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Mortgage, Authorized User & Age of Credit

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Mortgage, Authorized User & Age of Credit

 

Hello - I am very sorry to trouble everyone, but I am looking to apply for my first mortgage in the next 1-2 months and could use some advice.

 

Back when I was in high school, my father added me as an authorized user to his credit card to help start building my credit history. The silly part though, is I never bothered having myself removed after I stopped using the account. Now that I am looking to apply for a mortgage I am trying to find out what would be best for my mortgage score - staying an authorized user on my father's account, or remove myself and having a shorter credit history. My credit accounts, as they are today, are listed below. Any words of advice would be appreciated!

 

Personal Credit Card / Balance / Limit / Age

Chase / $200 / $25,000 / 2018

Chase Freedom / $0 / $15,000 / 2013

Capital One / $0 / $17,000 / 2012

 

Authorized User Card / Balance / Limit / Age

Bank of America / $4,000 / $24,000 / 2003

 

Message 1 of 5
4 REPLIES 4
Community Leader
Super Contributor

Re: Mortgage, Authorized User & Age of Credit


@LisaRT wrote:

 

Hello - I am very sorry to trouble everyone, but I am looking to apply for my first mortgage in the next 1-2 months and could use some advice.

 

Back when I was in high school, my father added me as an authorized user to his credit card to help start building my credit history. The silly part though, is I never bothered having myself removed after I stopped using the account. Now that I am looking to apply for a mortgage I am trying to find out what would be best for my mortgage score - staying an authorized user on my father's account, or remove myself and having a shorter credit history. My credit accounts, as they are today, are listed below. Any words of advice would be appreciated!

 

Personal Credit Card / Balance / Limit / Age

Chase / $200 / $25,000 / 2018

Chase Freedom / $0 / $15,000 / 2013

Capital One / $0 / $17,000 / 2012

 

Authorized User Card / Balance / Limit / Age

Bank of America / $4,000 / $24,000 / 2003

 


Dont do anything now. A prospective lender will advise you if they need you to remove AU account, so your profile can be scored on it's own merit.

Most of them will ask applicants to remove themselves from AU accounts, so you may not even have a choice in this, but I'd wait till you're advised by them on what to do 

 

 

EX 753 EQ 773 TU 752
Message 2 of 5
New Visitor

Re: Mortgage, Authorized User & Age of Credit

Thank you for your reply!

 

So if most banks will ask applicants to remove themselves, wouldn't it make sense to just remove myself now and decrease the mortgage closing time (not have to wait for the bank to come back with a list of things they want fixed)? Or are you thinking that the hit to my credit score will be enough that it is worth not doing anything now and hoping the bank doesn't ask that?

Message 3 of 5
Established Contributor

Re: Mortgage, Authorized User & Age of Credit

Your account ages are more than enough to stand one your own at this point.

 

I'd suggest that losing the age of his one account wouldn't have much (if any) negative effect on your mortage scores.

 

I'd get that $4k balance removed from my reports before applying, personally.

 

Time to take the training wheels off! You can stand on your own now.

(Thank him for getting you started early and well, though.)

 

EQ8:850 TU8:849 EX8:847
EQ9:850 TU9:848 EX9:850
EQ5:809 TU4:791 EX2:806 - 2019-08-15
Message 4 of 5
Community Leader
Super Contributor

Re: Mortgage, Authorized User & Age of Credit


@LisaRT wrote:

Thank you for your reply!

 

So if most banks will ask applicants to remove themselves, wouldn't it make sense to just remove myself now and decrease the mortgage closing time (not have to wait for the bank to come back with a list of things they want fixed)? Or are you thinking that the hit to my credit score will be enough that it is worth not doing anything now and hoping the bank doesn't ask that?


Like @iv  stated, you should do just fine without it.

Do you happen to know your mortgage scores?

Are you applying with someone else and is their profile in good shape? 

EX 753 EQ 773 TU 752
Message 5 of 5
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