Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!


Posted in Credit Scores
Profile Image

Question By

0 Contributions
0 People Helped
Add me to husband's card or not? My score has dropped 64 pts. Several recent changes.
Several factors have just occurred in the last month or so in my husband and my quest to become credit card debt free. I thought these might have been good factors, but my credit score has dropped about 64 points in the last 3 weeks.

1. Mortgage Refi - removed my brother from mortgage and added hubs, new lender. Old mortgage "paid in full". New mortgage first payment due 2/1.
2. Got new 0% APR card and transferred balance which puts new card utilization at 90%, first payment due 2/1.
3. Paid off a 19.24% Discover card, now zero balance.
4. Paid off a 14.29% Visa card via balance transfer to new card listed above and cash payment. This card is used to pay bills and make big purchases because it has points. So, we paid it down to zero, but then put on another $2k earlier in Jan that's being paid off again before the end of the month. Goal is to pay off the balance each month.

Between us, we now have 3 large balances:
A. $4500 on new 0% card (in my name, he's authorized user)
B. $9000 on 12.29% card (his name only)
C. $13500 on 11% card (my name only)

So, now here's the big question - due to having extra cash not being sent to the 2 previously mentioned cards, we plan on focusing on paying down card B listed immediately above because it has the higher interest rate. By our calculations, we should have it paid off in less than 12 months if we stay steady with our plan. For card A, we plan on doing the minimum payment of $300 that would ensure we pay off the balance within the 15 month 0% APR rate time frame. For card C we plan on making the minimum payment plus about $50 each month until everything else is paid off and we can focus just on this card.

We are hoping to find a new home this year, and it's a bit concerning that my credit score has dropped so much. I'm wondering if it would be beneficial to have me added as an authorized user on hubby's card B, since that's the one we plan on making big movement with in the coming months, dropping down the utilization rate. Otherwise, it will look like I'm not really making a dent in my revolving debt since we'll only be making the minimum payment on card C. OR, should we somehow split up our payment $$ between cards B and C so that it is making a dent in both simultaneously?

I've been working very hard at paying down my debt and was so happy to pay off a couple of cards and make a plan for the rest. It's disappointing, to say the least, that my score dropped so much.

I welcome suggestions on how to move forward with this situation.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.


Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.