Ok I have worked SO hard on my credit the past year so I can get approved for a mortgage. My score was a lousy 460 and now it's at a fair 670. I know I still have a little work to do..
well our mortgage lender told us that being authorized users on credit cards wouldn't get you approved and to get removed if you are one in someone's cards. Well in my stupidity, I thought I was an authorized user on my grandmas card. So I called her and asked her if she could get me removed as an authorized user and that I would continue to pay the balance. Well it turns out I was a joint account holder and she thought it was better to just cancel the whole entire account with a balance!!!!!!! She didnt really realize closing down credit card was a bad thing for my score. It was my only credit card (only credit utilization I had) and was about a year old. I do have student loans in good standing that are a little over 5 years old.
I'm just curious because of the following factors- the credit card was the youngest thing on my account. The balance was pretty high (2360 out of 4000), and I won't have any revolving utilization now. I paid the balance all the way to 0 before it gets reported on the 22nd. So my over all balances are going to drop by $2360 but I will no longer have utilization or credit limits.
How bad is this going to kill my credit? I'm sick to my stomach!!!
