I am an authorized user on many of my wife's credit card accounts. I did this primarily to help build my credit history. While my credit was bad, this was a boost, since all of the accounts were active and were all good trade lines. Now, I am almost done with the credit repair process, and the accounts are becoming a liability. The balances are high, which is hurting my credit score. My credit score for TU is only 610 and that is with no negatives. The balances/credit line ratios stink. My question is, if I withdrawal myself as an authorized user on those accounts, what will happen to my credit reports? Will they indicate zero balance, be deleted all together? They can't keep reporting if I am no longer associated with those accounts. I am thinking of doing this to up my scores. Thoughts?
Actually, they can continue to report. Remember, a credit report is supposed to contain HISTORY - many folks forget that fact. However, I was an AU on some of my mom's accounts years ago before she passed away. Years later, I noticed those accts were reporting to my report also so I disputed as "not mine" and they were deleted.
breeze.... Is there documentation somewhere to support that? I'm not sure that is accurate. I could be wrong.
All of the previous posts I have read on this subject stated that if you are taken off as an AU and then dispute it with the CRAs, it will fall off.
Yes, you can even make them stop reporting if you remain an AU, if you choose. A nicely worded request to cease reporting, and perhaps enclose a copy of the following to convice them that you know your rights: http://lawyerphillips.com/Phillips v. Trans Union et al -- Complaint.htm
I believe there may be some laws that allow them to report the account even if you are no longer authorized if the primary cardholder is a spouse. You may want to check with the credit bureaus. I also believe it can report the full 7 years. But, hey...I could be dreamin.
Actually, these accounts would go on longer than 7 years because they are all positive accounts. I'm not trying to get rid of these because they are negative, I just don't want the credit balances showing up as my total debt...
The easiest way to do it (or the best way that worked for me) was to contact the OC, tell them you no longer wish to be an AU on the account and to please delete it with all 3 CRAs. Sometimes, they will delete the account, other times you will have to dispute. When you dispute it just say "not mine". Dani
I'm running into the same problem. I thought the extra credit would give me a boost, but instead, its telling me a negative is that I have balances on too many cards. Doen't matter if its only $20 on a card apparently. The CreditWatch page said that most people only actively use three or four cards while I am using nine. A couple of these are from AU accounts so I guess I'll have to try to get them removed. You know...I'm not so sure I'd advise anyone to go the AU route. Not so sure the benefits outweight the detriments. L
"TOO MANY ACCOUNTS WITH BALANCES" IS ONE I ALWAYS GET... THIS IS AN ILLOGICAL DENIAL REASON...YOU COULD HAVE $100 ON EACH OF YOUR 10 CARDS...THAT'S $1,000...IF YOU HAD CREDIT LIMITS TOTALING $50,000...THAT'S 2%!!! EVEN IF YOU HAD ONLY $10,000...THAT'S STILL ONLY 10%!!!
I think anytime yo tie your credit to someone else's you have an uncontrollable element to deal with.
I guess this is a REASON TO APPLY FOR A COUPLE OF SPARE CARDS...put them in the SOCK DRAWER for 6 months, then replace their spot in the SOCK DRAWER with a couple of other cards you have...(ROTATE CARDS)... ALWAYS HAVE A COUPLE OF CARDS THAT STAY AT $0.00 FOR MONTHS AT A TIME AND ARE NOT USED???
