When I first began building credit my mom helped me by adding me as an authorized user on her gas cards, which helped me get my first credit card and established credit.
After about 11 months of having good credit, I've built up a nice credit report and I'm now eligible to be approved for my own gas cards.
Is it a good idea to remove myself as an authorized user on her cards and apply for my own or should I keep myself as an authorized user on hers?
Im on three of her cards, the one with the longest history has 11 months on it, the other two are 8 and 9 months?
How much will it effect my credit score if I removed myself from her cards and apply for my own?
Note:
Neither of us EVER missed a payment. Her credit is Good, and so is mine up to this point.
2007-05-16 10:41:15 · 6 answers · asked by eXp 2 in Business & Finance ➔ Credit
I would not remove myself is I were you. 35% of your credit score is based on payment history and no matter what those other morons say it doe's help your credit being a authorized user because the pay history does' show on your credit.
After you have secured your own credit cards and have established a good long (over 12-months) pay history then think about removing yourself.
2007-05-17 04:33:32 · answer #1 · answered by ? 7 · 0⤊ 0⤋
Since she is keeping her cards in good standing, it won't hurt you to keep yourself as an AU on her accounts.
If you want to apply for a card that you are an AU on, then you might have her remove you from that card.
While she doesn't have a long history on her cards (if her oldest is 11 months) if you decide to have yourself removed you might take a minor hit for losing history, but you would probably take a larger hit by losing the credit limit on the cards (utilization).
If you decide that you want to be removed, don't do it all at once. Space the removals out to at least 6 months apart.
Unless her credit habits start to go downhill, then it would be best to take the hit and be removed from all of them.
2007-05-16 10:57:59 · answer #2 · answered by echo 7 · 0⤊ 0⤋
Authorized users aren't getting a credit history--they're users, not payers and not accountable for the good or the bad of payments. It may be that the gas card company will give you credit based on this pattern, but most credit cards won't even know you were an authorized user, so you need to get your own cards as soon as possible. Whether you stay a user or not on her accounts won't affect your credit history.
2007-05-16 10:51:08 · answer #3 · answered by Still reading 6 · 0⤊ 2⤋
I will save you the long stories, but now that you have estaablished your own credit it is in your best interest to not be an authorized signer on your moms account.
FYI- Some places will only remove you if the account currently has 0 balance.
2007-05-16 11:00:42 · answer #4 · answered by Jacque w 3 · 0⤊ 1⤋
Remove yourself as an authorized user on her cards. Get your own credit so it is reported to the credit bureaus. No one knows you are an authorized user and they don't care. It is her credit, not yours.
2007-05-16 10:45:49 · answer #5 · answered by Anonymous · 1⤊ 2⤋
properly, by way of applying me working at American convey--i ought to respond to that. in case you have a secondary card holder & counting on what style of card you have, (cost or line of credit) it ought to. often online of credit because of the fact out of the shrink it is given to you, say according to occasion, $1000. in case you pass above 30% that's over $3 hundred, it impacts your score. Brings it down. Amex cost card does not influence your score till you pass late over ninety days. So in case you pay it off in comprehensive, not something will take place & it will pass up. yet purely a qualified person is kind of like a supervisor you takes take of you once you are able to not shield something on the cardboard & it won't influence you score. All celebrities have a qualified account manger(AAM) or authorized agent(AA). many times the (AAM) has as lots means as you have on the cardboard exept to cancel the account itself. So i'd be notably choosy to who has that means. (AA) can basically understand documents approximately you card like, stability due & stuff like that. it ought to artwork different for different agencies yet it fairly is the way it works at AMEX. & on your 2d area question, No! it won't influence the authorized person's credit for squat!!! You gotta have a small stability on the cardboard nevertheless. shop it under 30% & that will enhance you score. maximum obligatory, pay on time!! if he has secondary card & runs up the cardboard, it is going to basically influence you. Your the standard & it comments below your social. till you supply a tax identity from you business enterprise.
2016-11-04 03:51:44 · answer #6 · answered by Anonymous · 0⤊ 0⤋