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Authorized User - Need your advice!

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Authorized User - Need your advice!

Hi all!  I've been here for awhile researching all the wondeful advice and applying it to my own credit disaster with success.  I'm now stumped on what to do next with my credit profile.  I am an authorized user on a few of my husbands cards and am not sure I should continue or remove myself.  And if I remove myself - will that line of credit still show on my credit report.  Will removing it be helpful or harmful in my situation?  Here are my current credit card balance/limits:

 

Amex $0/1000

Home Depot $0/5000

Care Credit $0/7200

Lumber Liquidators/Synchrony $0/3000

Sheelys Home design/Synchrony $0/3500  

Discover $0/7500

Credit One $1309/1600

Capital One $3665/4300

***AU - Lowes $2390/6000

***AU - Capital One $4385/5000

***AU - Macys $0/3100

 

I should ad I just went thru and did CLI and applied for the Discover with 0% balance transfer for 18mo and planned to transfer my capital one and credit one to that card.  The CLI's and Discover TL have not updated on my credit reports yet. 

My current scores are:  EQ- 690, TR- 717, EX- 711

Please let me know if you need any additional info to help guide me! 

Jan 2018 Equifax: 637
Transunion 624
Experian 638
Oct 2018 Equifax: 690
Transunion 717
Experian 711
11 REPLIES 11
Valued Contributor

Re: Authorized User - Need your advice!

I would remove yourself as the AU of the Capital One and Lowes accounts because their balances are high relative to their credit limits. Once your responsibility is terminated, the account will remain on your reports at a zero balance. If you would like them removed, dispute through the credit bureaus under the reason that they are not yours, which is true. Smiley Wink

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Starting Score: 490
Current Score:EX: 590
Goal Score: 620


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Message 2 of 12
Member

Re: Authorized User - Need your advice!

Ok,  Thank you!  After I remove the AU,  Would it be worth starting a dispute to have it completely removed?  Would leaving it report as a positive account?  Will removing the AU affect my scores at all?  

Jan 2018 Equifax: 637
Transunion 624
Experian 638
Oct 2018 Equifax: 690
Transunion 717
Experian 711
Message 3 of 12
Community Leader
Senior Contributor

Re: Authorized User - Need your advice!

Welcome, @ByeDebt. Smiley Happy

 

If it's convenient to keep the AU, keep it. For instance, you might actually like to use the Lowe's card.

 

But I'd consider losing the Capital One AU if it isn't going to be paid anytime soon. It's just a sliver below being maxed. (90.1% is maxed; 88.9% isn't.)

 

From a scoring standpoint, your overall utilization is in OK shape, even with all the balances. At 25%, it's in the second best scoring tier.

 

The Lowe's card's utilization isn't likely to hurt your score. Individual card utilization is determined by the card with the highest utilization, and that'll either be the Discover card or the Capital One AU.

 

By the way, after getting rid of the balance on the Credit One card, get rid of it. You don't need it anymore.

Message 4 of 12
Member

Re: Authorized User - Need your advice!

Hi! Thank you!   I do use the Lowes card but not his capital one.  We only did AU's to get me rolling with positive credit.  All my baddies are gone from my credit report so now concentrating on maximizing my scores, paying off the remaining debt and building better credit relationships. I will remove the AU from capital one and close the credit one account.  


@HeavenOhio wrote:

Welcome, @ByeDebt. Smiley Happy

 

If it's convenient to keep the AU, keep it. For instance, you might actually like to use the Lowe's card.

 

But I'd consider losing the Capital One AU if it isn't going to be paid anytime soon. It's just a sliver below being maxed. (90.1% is maxed; 88.9% isn't.)

 

From a scoring standpoint, your overall utilization is in OK shape, even with all the balances. At 25%, it's in the second best scoring tier.

 

The Lowe's card's utilization isn't likely to hurt your score. Individual card utilization is determined by the card with the highest utilization, and that'll either be the Discover card or the Capital One AU.

 

By the way, after getting rid of the balance on the Credit One card, get rid of it. You don't need it anymore.


 

Jan 2018 Equifax: 637
Transunion 624
Experian 638
Oct 2018 Equifax: 690
Transunion 717
Experian 711
Message 5 of 12
Valued Contributor

Re: Authorized User - Need your advice!


@ByeDebt wrote:

Hi! Thank you!   I do use the Lowes card but not his capital one.  We only did AU's to get me rolling with positive credit.  All my baddies are gone from my credit report so now concentrating on maximizing my scores, paying off the remaining debt and building better credit relationships. I will remove the AU from capital one and close the credit one account.  


@HeavenOhio wrote:

Welcome, @ByeDebt. Smiley Happy

 

If it's convenient to keep the AU, keep it. For instance, you might actually like to use the Lowe's card.

 

But I'd consider losing the Capital One AU if it isn't going to be paid anytime soon. It's just a sliver below being maxed. (90.1% is maxed; 88.9% isn't.)

 

From a scoring standpoint, your overall utilization is in OK shape, even with all the balances. At 25%, it's in the second best scoring tier.

 

The Lowe's card's utilization isn't likely to hurt your score. Individual card utilization is determined by the card with the highest utilization, and that'll either be the Discover card or the Capital One AU.

 

By the way, after getting rid of the balance on the Credit One card, get rid of it. You don't need it anymore.


 


Considering Heaven's wonderful advice, keep the Lowes card but ditch the Capital One account. After Capital One removes you as AU, dispute through the credit bureaus. Smiley Happy

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Starting Score: 490
Current Score:EX: 590
Goal Score: 620


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Message 6 of 12
Member

Re: Authorized User - Need your advice!

😁Awesome! Thanks guys!
Jan 2018 Equifax: 637
Transunion 624
Experian 638
Oct 2018 Equifax: 690
Transunion 717
Experian 711
Message 7 of 12
Valued Contributor

Re: Authorized User - Need your advice!

One last thing, after BT Credit One to Discover (look out for residual interest), close it.
Message 8 of 12
Established Contributor

Re: Authorized User - Need your advice!


@creditwarrior2317616 wrote:

I would remove yourself as the AU of the Capital One and Lowes accounts because their balances are high relative to their credit limits. Once your responsibility is terminated, the account will remain on your reports at a zero balance. If you would like them removed, dispute through the credit bureaus under the reason that they are not yours, which is true. Smiley Wink


Yup! Did this with my dad's credit card. My utilization was 98% because I was an AU on my dad's PenFed card which was over $15,000/$16,000. Before I had all the cards in my sig, I only had my Wells Fargo secured card ($1,000) and my Capital One ($300) so his card was killing me! Once he removed me as an AU, I simply disputed the TL through all 3 CRA and it was deleted within the month. EQ took the longest, but the other 2 deleted within a week or 2. My credit score went up about 30 points I believe?

 

Also, I agree that you should remove yourself from those accounts. They are adding to overall credit, but they're also hurting you because of the utilization. If your husband is planning on paying them off completely soon, though, then you should probably leave them. I don't like being an AU on anyone else's accounts because I can't control what other people are going to spend or do with their money.

 

You seem to have a good amount of cards, and having 3 is what is going to get you the score boost, according to many posts on this forum. Those are just my 2 cents, and I'm sure you'll get some other/better advice here! The people on this forum are amazing and have helped me boost my score about 100 points since I first joined.

I’m probably never finding that garden everyone keeps talking about.



Officially collection free as of 3/19/19!!
STARTING SCORES: 377 (11/2013) & 580 (3/2018)
Message 9 of 12
Member

Re: Authorized User - Need your advice!

I removed myself from his Cap one account. I’m keeping the Lowe’s and Macy’s because I use them, lol. I also don’t want to apply for more credit for awhile. I just got the discover card, so as I read here-to the garden for me!
Jan 2018 Equifax: 637
Transunion 624
Experian 638
Oct 2018 Equifax: 690
Transunion 717
Experian 711
Message 10 of 12
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