Authorized User

[LP007]

BAM! That more context brought it home for me. LMAO. Okay, just like real estate is location, location, location, credit is utilization, utilization, utilization. I'd check my Credit Karma credit simulator and plug those choices in. See what pops. A lot will change for the scenarios: % utilization, available credit, lengths, # of accounts. It's tricky. Yeah, I'd try a good simulator. JMHO

[AllZero]

@Anonymous  As above, the reported high utilization is hurting more than helping. If you do not anticipate those AU cards to be reporting zero when applying for mortgage, then your EX2, TU4, EQ5 will continue to suffer.

When do you plan to apply for mortgage?

Have your pulled your EX2, TU4, EQ5 scores?

Your ~4 year AoOA Age of Oldest Account should be of sufficient age if on a derogatory free report.

[Anonymous]

What @AllZero said 1000%!

The thing that comes up for me is that there is no way you won't be better without the AU cards. They have served their purpose and you have established some of your own accounts. 4 years is respectable. IMHO, I would get off those accounts immediately and make sure you are removed by checking your reports. I'm nervous that the primary card holder could accidently go over the CL's. IMHO your scores can only benefit from going it solo. 

@Anonymous welcome to the community, glad you joined us!

[Anonymous]

@AllZero  We plan to get pre approved around Feb/ Early March. I've pulled my EX2, TU4, EQ5 from MyFICO and the TU4, EQ5 are in the 710- 720 range, while the EX2 is in the high 600s almost 700. I don't think they cards will be at zero by the time we apply for pre approval. 

[AllZero]

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@Anonymous wrote:

@AllZero  We plan to get pre approved around Feb/ Early March. I've pulled my EX2, TU4, EQ5 from MyFICO and the TU4, EQ5 are in the 710- 720 range, while the EX2 is in the high 600s almost 700. I don't think they cards will be at zero by the time we apply for pre approval. 

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@Anonymous  Those are decent scores even with the high AU utilization.

If  your credit profile is not thin, then you may be able to do without the AU cards.

Is there a middle score you are trying to achieve? If trying to get the best score and best rates with those scores, then you may know your answer as mentioned up thread.

[Anonymous]

@AllZero  If at all possible I would like to get to a 720+ middle so around 10+ point increase over the next 4-5 months. I have a debt paydown plan to decrease my remaining utilization to under 25% by then which still allows me to meet my savings goals for downpayment, closing costs, and more than 4 months cash reserves. 

[AllZero]

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@Anonymous wrote:

@AllZero  If at all possible I would like to get to a 720+ middle so around 10+ point increase over the next 4-5 months. I have a debt paydown plan to decrease my remaining utilization to under 25% by then which still allows me to meet my savings goals for downpayment, closing costs, and more than 4 months cash reserves. 

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I think your score goal is achievable.

I presume the 25% utilization is solely your primary accounts?

Is it the combined on your credit report with the AU cards?

Not knowing your exact details, below are benchmarks for scoring thresholds for FICO 8. EX2, TU4, EQ5; should react similarly.

Remember these aggregate utilization thresholds: 9%, 29%, 49%, 69%, 89%
Remember these individual utilization thresholds: 29%, 49%, 69%, 89%

Optimal would be getting at or under the 9% aggregate utilization threshold.

[Anonymous]

Yes my friends above are correct, drop it like it’s hot and run. You got to get those off of your report and you’ll see your score rise and even more so with AZEO, follow the advice of my friends above!

[RobertEG]

AU account information, even though added to your credit report for scoring purposes, is, by very definition, NOT information that reflects your own credit history.  It reflects the credit history of another.

Creditors recognize that fact, and can see, when reviewing a credit report, that it includes authorized user accounts.

That tells them that the three-digit score they are viewing is not restricted to an evaluation of only the credit history of the named consumer.

When evaluating consumers for grant of new credit, many lower-level credit decisions forgo a more detailed manual review, and thus AU accounts can clearly help.  That is particularly true for consideration of rebuilder levels of new credit.

However, when the amount of new credit under evaluation increases, so to does the chance or a manual review, and thus the consideration by the creditor of the value of a credit score that is, on it face, not based solely on the history of the applicant consumer.

Many mortgage lendors are known to routinely require applicants to remove any AU accounts as part of their underwriting process, thus permitting the lendor to obtain a "real" credit score.

Since your stated intent is to apply for a mortgage loan, I would not assume that the AU accounts will simply be permitted to remain during the underwriting process.  You might wish to check with your potential lendor and inquire about the inclusion of AU accounts, and possibly remove them prior to mortgage loan application, and thus obtain your own credit score that is not reliant on the history of others......