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Question By
axl23

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im an authorized users on a 7.5 yr old card, no missed payments, but has 98% utilization
rebuilding my credit (580). now my only active CC i am an authorized user..7.5 year old, no missed payments, but now has 98% utilization ($4,500 balance on $4,700 limit)..is being on this card helping or hurting me?

besides that I have one recent charge off/collection from last year ($700) I'm trying to deal with, and another from 5 years ago ($8.000+..no way i''m going to be able to pay that so i can only wait until it falls off in a couple years i guess). I can't get approved for any CC's so i plan on getting a secured card to start speeding up the rebuilding process now that's i've settled a good amount of my debts.... but is being on an authorized user on this other card helping or hurting me? its giving me a perfect payment history and 7.5 years of history...but also $4,500 of debt and 98% utilitzation.


should i get a secured card then ask to be removed? or would removing first increase my chances of getting approved without needing it to be secured? (or hurt my chances even more if that 7.5 years and no missed payments disappears from my credit report).

i have no idea if the good outweighs the bad with my name being attached to this card and what to do? (ive been an authorize user for the entire 7.5 years and it is very much being reported to all credit bureaus as if it were my own card..although i stopped personally using it a few years back but never had my name removed..the primary holder has since let the balance run WAY up...but has never missed a payment at least)

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Ok, first I would deal with the $700 collection.  Only communicate with the creditor by mail.  As for a "Pay for Delete"  Where you pay the bill and they delete it off you credit report.  But again only by mail so you have everything in writing.  As for the $8000 if you cannot pay this then maybe you can settle this account for much less.  Are you beyound your states statute of limitations?  If so they would be willing to settle for much less.  If not dont poke them let it alone unless they are trying to sue you then just settle.

For the account that you are a AU on, will it be paid down soon?  if so it would be worth it to stick with it.  Utilization has no memory so as soon as it goes down your score will go up.  So you would have to decide if it is worth waiting.  Getting a secured card either way would be good for you.

Reply by
axl23

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thanks!

also the account i'm an AU on...i don't think it will be paid off any time soon. actually the person who has the account just got a HUGE lucky bbreak and found out they had some kind of insurance (they went on disability a few years back) and the insurance agreed to pay off like $3,200 of the balance.

they told me that and i thought "Sweet, this should help my credit quite a bit"...then they had the card nearly maxed out again within 30 days *facepalm*

however they re the type to never ever miss payments, so i dont have any worry of that happening...they're kind of obsessive about it.. (i also asked them to PLEASE let me know if they plan on ever missing a payment so i can remove my name ASAP.. i want to remove my name anyway but i feel like i should settle my other debt and get a new card in my name first before i remove my only active CC account from my credit report)

but like i said i don't tknow if it's even helping me at this point, would i be better off with no open debts and no active accounts? or wait it out until i settle my debts/open a new card of my own to start rebuilding my credit)

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