My husband recently added me onto his card as an authorized user and it just showed up on my credit report. Immediately my score dropped 30 points from 730 to 700. It has a 6,000 CL and was opened in 2009. Currently the balance is 4,000 (Christmas Shopping.) If he takes me off as an authorized user, will my score go back up. Or should I just wait it out, as he is paying the bill off over the next 2 months? I'm also afraid that it's newness is affecting my score. We have been paying old debts and CC's (hoping to purchase a home in the near future.) I also wanted to keep both of our scores at a respectable number.
Thanks for any advice.
Starting Score: 660
Thank you. I have a large and varied cc portfolio. 10 cards, student loans, car loans, other installment loans. 40,000 CL w 40% utilization (paid down from 55 this summer)
@NickiB983 wrote:
Thank you. I have a large and varied cc portfolio. 10 cards, student loans, car loans, other installment loans. 40,000 CL w 40% utilization (paid down from 55 this summer)
...afaik FICO weights utilization both on total CL available and individual CLs ...your total 40% utilization is well above the optimum 3-9% and the 66% is even higher
...but utilization has no memory ...as soon as those balances fall, your scores will rise
...if you are not planning on applying for new credit in the next few months, don't stress over your current utilization and scores as long as you know why they are what they are ...thats what the CLs are there for ...use them and enjoy the season ...when it does come time to bring your scores up, pay those balances down at least 3 months in advance ...most lenders won't look at your bank records more than two months back plus you want to leave a cushion for the CRAs to catch up with your payments ...hth
