DEPRESSED and I give up with building good credit.

[Tinkerbell319]

So  I just posted here earlier today how my score dropped after paying one of my credit cards down... like how? after realizing it may be because my car loan hasn't updated since November, called the my car loan company and they're saying that it is a delay with updating as they are switching systems or some crap. 

So right after learning the bad news of the score drop... BOOM, I check my care credit account to see my balance, and it states "CLOSED". Due to accessive authorized users. I've added 9 authorized users from October to January. 3 different authorized users each month which were my cousins and friends who wanted to get facials, and hair removal so I added them and went from there. And they closed me down for that, and I tried to apply again and I was denied. So now, the account will close, after 1 year of having the account. I still have a $350 balance, which I will continue to pay as normal. SO now my score is about to drop some more due to the now CLOSED account. I'm thinking about applying for MyJewelers club to replace that closed account with a $5000 credit limit, but I'm also afraid of having "NEW" credit. I'm trying to age my credit and overall get a perfect credit report. 

I was also thinking of getting a new RANGE ROVER this summer... I was planning to put a lot of money down, but I want my credit to be solid to get good rates. I'm all depressed. Cause I went from 720 score and now I'm down to the late 500's. I maxed out my cards during Christmas time... so the maxing out started late October. And that dropped my score from 720, to like 670 and then I carried maxed out cards for 2 months, down to 630, and now I'm like 590 - 588 

[Jnbmom]

That's a lot of authorized users to be adding to one account😳 Honestly  it doesn't surprise me there, you could have just paid for their purchases.

[Anonymous]

Sorry to hear that. 

You've got to admit though, that 9 authorized users could certainly draw some attention.  Couple that with high utilization across the board.  

Your scores didn't decrease solely from a closed account or a loan that hasn't updated in a few months.   The scores are depressed due to very high utilization.  Fix that, and you'll see some relief in a hurry. 

[Anonymous]

Sorry to hear that as well. I'll go ahead and suggest paying down your balances as others have stated, don't app for awhile and let your accounts age. Good luck!

[Tinkerbell319]

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@Anonymous wrote:

Sorry to hear that. 

You've got to admit though, that 9 authorized users could certainly draw some attention.  Couple that with high utilization across the board.  

Your scores didn't decrease solely from a closed account or a loan that hasn't updated in a few months.   The scores are depressed due to very high utilization.  Fix that, and you'll see some relief in a hurry. 

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Honestly when I added them as AU users I didn't think nothing of it. I added 3 people at a time, in the course of 3 months! I added them because that's the only way they could use my care credit. There's so much fraud going on with care credit that clinics and spas are demanding that the patient is added as an authorized user to pay for services. And honestly the facials and the hair removal sessions were probably $220 each... It was christmas gifts and birthday gifts to them, I never used the card so I just put it to use. And I paid the card down this month actually, and was only reflecting a 27% balance. 

Also, 3 of my cards are paid down to below 30% and I do have 3 cards that carry maxed out balances. But geesh! They aren't even due yet, my card that I just paid down updated and my score dropped. 

[Anonymous]

A FICO score did not decrease because you paid one card off, while others still had a balance. Just not possible. It's possible other events coincided with the payoff that may have led to a decrease. 

I get it that you had the best of intentions, but AUs are typically not set up temporarily and frequently for thing such as holiday gifts, etc.  The AU activity most likely had a part in their closure decision. 

[Jnbmom]

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@Anonymous wrote:

A FICO score did not decrease because you paid one card off, while others still had a balance. Just not possible. It's possible other events coincided with the payoff that may have led to a decrease. 

I get it that you had the best of intentions, but AUs are typically not set up temporarily and frequently for thing such as holiday gifts, etc.  The AU activity most likely had a part in their closure decision. 

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I am pretty sure that was the sole reason for the closure .

[seattletravels]

Credit scores are based on behavior and activity over time.  Hopefully you take this as a learning. 

[Brian_Earl_Spilner]

Car not reporting isn't gonna drop your score.

The closed account isn't going to drop your scores unless it drives your utilization above new thresholds. As for the closure, people have been charging to add people as AU to boost their credit scores. They probably assumed this was what's happening. You should have just bought gift certificates for everyone from the spa. Live and learn. You can try calling them up to recon the decision.

Also, there's no way you dropped around 200 points just from high utilization. Something else is going on. Collection, late payment, something.

[FinStar]

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@Brian_Earl_Spilner wrote:

Car not reporting isn't gonna drop your score.

The closed account isn't going to drop your scores unless it drives your utilization above new thresholds. As for the closure, people have been charging to add people as AU to boost their credit scores. They probably assumed this was what's happening. You should have just bought gift certificates for everyone from the spa. Live and learn. You can try calling them up to recon the decision.

Also, there's no way you dropped around 200 points just from high utilization. Something else is going on. Collection, late payment, something.

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Unfortunately, once SYNCB shuts down an account for these related reasons, it cannot be reopened. 

Often times, with other AA instances (e.g. 'blue envelope'), those have a better chance of getting reopened provided it satisfies SYNCB's Risk Team/FR requirements.