On a journey to improve our credit and have a goal to refinance our mortgage in the next 6-12 months. Currently work on paying down credit cards as our utilization is high. Around 82% for each of us. Going to aggressively attack one card at a time and was wondering if it would be beneficial (credit score wise) to remove each other as authorized users.
Mid fico 8 655
Mid mortgage 612
Credit card 3100/3800 82% utilization
Mid fico 8 664
Mid mortgage 652
Credit card 6700/8100 83% utilization
Going to start on mine (wifes) since it is a lower balance. If I remove myself as an au from hubby's card, shouldnt I see my overall utilization go down and a bump to my score as I pay off mine first? Or will it hurt my score? Both accounts have no lates and have been open since 2013.
Yes, you'd most likely see a slight bump from getting rid of a near maxed account.