topic Re: Authorized User??? in Credit Cards

Authorized User???

Anonymous — Mon, 30 Jul 2007 05:49:17 GMT

Hey everyone my wife and myself have some credit card debt...My cards have always been the smaller credit limit holders...500-1500 While my wife has had the upward of 7000+...At one point during some remodel on our home my wife added me as a "authorized user"...My question is I want to build up my Fico...Is it better to stay on as a "authorized user" or should I have my wife remove me from her account??? Is removing an authorized user ever allowed??? THANKS...

Re: Authorized User???

Tuscani — Mon, 30 Jul 2007 13:21:29 GMT

Eventually, it won't matter:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=4008

And removing your name is quite easy. She can call the CCC and ask them to remove you, or you can dispute the account as "not mine".

Re: Authorized User???

Anonymous — Mon, 30 Jul 2007 20:13:24 GMT

You say "eventually" what does that mean? Will it drop my score at first and over time I gain it back??? Thanks

Re: Authorized User???

ccaddict — Mon, 30 Jul 2007 20:17:23 GMT

Somewhere next year the CRA's aren't going to give you points for being an authorised user. So that's what he probably meant by "eventually it won't matter".

You should read that article/post the link takes you to, its informative.

Message Edited by ccaddict on 07-30-2007 01:17 PM

Re: Authorized User???

fused — Mon, 30 Jul 2007 20:17:42 GMT

DREAMBIG1234 wrote:
You say "eventually" what does that mean? Will it drop my score at first and over time I gain it back??? Thanks

This might help!

http://credit.com/credit_information/credit_report/Consumer-Alert-FICO-Formula-Changes.jsp

Re: Authorized User???

Anonymous — Mon, 30 Jul 2007 20:26:27 GMT

Hey thanks!!! When was the article written and when does the change take place??? Thanks again...

Re: Authorized User???

fused — Mon, 30 Jul 2007 20:51:26 GMT

DREAMBIG1234 wrote:
Hey thanks!!! When was the article written and when does the change take place??? Thanks again...

I don't have an exact date but probably in early June 2007. One CRA will use the new scoring model in September 2007 and the other two sometime in 2008. No confirmation yet on which CRA will be the first but most are betting EQ.