Friday, November 19, 2010

I am a authorized user of one of my mom's credit cards and?

I made this card so that I can get credit(had no credit) this was about 3 years ago. I recently pulled up a credit report and saw that my mom's credit card had about 50 percent balance of the credit limit with good payments.My own credit cards are about 1~2 years old.I want to keep my credit card balances less that 25%~30% of the credit limit.I was thinking about removing myself from her card because I wanted all of my credit card balances to stay low or paid off,plus I don't need her credit card.The question is,would it be better for my credit score if I removed her card and kept balances low and paid off OR keep her card because it's the oldest card I have(remember it has 50% balance and I'm only a authorized user)?(I know that 35% of the credit score comes from bill-paying record and 15% comes from history.30% from how much you owe.10% how well I mix credits.10% inquiries)

but 50% balance??? what should I do?I am a authorized user of one of my mom's credit cards and?
Geeze, no offense but some of these people need to study basic credit again.

First being an authorized user will absolutely help build up someone's credit. That's only if that credit card company is reporting you on this card...and with it being on your report then they are! old is your Mother's account? Because you pick up all that history when she started reporting you. If her card has been open for several years you could kill your credit score...because history counts a lot on your score.

Third...The only way I'd remove this card is if it's not that old...such as being about the same age as your own credit cards...then it's really worthless to be on it!

Fourth...I don't know why people would think as an adult you can't get help with your already said you have your own cards...and that you don't even use her as long as she's making her payments on time and you are not using her card then you are be responsible as being an authorized user!

Fifth...Don't listen to just anyone's credit advise...they could royally screw you up!

Now to explain something else...yes utilization of credit is very important as far as your score goes...but so is length history...and taking off a long history account could drop your score be cautious! Find out how she has had this particular card and decide from there!

Remember: Just because you only got added 3 years ago doesn't mean you just picked up three years of history...go check your will show your history as being as long as your mother has had the check that if you're mother is unsure...this will help you decide!

Another thing you need to realize is what the credit card company is actually posting on your account...I know most credit card companies do not report as ';authorized user'; other words they report the card as though it's your check your report for that as well...being an authorized user gives you the credit because it makes it appear as though it's your card on your report....I am a authorized user of one of my mom's credit cards and?
get your own credit card...
Wow, I don't think an authorized user of someone else card builds your credit. Yes, keep your cards under 50% and don't cancel any cards unless you absolutely need to. The longer you have the card the better.
if your an adult you shouldn't be on your mothers card anyway
remove yourself from your moms credit card and get your own. some credit card companies have an online access to your credit score. One of my cards now is from Washington Mutual Bank (its a visa card) and I can view my credit score online! keep them low and pay them off right away - and more than just the minimun pay.
if you remove her from your credit it could drop your score. now that you have some credit try and get one of your own. sears is really easy to get or walmart. then once you have one of your own then get rid of your moms unless it is hers then she will have to cancel it. just keep them low or paid off. talk to a loan officer to get better info on this.
It's a good question.

First. It does not matter if you have a credit card for a decade or a day. In the end it's all about the money.

I don't know if you can build credit with your mom's credit card.

It would be wise to find out for sure about that.
You are fine either way, as you are only an authorized user. That means that you are not liable for the debt. You would have to be a joint account holder, or co-applicant. As long as you don't already have too much credit from your other cards, there is nothing wrong with staying on her card, however in your particular circumstance it sound like you have it together even more than your mom! You can go either way and you will still maintain a good rating.
Libbybald.. has the best answer so far but I contend that you don't need all this credit.

I have only used credit to buy a car and to buy a house. I have no other debt. Consumer debt has gotten so many people in credit trouble and for some reason a large majority of our country doesn't even consider not going into debt, they just consider how to manage their credit.

If you have very little or no debt then you will start to build wealth. When you build wealth your frame of mind changes about money. You will start to have more options than you thought. You will not be 'a slave to the lender' anymore but you will be able to command your own financial destiny.

It sounds as if you are 20-24 years old. Really, really, really consider not spending what you don't have. Try less to worry about keeping up with 'the Joneses' and realize that perhaps it won't be too much longer when 'the Joneses' will be trying to keep up with you.

I'd dump her card and go to for more resources on this issue. After all, I work with airplanes at the airport; I'm not a Super Duper Senior Credit Analyst!

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