Strongbad02 Posted August 3, 2007 Report Share Posted August 3, 2007 Ok, first time here- so be kind...I know all the basics in credit, scoring, raising your credit score, etc. This question is a bit advanced, though. Hopefully you can shed some light on this.When I was in college my father added me to his american express account, so I could have an emergency. I'm now 24 and out on my own and have no purpose for this card, as I don't use it, and it's just increasing my over all amount of debt I have. Here's my question...will removing my name from his american express account hurt my credit score (counting it as a canceled card) OR help it (by reducing my over-all debt)?Let's see what ya got! Thanks in advance Link to comment Share on other sites More sharing options...
IHateCAs Posted August 3, 2007 Report Share Posted August 3, 2007 Your credit score won't factor in AU accounts come September anyway. The issue is now moot. Link to comment Share on other sites More sharing options...
Strongbad02 Posted August 3, 2007 Author Report Share Posted August 3, 2007 I'm asking in the grand scheme of things, will removing my name from his account (which unfortunately carries a balance right now, and will continue to) help or hurt my score? Link to comment Share on other sites More sharing options...
Strongbad02 Posted August 3, 2007 Author Report Share Posted August 3, 2007 Also, is there a terms page which include all the abbreviations(ie AU) for newbs like myself? Link to comment Share on other sites More sharing options...
saramorgan Posted August 3, 2007 Report Share Posted August 3, 2007 Strong- There is an abbreviations guide under the main section of the forum. http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=247970You are considered an authorized user right now on your dads card. The FICO people are planning to revamp how they calculate scores and will not allow "authorized users" to gain/lose from being on someone else's card. This is suppose to go into effect in Sept. of this year. Link to comment Share on other sites More sharing options...
Strongbad02 Posted August 3, 2007 Author Report Share Posted August 3, 2007 thank you very much, both of you, for your help! Link to comment Share on other sites More sharing options...
Dayspring Cheri Posted August 3, 2007 Report Share Posted August 3, 2007 I always thought it never helped with anything score wise but to an untrained eye IE: a young or busy underwriter. A good underwriter would have seen that it was not their debt immediately.its not your debt, you didnt make the account nor where you responsible for it. you where an authorized user only. Keeping it on your credit will only help if it is your highest credit line and then it is only to the untrained eye. I'd keep it on, until you are well established unless there is a shot that it would ever go delinquent.just my 2 cents. Link to comment Share on other sites More sharing options...
nativechild48 Posted August 3, 2007 Report Share Posted August 3, 2007 Ok, first time here- so be kind...I know all the basics in credit, scoring, raising your credit score, etc. This question is a bit advanced, though. Hopefully you can shed some light on this.When I was in college my father added me to his american express account, so I could have an emergency. I'm now 24 and out on my own and have no purpose for this card, as I don't use it, and it's just increasing my over all amount of debt I have. Here's my question...will removing my name from his american express account hurt my credit score (counting it as a canceled card) OR help it (by reducing my over-all debt)?Let's see what ya got! Thanks in advanceAny credit card that has a low available credit is hurting your score. FICO will be changing for AU, but currently when you are added as an AU the more credit used hurt your FICO. Link to comment Share on other sites More sharing options...
Dayspring Cheri Posted August 4, 2007 Report Share Posted August 4, 2007 I'm not sure why I feel the need to further explain but I will.assuming your Dad hasnt maxed out his card OR is over 75% LTV, isnt going to stop paying it and is of sound mind.KEEP IT ON YOUR REPORT UNTIL YOU HAVE A FEW ACCOUNTs THAT LOOK BETTER. IT ISNT GOING TO HURT YOUR SCORE.I REPEAT, IT IS NOT YOUR DEBT, THE CREDIT BUREAU KNOWS THIS BECAUSE IT SAYS SO NEXT TO THE ACCOUNT. Link to comment Share on other sites More sharing options...
saramorgan Posted August 4, 2007 Report Share Posted August 4, 2007 My husbans became an authorized user on one of his parents cards and they ended up on hard times and went into Debt Collection. That account is reporting as a negative on his credit report.So it does affect your score but I would imagine that a lender would read past that for a loan. Computers on the other hand won't. Link to comment Share on other sites More sharing options...
Strongbad02 Posted August 10, 2007 Author Report Share Posted August 10, 2007 Wow, definately alot involved here, I'm thinking I'll probably stay put for the time being. My concern was with the balance around $6,000 and my income around 35,000, it doesn't look that good when you add on my car loan (around 13k), student loans (20k), and my credit card (around 3k). I'm really not looking to make any big purchases or anything right away that would require a credit check, but I just wanna be sure to stay on top of things. Link to comment Share on other sites More sharing options...
aadam101 Posted August 10, 2007 Report Share Posted August 10, 2007 My husbans became an authorized user on one of his parents cards and they ended up on hard times and went into Debt Collection. That account is reporting as a negative on his credit report.So it does affect your score but I would imagine that a lender would read past that for a loan. Computers on the other hand won't.It effects your score TODAY. Starting next month (with one CRA) and next year with the rest it will have no affect on score at all. Link to comment Share on other sites More sharing options...
saramorgan Posted August 10, 2007 Report Share Posted August 10, 2007 Yeah, I told DH the rules on reporting that were going to change. I sent a dispute to all 3 CRAs also saying "not mine". Link to comment Share on other sites More sharing options...
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