topic Re: Authorized user on a credit card- in Credit Cards

Authorized user on a credit card-

Anonymous — Tue, 02 Sep 2014 17:15:44 GMT

My husband added me on as an authorized user to his credit card (which I do not use). Recently paid it off to $0 balance in July. He used about 1/3 of his credit limit this month, which brought down MY credit score fr 798 to 789. We decided to take off myself as an authorized user, which I think was a bad mistake. Cause does this mean that even if he pays it down to $0 again, I will not get the increase on my credit score back (9 points I lost)?? Thanks

Re: Authorized user on a credit card-

Burned2manybridgesB4 — Tue, 02 Sep 2014 23:50:43 GMT

@Anonymous wrote:
My husband added me on as an authorized user to his credit card (which I do not use). Recently paid it off to $0 balance in July. He used about 1/3 of his credit limit this month, which brought down MY credit score fr 798 to 789. We decided to take off myself as an authorized user, which I think was a bad mistake. Cause does this mean that even if he pays it down to $0 again, I will not get the increase on my credit score back (9 points I lost)?? Thanks

Scores go up, and down with utilization, and only become a problem when the balance is over roughly 50%+ for an extended period, but always recovers when the balance goes back down again, since AU card balance affects your utilization, as you've already seen.

If this AU card is older than your personal lines of credit, it's probably worthwhile to keep yourself on, and ride out the balance ratio, only removing yourself if it's going to be a high balance for a while.

Re: Authorized user on a credit card-

Burned2manybridgesB4 — Tue, 02 Sep 2014 23:51:14 GMT

MOD

Can you move to rebuild?

Re: Authorized user on a credit card-

Anonymous — Wed, 03 Sep 2014 01:22:14 GMT

Thanks for the reply. Actually, this account was only opened in 2011. I have my own credit cards that are years older than this one. But Maybe we shouldn't have closed it anyway? Cause if he pays it down to zero next billing period, that doesn't necessarily help me since i am off the account now, right?

Re: Authorized user on a credit card-

pizzadude — Wed, 03 Sep 2014 02:09:04 GMT

Moved to Credit Cards forum

Re: Authorized user on a credit card-

Burned2manybridgesB4 — Thu, 04 Sep 2014 01:43:23 GMT

@Anonymous wrote:
Thanks for the reply. Actually, this account was only opened in 2011. I have my own credit cards that are years older than this one. But Maybe we shouldn't have closed it anyway? Cause if he pays it down to zero next billing period, that doesn't necessarily help me since i am off the account now, right?

Right, since you've been removed, it's doing nothing for you, but the good news is that you can always add yourself back.

Re: Authorized user on a credit card-

Zorasmiles — Thu, 04 Sep 2014 02:47:59 GMT

@Burned2manybridgesB4 wrote:
@Anonymous wrote:
Thanks for the reply. Actually, this account was only opened in 2011. I have my own credit cards that are years older than this one. But Maybe we shouldn't have closed it anyway? Cause if he pays it down to zero next billing period, that doesn't necessarily help me since i am off the account now, right?
Right, since you've been removed, it's doing nothing for you, but the good news is that you can always add yourself back.

^^Correct^^ If you're on the card and he utiizes the card without paying it down to less than 10% each month, both of your credit will be doing the Texas Rodeo...up..down..up and down. Although the age of the account may not be important to you, if the account is used responsibly, to max it out to it's potentional to your scores it could be very good. Good luck.