realistically adding them all back in and then pruning later is likely the right way to go about it.

I would suggest also establishing your own history and cleaning up whatever is on the report after the mortgage closes though, but in this case the payment history on the tradeline outweighs the revolving utlization (which is a heavy penalty to be certain) and as you likely don't have much of your own history, is likely why your scores dropped.