topic Re: Credit Card Pay Down - Authorized Users (Spouses) in Understanding FICO® Scoring

Credit Card Pay Down - Authorized Users (Spouses)

Anonymous — Mon, 03 Aug 2020 20:52:19 GMT

Hello all!

On a journey to improve our credit and have a goal to refinance our mortgage in the next 6-12 months. Currently work on paying down credit cards as our utilization is high. Around 82% for each of us. Going to aggressively attack one card at a time and was wondering if it would be beneficial (credit score wise) to remove each other as authorized users.

Wife

Mid fico 8 655

Mid mortgage 612

Credit card 3100/3800 82% utilization

Husband

Mid fico 8 664

Mid mortgage 652

Credit card 6700/8100 83% utilization

Going to start on mine (wifes) since it is a lower balance. If I remove myself as an au from hubby's card, shouldnt I see my overall utilization go down and a bump to my score as I pay off mine first? Or will it hurt my score? Both accounts have no lates and have been open since 2013.

Re: Credit Card Pay Down - Authorized Users (Spouses)

OmarGB9 — Tue, 04 Aug 2020 00:06:05 GMT

Yes, you'd most likely see a slight bump from getting rid of a near maxed account.

Re: Credit Card Pay Down - Authorized Users (Spouses)

AllZero — Tue, 04 Aug 2020 00:57:12 GMT

Agreed with the above.

I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?

From Birdman7
General Scoring Primer and Version 8 Master Thread rev.5.17.20