Removing myself as auth user on maxed out card

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dwtrr
 
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Removing myself as auth user on maxed out card

Postby dwtrr » Thu Oct 09, 2014 5:26 pm

I am an authorized user on my mother's two credit cards. I do not use the cards and have not ever been in possession of the cards. She put me as the authorized user as a way boost my credit. Unfortunately the cards have bee maxed out. The credit limit on the two cards are 1100 and 2000. I want to remove myself as an authorized user as I believe they are tanking my score. If I am removed will this raise my score? What are the major ramifications?


MemberSince99
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Postby MemberSince99 » Fri Oct 10, 2014 6:35 am

If that's the only credit you have, then you might want to get something of your own if you can. Hard to say what will happen.

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Postby popamode72 » Fri Oct 10, 2014 7:41 am

You might wanna take a look at SDFCU's secured card where there's no credit check or income verification at all if that's all the credit you have and you don't want any lender to see the maxed out card. It even reports as a regular credit card from what I've heard. I think that way it will be easier to remove yourself as an authorized user on your mother's cards.
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takeshi
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Postby takeshi » Fri Oct 10, 2014 10:28 am

dwtrr wrote:If I am removed will this raise my score? What are the major ramifications?

Removal will prevent the inclusion of those accounts in assessing your credit but, as stated above, it's impossible to say what the effect would be without knowing the other details regarding your credit. As always, it's a matter of the sum of all the usual factors:
http://www.myfico.com/crediteducation/whatsinyourscore.aspx

Even knowing all the details we can't give you a specific number of points.

If her request to remove you does not remove the accounts from your reports (should but doesn't always happen) you may need to dispute.

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lobbythis
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Postby lobbythis » Fri Oct 10, 2014 2:03 pm

I thought authorized user just meant you have an additional card to access the credit. How would that affect the authorized user's credit?

I understand a joint account affecting both person's credit, but an authorized user?

I am personally an authorized user on someone else's $25K Amex and it has never been reported on my personal credit reports and it damn sure hasn't increased or affected my score in any way.

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Postby MemberSince99 » Fri Oct 10, 2014 2:52 pm

lobbythis wrote:I thought authorized user just meant you have an additional card to access the credit. How would that affect the authorized user's credit?

I understand a joint account affecting both person's credit, but an authorized user?

I am personally an authorized user on someone else's $25K Amex and it has never been reported on my personal credit reports and it damn sure hasn't increased or affected my score in any way.




If the user whose account it is gives Amex your SSN, then it will report for you. Normally that would be a plus, if the account is taken care of.

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lobbythis
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Postby lobbythis » Fri Oct 10, 2014 3:05 pm

MemberSince99 wrote:If the user whose account it is gives Amex your SSN, then it will report for you. Normally that would be a plus, if the account is taken care of.


See, I thought authorized user means no SSN and joint user means SSN submitted because both parties are responsible on joint accounts. That's why that $25K Amex has never appeared on my reports.

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Vattené
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Postby Vattené » Fri Oct 10, 2014 3:20 pm

My wife is an authorized user on just about all of my accounts (not joint) and they show up on her report. I don't remember the exact jargon, but on the responsibility section where it says individial for me, she has "authorized user."
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FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

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lobbythis
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Postby lobbythis » Fri Oct 10, 2014 6:35 pm

Weird. Guess I'll have to look into mine further. The card is in my name and I do use it occasionally, but it's not on any of my reports.



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