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I am an authorized user on my friend’s credit card, (we share a lot of expenses and it makes it easier to track spending) and due to 2 large purchases and a return that took longer than anticipated to process the balance of the card posted at almost 90% utilization.
The card was paid off immediately, but the posted balance has dropped my credit by almost 60 points. Since the purchases were all made on my friend’s card and there were none of my purchase that cycle is there any way I can file something with the credit bureaus to get that incident removed or at least adjusted so the hit isn’t 60 points? I know once the payoff posts my score will improve but I want to know if there is anything else I can do.
@Anonymous wrote:I am an authorized user on my friend’s credit card, (we share a lot of expenses and it makes it easier to track spending) and due to 2 large purchases and a return that took longer than anticipated to process the balance of the card posted at almost 90% utilization.
The card was paid off immediately, but the posted balance has dropped my credit by almost 60 points. Since the purchases were all made on my friend’s card and there were none of my purchase that cycle is there any way I can file something with the credit bureaus to get that incident removed or at least adjusted so the hit isn’t 60 points? I know once the payoff posts my score will improve but I want to know if there is anything else I can do.
No. Other than asking the card's issuer to remove you as an authorized user there is nothing you can do but wait for the balances to update and your score to recover. Situations like this is part of the risk of being an authorizer user or adding an authorized user.
You will recoup most, if not all, of the points lost next month, I wouldn't bother with it.
@Anonymous wrote:I am an authorized user on my friend’s credit card, (we share a lot of expenses and it makes it easier to track spending) and due to 2 large purchases and a return that took longer than anticipated to process the balance of the card posted at almost 90% utilization.
The card was paid off immediately, but the posted balance has dropped my credit by almost 60 points. Since the purchases were all made on my friend’s card and there were none of my purchase that cycle is there any way I can file something with the credit bureaus to get that incident removed or at least adjusted so the hit isn’t 60 points? I know once the payoff posts my score will improve but I want to know if there is anything else I can do.
No there's nothing else you can do. In 30 days from the report it will be past history anyway.
Welcome, @Anonymous. If this happens to be a Chase or Discover card, all you have to do is call in and ask, and they'll report the balance as of the date of the call.
@Anonymous wrote:I am an authorized user on my friend’s credit card, (we share a lot of expenses and it makes it easier to track spending) and due to 2 large purchases and a return that took longer than anticipated to process the balance of the card posted at almost 90% utilization.
The card was paid off immediately, but the posted balance has dropped my credit by almost 60 points. Since the purchases were all made on my friend’s card and there were none of my purchase that cycle is there any way I can file something with the credit bureaus to get that incident removed or at least adjusted so the hit isn’t 60 points? I know once the payoff posts my score will improve but I want to know if there is anything else I can do.
Is this a FICO score or a Vantage score (like Credit Karma)? If it's Vantage, don't worry about it, as lenders use FICO scores.