- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Parents opened card...
Posted on 3/20/14 at 9:59 pm
Posted on 3/20/14 at 9:59 pm
Like many people, my parents added me to a credit card when I was relatively young to start building my credit. Also like many people, my parents proceeded to nearly max it out over the years. So, I'm in a bit of a quandary. On the one hand, it is increasing my credit age. On the other, it is throwing my credit utilization completely out of whack (it has me around 35% instead of near zero as I pay off my cards every month).
So, my question is whether it would be in my best interest to take the credit age hit now, or continue to allow my credit utilization to look far more risky than it actually is? I'm currently leaning towards the former as I don't have any plans to need my credit for the next few years, but I'm admittedly shooting in the dark.
So, my question is whether it would be in my best interest to take the credit age hit now, or continue to allow my credit utilization to look far more risky than it actually is? I'm currently leaning towards the former as I don't have any plans to need my credit for the next few years, but I'm admittedly shooting in the dark.
4
Posted on 3/20/14 at 10:02 pm to Joshjrn
Ask them to stop putting so much on that one card.
Or ask your other CC provider(s) to increase your limit(s). If you are able to get your limits high enough on your other card(s), the one with your parents may not matter when it comes to utilization.
Or ask your other CC provider(s) to increase your limit(s). If you are able to get your limits high enough on your other card(s), the one with your parents may not matter when it comes to utilization.
Posted on 3/20/14 at 10:05 pm to kennypowers816
Haha I've tried that. Let's just say they aren't quite as financially responsible as I am.
As for upping my limits, that's a work in progress. I'm in my late 20's, so I can only move so fast in that respect, particularly with a very significant amount of student loan debt. A year or so ago, I was at something like 90% utilization
As for upping my limits, that's a work in progress. I'm in my late 20's, so I can only move so fast in that respect, particularly with a very significant amount of student loan debt. A year or so ago, I was at something like 90% utilization
This post was edited on 3/20/14 at 10:06 pm
Posted on 3/20/14 at 10:19 pm to Joshjrn
Sounds like you don't need that card anymore. I highly recommend getting your name off that card. The age of account hit isn't really that high and if you already have your own credit lines you don't need to have your credit affected by their (mis)use.
Posted on 3/20/14 at 11:08 pm to Joshjrn
quote:
Like many people, my parents added me to a credit card when I was relatively young to start building my credit
Apparently I got the shaft here.
Posted on 3/20/14 at 11:32 pm to Cmlsu5618
I would think only a 35% utilization rate wouldn't really affect your score negatively. Is that correct?
Posted on 3/21/14 at 12:04 am to Joshjrn
quote:
As for upping my limits, that's a work in progress. I'm in my late 20's, so I can only move so fast in that respect, particularly with a very significant amount of student loan debt. A year or so ago, I was at something like 90% utilization
As you know, I have student loans, turn 29 in May, and had maybe 15k in credit starting 2013.
I Have around 70k or so in credit now, so that could be done. However, I'd fear your parents doing something worse you can't protect yourself from, being late on payments.
Posted on 3/21/14 at 7:36 am to Teddy Ruxpin
Yea Id get your name off that card ASAP.
Posted on 3/21/14 at 7:51 am to jso0003
If I would get off, how would that work? Would a creditor really allow me to walk away from a debt I would otherwise be joint and severally liable for?
Posted on 3/21/14 at 8:04 am to Joshjrn
quote:
If I would get off, how would that work?
Did you know they opened it in your name? It is basically identity theft and I think you would have to press charges against your parents to have it removed.
Posted on 3/21/14 at 8:13 am to Joshjrn
quote:
Would a creditor really allow me to walk away from a debt I would otherwise be joint and severally liable for?
Ok, did they add you as an authorized user or opened an account in your name? The two are totally different.
If they just added you as an authorized user have them take you off. Then contact the credit bureaus and have it removed as well. You just have to start a file and it takes 30 days at most for them to investigate and take you off.
I'd get my arse off that card lickety split. Sounds like they had good intentions, but like you said they are not responsible with their credit.
Posted on 3/21/14 at 8:25 am to ATOlurker
I'm fairly certain I'm merely an authorized user.
Posted on 3/21/14 at 8:48 am to Joshjrn
Also, although it may sound naïve, I don't think they would ever miss a payment. It has been paid consistently for over a decade, even through times when they were far worse off than they are now.
Posted on 3/21/14 at 9:09 am to Joshjrn
Length of credit makes up only about 10-15% of your score.
Debt ratio to available credit makes up about 30%.
Not really a hard decision is it?
Debt ratio to available credit makes up about 30%.
Not really a hard decision is it?
Posted on 3/21/14 at 9:13 am to htownjeep
It wouldn't be in five years. Today? Not so clear cut for me. Although utilization is valued more, I'm only at 35% and falling. On the other hand, closing it would take off a decade+ old account and leave me with my oldest account being three or so years old. That's a significant bit of youth being splashed on my credit report 
Posted on 3/21/14 at 9:20 am to Joshjrn
quote:
I'm only at 35% and falling.
Do you know hard numbers on this? And if so, would you mind telling us? Also, do you know your score of all 3 bureaus? If you know your score from each bureau we can probably tell you exactly what to apply for.
It may be in your best interest to get a new card with a decent limit just to lower the ratio and keep the history with your parent's card. I'd be nervous about them missing payments in the past or future though.
Posted on 3/21/14 at 10:17 am to htownjeep
$8,000 used of $25,000 total. Now that I've looked at the numbers again, it looks like I'm closer to 30% than 35%, but my concern obviously remains.
As for getting new cards, I've gotten two in the past 9 months or so, so I don't want to get too crazy.
ETA: no, I don't know my scores, though I check my report yearly. I can say that credit.com has me estimated between 730 and 740, for what that's worth.
As for getting new cards, I've gotten two in the past 9 months or so, so I don't want to get too crazy.
ETA: no, I don't know my scores, though I check my report yearly. I can say that credit.com has me estimated between 730 and 740, for what that's worth.
This post was edited on 3/21/14 at 10:20 am
Posted on 3/21/14 at 10:20 am to Joshjrn
quote:
As for getting new cards, I've gotten two in the past 9 months or so, so I don't want to get too crazy
Not saying you should or shouldn't do this, but I got 7 in 13 months.
I think you're alright.
Posted on 3/21/14 at 10:38 am to Joshjrn
quote:
ETA: no, I don't know my scores, though I check my report yearly. I can say that credit.com has me estimated between 730 and 740, for what that's worth.
It's worth the $60 or so to go to myfico every once in a while and pull all 3. That way you know for sure.
But it sounds like you're just fine if you're in the 730 range.
Posted on 3/21/14 at 10:39 am to Teddy Ruxpin
quote:
Not saying you should or shouldn't do this, but I got 7 in 13 months
You beat me by two
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News