Authorized user question???

[lookingforhelp]

I am currently an authorized user on a card that has been open since 1999 with a perfect payment history, and a CL of $24,000.The card carries a balance of about $12,000. I am currently in credit repair mode with scores ranging from 620-692.

My question is would it help my scores to remove this account. I ask that because I know that current balances owed weigh heavily when computing scores. I have about 4 new accounts open within the past 8 months with the highest CL being $750. So I don' have that much of a postitive history.

Simply asked is this authorized user account doing more good or bad to my scores?

thanks for any help

[isislc]

IMO I would say that it is doing good since you really have no age for your accounts and not very much age is a big ouch.

[Moneedshelp]

I think the new scoring models will not count AU's but not sure when that will take effect.

Also, you should weigh the options of losing your oldest account, with a high limit.

It is at 50% utilization, but I think loss of the account would probably hurt you worse. JMHO

Good luck

[Magdalen77]

I agree with the previous posters. IMHO, the age and, I'm presuming, good status of the account is doing you more good than the higher utilization is doing you harm. If you're thinking of removing it I'd wait until all your new cards have a couple of years of good history behind them.

[kb9tbq]

I would leave the account, it won't be much longer and the authorized user listing on the credit report will become unrated. Should take affect this spring sometime.