I have recently found out that my FICO score dropped after I was added to my husband's new credit cards as an "authorized user". If I remove my name out of his 2 credit cards, will my FICO score be back as before?
2007-10-05 06:27:07 · 8 answers · asked by yuyuko 2 in Business & Finance ➔ Credit
It will take a few months but should bounce right back. You can still use the cards but you will not be able to discuss the account with the credit card company.
2007-10-05 06:31:23 · answer #1 · answered by sosezshe 4 · 0⤊ 0⤋
The changes have been pushed back (from what I understand). They will not take effect for the first bureau till second quarter 2008.
Having said that, we are overlooking something here. You assume the "good" from the credit history -- but you also assume the "bad" as well.
Is there high utilization on the new cards? To be more specific, did he BT a large balance to the new card?
Also, scores sometimes drop from a new card because your average age would decrease. As most people know, age is a big factor in the FICO algorithm. FICO dings you for what they term "seeking new credit" as well. Too many new cards is considered risky by Fair Isaacs.
If the card is "clean" you will see your scores rebound, probably as soon as a few months. However, to borrow off the knowledge of previous posters, can you gain any benefits before the new scoring takes effect?
So, in the end, it truly may not matter.
Best wishes!
2007-10-05 09:27:01 · answer #2 · answered by TreLawrence505 3 · 0⤊ 0⤋
Wow, I'm sorry for this. I would recommend contacting the credit bureaus to add a note stating your problem here. They Will then be able to look at that, and hopefully take that into account. I would also contact an attorney, to help file a civil suit and try to get your name off those cards. It may cost you money, but nip that in the bud now, or it will cost you much more on down the road. Again, I'm sorry this has happened to you. I don't understand some people, and how they take advantage of others like that. Good luck. In the meantime, no matter what, get that note off to the credit bureaus. To the other answers, it is not true that you are not held responsible. If your name is on the cards, the credit company doesn't care and whatever happens on those cards goes into YOUR report! It's not right, but it's true.
2016-05-17 04:42:54 · answer #3 · answered by ? 3 · 0⤊ 0⤋
FICO no longer factors in being an authorized user for scoring
It may be possible that there is something else on your reports that has caused the drop in score.
It could be anything such as high utilization, a late payment or some other negative suddenly reporting.
You might order your credit reports from each CRA and look them over.
2007-10-05 06:39:50 · answer #4 · answered by echo 7 · 3⤊ 0⤋
It doesn't matter anymore. One credit bureau no longer acknowledges authorized users, and the other two credit bureaus will remove these references in 2008.
2007-10-05 06:39:27 · answer #5 · answered by Anonymous · 1⤊ 0⤋
probably because the debt ratio should go back up. However, make sure they remove the listings and not
say you cancelled.
2007-10-05 07:14:28 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yes.
2007-10-05 06:33:14 · answer #7 · answered by Anonymous · 0⤊ 2⤋
Echo is correct.
2007-10-05 07:41:18 · answer #8 · answered by ? 7 · 0⤊ 0⤋