I want to remove my name from 2 accounts as authorized user due to divorce. Will this affect my credit score? should I contact these 2 companies and request my own account?
technically, AU accounts shouldn't go on report. Of course sometimes they will list an AU account and if it is positive then cool. if it is negative then it is easy to delete.
I would assume that your ex would take you off. yes?
You need a mix of credit accounts to build the highest credit score. You need revolving credit card accounts, a vehicle loan, and consumer loans (such as a student loan or a signature loan). The issue you need to focus on is the length of your credit history. If the two accounts you mentioned are the oldest in your credit report, then by closing those accounts you will damage your credit score. Therefore, if possible refinance the accounts in question if they are your oldest.
As you are inquiring about how to improve your credit score, let me give you some information on how a credit score is calculated. Your credit rating is calculated based on several variables, including:
Payment history
Payment history counts for approximately 35% of your score and is the most heavily weighted factor used in calculating your credit score. Consistently paying your bills on time has a positive influence on your score, while late or missed payments will hurt you in this area. If you have delinquent payments, the older the delinquency the less the negative impact on your score will be. Collection accounts and bankruptcy filings are also taken into consideration when analyzing your payment history.
Total debt and total available credit
This counts for about 30% and weighs how much debt you have compared to the total available credit on your accounts. If all of your accounts are maxed out, you will be considered a poor credit risk, because it appears that you are struggling to pay off the debt you have already incurred. If your account balances are relatively low compared to your available credit, this part of the risk analysis should help your overall credit score.
The score calculation also looks at these two factors independently. Having too much available credit, whether you have used it or not, could hurt your credit score, as statistical studies have shown that people with excessive amounts of available credit are a higher credit risk. Unfortunately, the bureaus do not define exactly what they consider excessive, so best tip is to use credit conservatively and to keep your debt to credit limit ratio low.
Length of positive credit history
This counts for about 15%. The longer you maintain accounts in good standing, the better your score will be. This shows that you are able to make a long-term commitment to a creditor and are consistently responsible about making your payments. If you have accounts with long history (5 or more years) and no missed payments, you should keep these open and paid off.
Mix of types of credit
This counts for approximately 10%. Having several different types of credit, such a credit cards, consumer loans, and secured debt, will have a positive influence on your credit score. Having too much of one type of credit can have a negative impact.
The number of new credit applications you have recently completed
This accounts for about 10% of your score. Applying for too much new credit in a short time period makes indicates that you could be credit risk, as you may be desperately trying to keep your head above water. The models make an exception for people who are shopping around for a loan, so if you are simply applying to see who can give you the best rate on a new loan, you need not worry too much about damaging your credit score.
I think if you remove your name as an authorized user, it will hurt your credit score as the credit history in regards to that account will get removed. However, if it's a negative one you should better remove your name from it.
if you negotiate with the cneoapims you owe money to intend to satisfy payments, have them put in writing that when the debt is satisfied they will remove it from all reporting agencies. then, when the debt is paid, make sure they follow-up. get everything in writing make sure they notate your accounts w/ comments to that effect .
I need my good credit to start over and do not want to have this hold me back. What is the best thing to do?
technically, AU accounts shouldn't go on report. Of course sometimes they will list an AU account and if it is positive then cool. if it is negative then it is easy to delete.
I would assume that your ex would take you off. yes?
You need a mix of credit accounts to build the highest credit score. You need revolving credit card accounts, a vehicle loan, and consumer loans (such as a student loan or a signature loan). The issue you need to focus on is the length of your credit history. If the two accounts you mentioned are the oldest in your credit report, then by closing those accounts you will damage your credit score. Therefore, if possible refinance the accounts in question if they are your oldest.
As you are inquiring about how to improve your credit score, let me give you some information on how a credit score is calculated. Your credit rating is calculated based on several variables, including:
Payment history
Payment history counts for approximately 35% of your score and is the most heavily weighted factor used in calculating your credit score. Consistently paying your bills on time has a positive influence on your score, while late or missed payments will hurt you in this area. If you have delinquent payments, the older the delinquency the less the negative impact on your score will be. Collection accounts and bankruptcy filings are also taken into consideration when analyzing your payment history.
Total debt and total available credit
This counts for about 30% and weighs how much debt you have compared to the total available credit on your accounts. If all of your accounts are maxed out, you will be considered a poor credit risk, because it appears that you are struggling to pay off the debt you have already incurred. If your account balances are relatively low compared to your available credit, this part of the risk analysis should help your overall credit score.
The score calculation also looks at these two factors independently. Having too much available credit, whether you have used it or not, could hurt your credit score, as statistical studies have shown that people with excessive amounts of available credit are a higher credit risk. Unfortunately, the bureaus do not define exactly what they consider excessive, so best tip is to use credit conservatively and to keep your debt to credit limit ratio low.
Length of positive credit history
This counts for about 15%. The longer you maintain accounts in good standing, the better your score will be. This shows that you are able to make a long-term commitment to a creditor and are consistently responsible about making your payments. If you have accounts with long history (5 or more years) and no missed payments, you should keep these open and paid off.
Mix of types of credit
This counts for approximately 10%. Having several different types of credit, such a credit cards, consumer loans, and secured debt, will have a positive influence on your credit score. Having too much of one type of credit can have a negative impact.
The number of new credit applications you have recently completed
This accounts for about 10% of your score. Applying for too much new credit in a short time period makes indicates that you could be credit risk, as you may be desperately trying to keep your head above water. The models make an exception for people who are shopping around for a loan, so if you are simply applying to see who can give you the best rate on a new loan, you need not worry too much about damaging your credit score.
andyth, how does this apply to AU accounts
authorized accounts
Hi Archie,
I think if you remove your name as an authorized user, it will hurt your credit score as the credit history in regards to that account will get removed. However, if it's a negative one you should better remove your name from it.
Thanks,
Aaron
But if you divorce someone, it is crazy to leave them as an authorized user.
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if you negotiate with the cneoapims you owe money to intend to satisfy payments, have them put in writing that when the debt is satisfied they will remove it from all reporting agencies. then, when the debt is paid, make sure they follow-up. get everything in writing make sure they notate your accounts w/ comments to that effect .