Long story short, I've been trying to buy a house and I have a thin credit file. My Experian score is my lowest and it has a timeshare reporting a delinquincy that is keeping that score down. The timeshare account is closed, no balance due, but it reports monthly as not paid. Also on Experian is my parents Capital One GM card that they've had for 20+ years and they put me on as an authorized user when I was a teenager. I don't use it but it definitely affects my score. They run a balance on it (to get their rewards each year) but pay it every month so it's in good standing. The way I see it, the two items have been kind of canceling eachother out.
However, when it comes to my mortgage, the lender told me he isn't really considering either of those accounts in determining my loan, but he does look at the overall credit score. I am on the edge of elligability as it is right now. I have about 10 points of wiggle room.
I told my parents that I was house hunting, and that their use on this card affects my score quite a bit, and they assured me they would stop using it for now. They have plenty of other cards to use and they have cash on hand, they just like to use cards to rack up rewards. Well apperantly they forgot this conversation because they just used the card for a large purchase and it made my credit usage go way up and my Experian score immediately drop 2 points.
I'm obviously frustrated. I asked them years ago to remove me from the card, and they didn't because they think that as an authorized user who doesn't have a card in hand, that it doesn't effect me.
Should I try to gently remind them that we had agreed no one would use that card until I finalized my mortgage, or should I push hard and get myself off the card all together now?
My concern right now with getting off the card is just that it would remove my longest open account from Experian, and then it would leave my tiny credit card that has only been open about 18 months and a giant stupid time share delinquent account, and so my Experian score will bottom out and I'll be shooting myself in the foot when it comes to trying to get my mortgage. On the other hand if they keep spending on this card, I might not be able to get a mortgage anyway.
When a mortgage lender runs your CRs they will ask for Fico with all AUs excluded so its not going to help you in any way with this type of loan. You have to stand on your own profile with MLs. As far as removing it for other purposes you want to get your own cards established then be removed as AU. If they wont remove you, you can send in a dispute to the CRAs asking that it be removed as you are only an AU and are not responisble for repayment of the account. Welcome to myFico