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Question By
jvaa

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Credit Help Needed
Hello,
When I turned 18, my father cosigned me to three of his cards, to help build my credit, and so I can eventually be approved for my own credit card. I have my my own credit card now, I pay with time in advance, I never use up more than 50% of my credit limit, I take care of my own personal credit card. As for my fathers credit cards that I am cosigned on, they all are nearly maxed out and one is way over the limit (about 160% of the credit was used). My question is if he takes me out of these accounts because my credit is being terribly affected at such a young age, will my credit increase quickly to what it's supposed to be or will the damage linger on for some time? Will he have to pay down the debts before taking me out of his accounts? I am very concerned because I am not even 20 yet and my credit is horrible. Thank you so much.

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When you say "cosigned" I believe and hope that you mean "authorized user". If you are an authorized user on these maxed out accounts, have him call the credit card companies and remove you. You can then contact the credit bureaus and tell them that you are no longer an authorized user on the accounts and wish to have them removed from your credit reports. This should help you and I congratulate you on being responsible with your credit at a young age. Be sure to continue reading on credit as it is one of the most important studies you can do as it will help you in the real world for the rest of your life. BTW. Transunion, Equifax and Experian all have websites with contact info and most lenders use FICO scores, not the ones here, so be sure to remember that.

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