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Authorized User

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Authorized User

I am an authorized user on a credit car of a family member. The card has a balance of $1800. Is this calculated in my total utilization. I currently only have about $3000 in personal cc daebt and this is pushing and the authorized user's account is pushing it close to $5000. If I am removed as an authorized user will mt scores increase?

Message 1 of 7
6 REPLIES 6
Super Contributor

Re: Authorized User

The folks here cannot answer your question because we don't know what your credit limits are (or the credit limit on the AU card). 

 

Can you list for us all your non-AU cards, with the amount currently owed and the credit limit for each?  Something like this?

 

Card 1.   Amount owed = ____     Credit Limit = ____

Card 2.   Amount owed = ____     Credit Limit = ____

Card 3.   Amount owed = ____     Credit Limit = ____

etc.

 

Then tell us the same thing for the AU card.

 

AU Card.   Amount owed = $1800    Credit Limit = ____

 

Then we can give you some decent advice.

Message 2 of 7
New Member

Re: Authorized User

Card 1.   Amount owed = 1700   Credit Limit = 2150

Card 2.   Amount owed = 1800   Credit Limit = 3500

Card 3.   Amount owed = 1500     Credit Limit = 2800

 

Authorized user Amount owed $1782   Credit Limiit = $2000

Message 3 of 7
Super Contributor

Re: Authorized User

Well, sometime an AU card can be added but FICO excludes it, because it thinks maybe it's not a real family member or otherwise legitimate AU (even if it is).  But if that is the case, then you won't be hurting yourself by being taken off it.

 

If FICO is considering it as part of your score, then the fact that it is nearly maxxed out is very much ungood for you.  But before you jump to getting yourself removed, can you tell us how old that AU card is?  And how old your oldest non-AU account is?

 

Quick question.... do you happen to have any open installment loans?  If so, what are they, how much do you owe on each one and how much was each loan originally for.  E.g...

 

Loan 1.  Amount owed = _____    Original amount of loan = _____

Loan 2.  Amount owed = _____    Original amount of loan = _____

Loan 3.  Amount owed = _____    Original amount of loan = _____

Message 4 of 7
New Member

Re: Authorized User

Fico does consider it because whenever the person pays on it it's reported and ist shows up in my FICO monitoring.

 

My oldest non-AU credit account is 21 years.

 

Student Loan = $25600 Orginal Amount = $38000

Student Loan = $18782 Orginal Amount = $28447

Student Loan = $10654 Orginal Amount = $14745

Car Loan = $36896.77  Original Amount = $40000

Message 5 of 7
Super Contributor

Re: Authorized User

My comments below in blue.


@catimmons1 wrote:

Fico does consider it because whenever the person pays on it it's reported and ist shows up in my FICO monitoring.

 

This does not follow.  What this means is that the AU card is showing up on your reports.  The myFICO monitoring product (which is probably what you are talking about) pulls your reports.  But the FICO scoring algorithm itself (not myFICO but FICO) might be disregarding it in terms of utilization.  There are a number of reasons the FICO alorithm does this.  It does it sometimes for AU accounts, it does it sometimes for charge cards rather than credit cards, it does it sometimes for credit cards with huge credit limits).

 

My oldest non-AU credit account is 21 years.

 

OMG, then the AU card is giving you no benefit for age.  Ask to be removed from it at once, since it is hurting you in terms of your utilization.

 

Student Loan = $25600 Orginal Amount = $38000

Student Loan = $18782 Orginal Amount = $28447

Student Loan = $10654 Orginal Amount = $14745

Car Loan = $36896.77  Original Amount = $40000

 

If you had no open loans, I would have suggested something else you could have done to help your score.

 

The best thing you can do (for your score and your financial health in general) is to work on paying off all your credit card debt.  That will be a long and somewhat painful process.  Your priorities should be:

 

Get all your cards down to under 67% of their individual limits.

Get all your cards down to under 47% of their individual limits.

Pay off two cards completely -- zero balance.  Keep them reporting at $0.

Pay the last card down to a small amount and then pay your statement in full each month.

 

PS.  Strictly speaking, the 67% and 47% numbers are 69% and 49%, but since you are also being charged interest each month, you should give yourself a little buffer.  I would also make sure that you always pay more than the minimum payment on every card every month.

 


 

Message 6 of 7
New Member

Re: Authorized User

Great advice! Thank you so much. I pay my credit cards twice a month. I pay $100 per month on each, plus the interest. My goal is to pay the cards off my March 31st. The students loans are on deferment, but I pay the interest.

Message 7 of 7
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