topic Re: Is this possible?????? in General Credit Topics

Is this possible??????

Anonymous — Tue, 14 Aug 2007 21:34:57 GMT

OK EVERYONE I HAVE A QUES.......A FEW YEARS AGO AFTER RECOVERING FROM CANCER SUGERY, MY CREDIT WAS SHOT TO ..... ANYWAY, MY MOTHER ADDED ME TO A COUPLE OF HER CARDS IN AN EFFORT TO HELP ME REBUILD MY SCORE .AFTER THE DEATH OF MY FATHER, MY MOTHER RELIES ON THESE CARDS AND HAS JUST ABOUT MAXED THEM OUT.....I DO NOT USE THEM AT ALL. SHE HAS NEVER MISSED A PAYMENT BUT THE HIGH BALANCES ARE AFFECTING MY SCORE. I AM TRYING TO REFI AND PAY THEM OFF FOR HER. I AM IN A CATCH 22. I CANT GET A GOOD LOAN UNTIL MY SCORE HAS IMPROVED BUT MY SCORE WONT IMPROVE UNTIL THEY ARE PAID OFF. THEY ARE WALMAR AND SHELL TOTALING ABOUT 5K...ANY IDEAS?????? DO I NEED TO HAVE THE BALANCES DOWN BEFORE I CAN TAKE MY NAME OFF? SHOULD I KEEP MY NAME ON THEM AND KEEP THE GOOD HISTORY THEY PROVIDE . THE ARE BOTH ABOUT 7 YEARS OLD..THANKS FOR YOUR HELP GUYS!

Re: Is this possible??????

Anonymous — Tue, 14 Aug 2007 21:42:20 GMT

Don't use credit consolidation because will be a bump on credit score. IF you are an authorize user just dispute them as if they weren't yours or It was unauthorized. My model for more than a year now "Never buy what you can't afford paying in cash or in a reasonable time or else they will hunt you later!!?

Re: Is this possible??????

Anonymous — Tue, 14 Aug 2007 21:52:11 GMT

THANKS BUT I THINK YOU ARE MISSING THE POINT. I DO NOT USE THE CARDS. AND YOUR MODEL FOR THE LAST YEAR DOESN'T ALWAYS APPLY TO A 77 YEAR OLD WIDOW TRYING TO LIVE ON $1200 A MONTH.

Re: Is this possible??????

Anonymous — Tue, 14 Aug 2007 22:03:09 GMT

But like I told you, if your name is on the cards, as an authorize user, you can dispute on your credit report. However, if it is only her name and she does not make alot, she is better off with credit consolidation. I did not mean to be rude, but credit cards do,t don't care about any of these. After all, they are banks. In the end credit cards are not cash, and I has been honest and truthful "it will hunt you down in the end". Credit cards are Debts an nothing more, so if you are using more than what you got, the math is "doomed". I am not trying to hard but that is the truth. Sorry.

Re: Is this possible??????

Jontevius — Tue, 14 Aug 2007 22:25:00 GMT

@Anonymous wrote:
OK EVERYONE I HAVE A QUES.......A FEW YEARS AGO AFTER RECOVERING FROM CANCER SUGERY, MY CREDIT WAS SHOT TO ..... ANYWAY, MY MOTHER ADDED ME TO A COUPLE OF HER CARDS IN AN EFFORT TO HELP ME REBUILD MY SCORE .AFTER THE DEATH OF MY FATHER, MY MOTHER RELIES ON THESE CARDS AND HAS JUST ABOUT MAXED THEM OUT.....I DO NOT USE THEM AT ALL. SHE HAS NEVER MISSED A PAYMENT BUT THE HIGH BALANCES ARE AFFECTING MY SCORE. I AM TRYING TO REFI AND PAY THEM OFF FOR HER. I AM IN A CATCH 22. I CANT GET A GOOD LOAN UNTIL MY SCORE HAS IMPROVED BUT MY SCORE WONT IMPROVE UNTIL THEY ARE PAID OFF. THEY ARE WALMAR AND SHELL TOTALING ABOUT 5K...ANY IDEAS?????? DO I NEED TO HAVE THE BALANCES DOWN BEFORE I CAN TAKE MY NAME OFF? SHOULD I KEEP MY NAME ON THEM AND KEEP THE GOOD HISTORY THEY PROVIDE . THE ARE BOTH ABOUT 7 YEARS OLD..THANKS FOR YOUR HELP GUYS!

Hello Julie, We all here would like to welcome you to the forum With most creditors they do require you to have the balance paid down or off before you can dispute any removal of yourself as an authorized user. But It won't hurt to try anyway right? Also I understand you may be caught in a bit of confusion as to hold on to the good TL or to let it go. My advice, you're only an authorized user, Authorized USERS will no longer be calculated in the new FICO formula. That should take effect sooner than later, just part of a loop hole patch. If you don't mind I ask, what are your scores, most posters here require that information to give you a realistic view of what you may or may not be entitled to. I can tell you this, if you can get your revolving debt idealistically between 1-9% utilization you're golden, you'll notice a great score boost. But if you're a realist like most of us, you may not have the cash to pay down the 5,000 balance right off so lets set the margin at 30%, lets get the balances below 30% and you will indeed benefit from that as well. There's no need to be too aggressive when paying down debt by exhausting your savings, so take it a step at a time, good credit doesn't happen over night. I wish you the best of luck and may blessings shower upon you Julie.

Re: Is this possible??????

sl — Tue, 14 Aug 2007 23:06:52 GMT

One thing you can do is have your mom call the credit card companies and have them terminiate the AU relationship. It will show on your CR as terminiated. Also, as the other poster noted, if you could give you your scores we would be able to assist futher.

Welcome.

Re: Is this possible??????

Anonymous — Tue, 14 Aug 2007 23:11:25 GMT

Fico scoring is changing. Authorized User Accounts will no longer be factored into your score:

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

Re: Is this possible??????

Anonymous — Tue, 14 Aug 2007 23:57:14 GMT

I was in the same boat that you are in. I was an authorized user on an account and the card was maxed out. All you have to do is have your mother call the credit card company and have you removed as an authorized user. Immediately, dispute it through all three credit bureaus and you will be removed. My credit report was updated today with the removal of the authorized user status and I experienced a significant increase in my credit score. Good Luck!

Re: Is this possible??????

Anonymous — Tue, 14 Aug 2007 23:58:00 GMT

Oh, the card does NOT have to be paid off in order to be removed as an authorized user.

Re: Is this possible??????

Anonymous — Wed, 15 Aug 2007 01:51:11 GMT

THANKS SO MUCH EVERYONE, AS ALWAYS, I GOT SOME VERY HELPFUL RESPONSES. FYI MY SCORES ARE 615.612.615..............I NEED TO REFI ANYWAY BUT IT WOULD REALLY HELP MY MOM IF I COULD PAY THESE OFF FOR HER. YOUR INFO IS REALLY REALLY APPRECIATED. JULIE

Re: Is this possible??????

Anonymous — Wed, 15 Aug 2007 01:59:23 GMT

dispute with CRA as not yours. They will be removed from your CR.

Re: Is this possible??????

KarimaKC — Wed, 15 Aug 2007 02:09:03 GMT

I agree with Happy Days. Dispute them, and perhaps they will be taken off with verification. Good luck. I know living on a fixed income must be hard for your Mom. Life can be hard. May this board be a refuge as well as a well of information for you.

Re: Is this possible??????

Anonymous — Wed, 15 Aug 2007 02:14:15 GMT

Since your score is a below average. The only good thing out there is to use Debt consolidation. But Juliem, since is your mom and not you, you should ask her to remove you as a authorize user first. Than, and only than juliem, you used Debt consolidation. An important thing do not close the accounts. The best way for to help her, it is helping yourself first. Your scores are not too bad. If you remove your name and your scores gets higher, you could help her by getting an unsecured load or if you have a house or a car, you could get a secure loan. Than, you could use the loan to help, because your loan would have a lower Apr than what she has right now on her cards(I am assuming). Help yourself, before helping her.

Re: Is this possible??????

Anonymous — Wed, 15 Aug 2007 02:21:47 GMT

YOU GUYS ARE AWSOME...I'LL START THE PROCESS TOMORROW..I WILL KEEP YOU POSTED.GOD BLESS.....J

Re: Is this possible??????

Anonymous — Wed, 15 Aug 2007 02:45:39 GMT

Good luck!

(Also, posting in all caps makes it seem like you're shouting.)