Help

[Anonymous]

I have been bustung my tail to rebuild my credit scores following a divorce and my ex filing bankruptcy.  A year ago I was look at 550 across the board.

I have been working with the creditors and agencies. 

I recently had two collections removed from the reports.  And my credit union finally started reporting my 2 auto loans, which is a good thing.

I need at least 1 point with Equifax so I can buy my home back.

                      December 2008          Feb. 2009

TransUnion            587                          639               gain 52 pts

Experian               592                           614              gain 22 pts

Equifax                 631                           619              LOST 12 pts.

Equifax shows that I am an authorized user on my mothers credit card.  12500.00 limit 12200.00 balance. Opened 1996, no lates, all on time.

The question I have is what to do with this account to get the biggest bang.

1.  Dispute it becasue it is not mine.

2.  Have my name removed immediatley as an authorized user and disput the reporting.

3.  My mom can pay it down by at least 6000.00  and maybe to zero.  Would this increase my score?

This issue is only reporting on Equfax. 

I need the 1 point ASAP.

Thanks

[Anonymous]

---

@Anonymous wrote:

I have been bustung my tail to rebuild my credit scores following a divorce and my ex filing bankruptcy.  A year ago I was look at 550 across the board.

I have been working with the creditors and agencies. 

I recently had two collections removed from the reports.  And my credit union finally started reporting my 2 auto loans, which is a good thing.

I need at least 1 point with Equifax so I can buy my home back.

                      December 2008          Feb. 2009

TransUnion            587                          639               gain 52 pts

Experian               592                           614              gain 22 pts

Equifax                 631                           619              LOST 12 pts.

Equifax shows that I am an authorized user on my mothers credit card.  12500.00 limit 12200.00 balance. Opened 1996, no lates, all on time.

The question I have is what to do with this account to get the biggest bang.

1.  Dispute it becasue it is not mine.

2.  Have my name removed immediatley as an authorized user and disput the reporting.

3.  My mom can pay it down by at least 6000.00  and maybe to zero.  Would this increase my score?

This issue is only reporting on Equfax. 

I need the 1 point ASAP.

Thanks

---

What are all the credit cards you have and their balances?

I would think any of your options would give you at least a one point jump... But wait to see what others say.

[Anonymous]

                       Limit          Balance        Payment

Target  2           200            180                 10                       I am paying this off this month.

Visa                 2300            1950              60

Kolhes              1500             374              11                      

Chase            12500            12300            247            Only a authorized user, my parents account

Bass Pro       2000                928              33    (294 past due)  CO due to my ex's filing bankruptcy.  reports closed on other agencies.  It was joint and my ex filed on it.

[Junejer]

Hello Farleyja, and welcome to the forums. Please read Credit Scoring 101, if you haven't already.

If your mom can pay it to $0 PDQ, it will help your scores. If she can't, I would remove myself as AU. You can simply dispute with the CRA or go to the CCC and ask them to remove you and update the CRAs. Either way, you are looking at 30-45 days for it to take effect.

[Junejer]

Okay, we posted at the same time. I would get those cards paid down to $0, except one, which should report a small balance of around $10 or something crazy. You are leaving a lot of points on the table by allowing those balances to post. Your best case scenario, IMO (given this new info) is to have mom pay down to $0 and for you to remain as AU.