Reply
New Member
Need-Credit-101
Posts: 5
Registered: ‎07-20-2007

Some Questions and could use advice.

[ Edited ]
The last time I got my score it was from TU and it was 701, but that was back in January. I know that the first advice is going to be to order all of my credit scores from all 3 companies... :smileyhappy: So here is my questions:

I am currently separated from my husband and a divorce is in my future. How is this going to effect my credit score? I am an authorized user on 3 of his cards, that I am going to write letters to and have the authorized users removed and erased from my report completely since I was never asked to be put on those cards he added me (I have found a letter that should work for that). 2 of the cards and no balance and the other card has a balance very close to the credit limit, which is why I want it removed. Those are all good things to do right? Might take a hit at first, but not being involved with his mis-use of credit will be beneficial in the long run.

I personally have 3 credit cards and one store card, also authorized user on one of my parents cards. My credit cards are AMEX Blue with a 20,000 CL with 1560 currently charged, but it is all at 0% not that it matters with the credit scores, opened 03/2006. Second card is USAA Mastercard with a 18,000 CL with 8692 currently charged at 10%, opened 08/03. Third is USAA AMEX with a 11,000 CL with no balance at 11%, opened 05/07. The store card is old navy with a 2300 CL with 0 currently charged at 19%, opened 10/02. My parents card has a credit limit around 18,000 and has been paid and up to date since 1996 although I was added in 2002.

We have one opened unsecure loan currently being paid and the only one that worries me with the divorce. We are going to keep it as joint because if he refinances into his own account he can't get the 2% that the loan is currently fixed at. Could be my big mistake, but we will see.

The only closed accounts on my credit report is 3 past car loans that have all been paid and were never late. So any advice on getting my score to continue in the upward movement? All accounts are never late and are in good standings. I have read about charging a little each month and paying it off when the bill comes in - is that something that will help me out in this situation? I have also heard from some people that getting a loan around 7-8% and keeping the money in an account earning 5% interested could help out your credit score is that true?

I am new to this whole process, but am willing to learn if you can throw links or advice my way. Being a late-20's stay-at-home-mom with three children, while I just became a full-time student (so I will also have a student loan coming into play very soon), in the next 4 years I would like to get a new car and hopefully get a house for my kids so we can get out of my parents house, (fitting in a job somewhere to help get rid of some of the debt).

I am also looking for a card that I will earn miles on since there is going to be a lot of flying since Dad of the kids is in GA currently an soon to be in CO, fun times - can anyone recommend a good card?

Thanks in advance!!!

Message Edited by Need-Credit-101 on 07-20-2007 02:14 PM
Super Contributor
MidnightVoice
Posts: 8,158
Registered: ‎03-25-2007

Re: Some Questions and could use advice.

First attempt   :smileyhappy:
 
Get rid of the AU status one way or another.
 
I don't know how long you revolving credit history and your credit history is (even on closed accounts), but the 3 open accounts average several years old.  And your utilization is good
 
My guess is your scores should not change all that much.
 
From this point on - NEVER EVER BE LATE  and keep your utilization below 10% and you will move towards a good car loan and mortgage rate.  Try and get very low balances on all the cards
 
Others may have different opinions  :smileyvery-happy:
 
Oh, and by the way - get all three credit reports abd scores and dispute anything wrong  :smileyvery-happy:
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
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007

Re: Some Questions and could use advice.

New Member
Need-Credit-101
Posts: 5
Registered: ‎07-20-2007

Re: Some Questions and could use advice.

Thanks for both of your posts I have read the credit 101 and I am going to read the rest of the links in your signature.

First question about utilization - is it collective or per card? If you add up my personal stuff then I am around the 20% mark on utilization, if you add in my parents card which I have to keep since I use it to pick things up for my parents quite often but the balance is usually low and paid off each month so that doesn't concern me. If it is per card then I have some work to do on one of my cards.

Thanks for the advice MidnightVoice - I am learning quite a bit today.
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007

Re: Some Questions and could use advice.



Need-Credit-101 wrote:
Thanks for both of your posts I have read the credit 101 and I am going to read the rest of the links in your signature.

First question about utilization - is it collective or per card? If you add up my personal stuff then I am around the 20% mark on utilization, if you add in my parents card which I have to keep since I use it to pick things up for my parents quite often but the balance is usually low and paid off each month so that doesn't concern me. If it is per card then I have some work to do on one of my cards.

Thanks for the advice MidnightVoice - I am learning quite a bit today.

Both!

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+