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Drop Authorized User?

teekay45
New Member

Drop Authorized User?

Hi!  My first post!

 

I am trying to rebuild my credit and so far this year, I had paid off a little over 8K worth of credit cards.  I have about 4K left and if everything goes as planned, I will be done by August.  In addition, I do have some medical collections (deciding on how I want to navigate pending the upcoming changes) and I am trying to have late payments from previous years removed.

 

A few years ago when I was getting married, my dad put me as an authorized user on two of his credit cards so that I can just pay vendors when I need to.  After the wedding, I asked him if he can keep me on (I do not even have the physical credit cards anymore) because it shows me having a high credit line overall, but also I know that removing me could have an affect.

 

Fast forward to today, a few months ago, my dad charged some high balances to both of them which hurt my score.  In all, there is about 19K that he owes.  I know he is good for it and not going to default or anything like that, but with the economy the way it has been, he has not been paying them in full.  So while I am trying to pay down all of my debt, it will still show those high balances come August (provided that he keeps paying the minimum since I am guessing he has a zero interest deal on them).

 

I have gone back and forth with asking him to remove me from them.  The credit line and avilable credit even with the balance helps me big time, but not at the current state (my score had dropped from 632 to 569 when he the balances posted).  I am not sure if removing me would have as much of an impact as I would like it to as to just wait it out for when he pays them off.

Message 1 of 4
3 REPLIES 3
Shooting-For-800
Senior Contributor

Re: Drop Authorized User?

WELCOME!

 

I would politely ask him his plans for paying them down/off.

He did you a big favor, I would not be too hasty asking him to remove you.

What are his limits versus balances?

 

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2022.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!


Message 2 of 4
teekay45
New Member

Re: Drop Authorized User?

Thank you for your reply!  Asking him when he plans on paying them off is not an option since I do not think it would go well.  Someone with a barely 600 credit score asking someone with an 800 credit score when he is going to pay his bills. Smiley LOL

 

The first card is $3,744 balance / $36,500 limit / 11% utilization.

The other card is $15,329 balance / $26,400 limit / 59% utilization.

 

He has never carried a balance month-to-month as he usually pays in full to avoid interest.  So I am thinking that they are under special financing, espeically since when the month's payment does update on the report, it is for the full minimum due.

Message 3 of 4
Shooting-For-800
Senior Contributor

Re: Drop Authorized User?

I would give it a few months.

Scores don't matter until you need to apply for something.

Scores have no memory either.

I would not worry right now. 
I doubt the balances are hurting you that much.

If the large balance gets under 48%, your score may go up.

Your lates hurt a lot more than the balances with large CL.

Your score may drop more if you lose those CLs.

Wait it out.

 

On a side note...

You should never only pay the minimum due in my opinion.

Always shoot for 1.5X or 2X or 3X the minimum if you can't PIF.

Red flags fly at minimum only payments.

 

GL!

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2022.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!


Message 4 of 4
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