topic Authorized user effect in Credit Cards

Authorized user effect

Interestedincredit — Sat, 04 Jan 2014 09:35:13 GMT

New member here, quick question:.. I am authorized users on some of my dads credit cards, he has quite a few cards with balances one 100k limit with a 88k balance, I just pulled my scores ranging from 650 to 699 I am 17 turning 18 when I am 18 I want to get my own credit card maybe from AMEX or somewhere will this high Utl hurt me?? Any suggestions?

Re: Authorized user effect

09Lexie — Sat, 04 Jan 2014 09:54:58 GMT

Welcome to the forum. Short answer, yes. Util will drag your score down plus those high balances/pytsv will be factored into your ability to repay even if your Dad pays the bills.

Creditors will not be able to determine by looking at your CR's who's paying what and although you are not responsible it still will impact your overall credit profile.

Re: Authorized user effect

Interestedincredit — Sat, 04 Jan 2014 10:02:55 GMT

Ok if I remove myself as an authorized user will it completely remove my my CR

Re: Authorized user effect

09Lexie — Sat, 04 Jan 2014 10:04:11 GMT

@Interestedincredit wrote:
Ok if I remove myself as an authorized user will it completely remove my my CR

No, you would have to dispute the TL as not yours.

Does your father always carry a balance that high?

Re: Authorized user effect

Interestedincredit — Sat, 04 Jan 2014 10:06:48 GMT

Not typically, just this year he's "building" a vacation home off his Cc then taking a home equity out when it's built... So if I dispute that will it remove? Even thou I'm an authorized user does that high balance still play a part in me getting my Own credit

Re: Authorized user effect

09Lexie — Sat, 04 Jan 2014 10:13:11 GMT

@Interestedincredit wrote:
Not typically, just this year he's "building" a vacation home off his Cc then taking a home equity out when it's built... So if I dispute that will it remove? Even thou I'm an authorized user does that high balance still play a part in me getting my Own credit

Since your a Dad will be paying it off in a year and you aren't apping until then- why not leave it?

Again, the high balance will impact your credit score and will make it difficult for you esp if the pyt for an $88,000 bal exceeds your dti

Re: Authorized user effect

Interestedincredit — Sat, 04 Jan 2014 10:17:54 GMT

I will be turning 18 in a month? Think I should just wait until it's paid or remove myself)

Re: Authorized user effect

Anonymous — Sat, 04 Jan 2014 10:19:13 GMT

You could remove yourself from cards that have a high balance, and keep those that has little to no balance.

Re: Authorized user effect

Interestedincredit — Sat, 04 Jan 2014 10:24:25 GMT

Ok that's is what I think I'll do then. Just call the back of the card, I believe it is JP Morgan Chase

Re: Authorized user effect

09Lexie — Sat, 04 Jan 2014 10:53:42 GMT

@Interestedincredit wrote:
Ok that's is what I think I'll do then. Just call the back of the card, I believe it is JP Morgan Chase

You will need to contact the CRAs to have it removed from your reports too

Re: Authorized user effect

FinStar — Sat, 04 Jan 2014 16:26:03 GMT

@09Lexie wrote:
@Interestedincredit wrote:
Ok that's is what I think I'll do then. Just call the back of the card, I believe it is JP Morgan Chase
You will need to contact the CRAs to have it removed from your reports too

Re: Authorized user effect

Anonymous — Sat, 04 Jan 2014 23:36:02 GMT

@FinStar wrote:
@09Lexie wrote:
@Interestedincredit wrote:
Ok that's is what I think I'll do then. Just call the back of the card, I believe it is JP Morgan Chase
You will need to contact the CRAs to have it removed from your reports too
+1

+2.

it will also take them 4-8 weeks to remove the accounts, so do it ahead of time.

Re: Authorized user effect

Interestedincredit — Sun, 05 Jan 2014 02:29:46 GMT

Ok thanks you

Re: Authorized user effect

Interestedincredit — Sun, 05 Jan 2014 02:29:55 GMT

Thank****

Re: Authorized user effect

YoungMoney06 — Wed, 26 Feb 2014 05:00:09 GMT

If an individual adds an AU to their account, I'm a bit confused as to whether this simply allows the AU to use the one card issued, or, does it allow for the AU to get a card of their own utilizing the same CL?

Re: Authorized user effect

red259 — Wed, 26 Feb 2014 05:13:56 GMT

@YoungMoney06 wrote:
If an individual adds an AU to their account, I'm a bit confused as to whether this simply allows the AU to use the one card issued, or, does it allow for the AU to get a card of their own utilizing the same CL?

The AU gets a card of their own on the same account.