This is a stupid question...but I really need to know Options

[frank22]

As an aside, employers are not usually concerned with a score. I was in financial services and they did check our credit, fingerprint us and run a CORI. They ran credit to check for irresponsible behavior, BK's or multiple lates or judgments. My scores are lower than yours and I had fairly high utilization. I don't have any knowledge beyond my own experiences, and your industry could be more strict, but I am thinking you MAY be overly concerned with it.

[Googie]

[equallydivided]

I'm getting really confused though. At first OP said you weren't looking for new credit, you weren't in the market for a house, car, etc, you were just mad at BOA for jacking up the rate.

Then you post that you are disappointed that your score is only 753. Now You want to remove a TL which is giving you 36 years of age and I can pretty much guarantee your score will drop as a result.

You and only you have to weigh what you want to do. You have been given plenty of all around advice that runs the gamut. If you don't want the risk and think your parents will default, then remove the TL. If you want your score to continue higher than 753, leave it on and take the risk. It's really up to you.

I'm not sure why you are confused.

1. I am a self proclaimed idiot when it comes to finances, as you can clearly see. I cam here for help with stuff I know NOTHING about.

2. Yes. I am dissapointed that my score is lower than what I expected it to be. Wouldn't you be? You don't have to be wanting a loan or new credit to be sad that your credit score isn't where you thought it was.

3. I do not know what a TL even is. What is a TL?

4. Do you honestly not understand how a person (me) who does not understand how credit stuff works would see having an income of 44K a year and debts listed at 75K and think that that is a very bad thing, the worst thing possible? Esp. when 48K does not even belong to the person?

I only know I want a credit score that is great so if I need a new job, new car or BT I will have a better shot. That is the only reason I care what my score is.

I came to this forum because people told me it was helpful and non judgemental. But it seems like if you come here knowing NOTHING (including all your abbreviations) to start with, people do judge if you don't magically start understanding it all right away.

I really don't understand you. You came here, did not research as is suggested - so that you can understand about scores, utilization, authorized users, and (most confusing) abbreviations. I can understand that you are confused, but take it easy - you have numerous posts of people trying to help you out, spelling it out for you and offering a wealth of information to you and asking nothing in return. The least you could do it be a little gracious.

Start researching, I think two topics and a plethora of replies should get you stared. There is an FAQ and Abbreviations pinned so that you can find it easily. Part of repairing your credit problems, is working it out yourself.

[SalemMA]

So in essence, you have >=15 accounts and only 3 carry balances, with one of those 3 being an authorized user. I don't believe utilization is a huge factor and I would bet my money on you losing points due to history and age if you remove your parents tradeline.

In this case I am with Frank in that this is merely a red herring to your true problem. What to do about the BOA tradeline. Once you pay it down to $14993 and let it report that balance, I would apply for a balance transfer (I was just approved for the Priceline Visa for $9500 and my scores are about 50 pts. lower than yours.) That will be 0% for 6 months, then 15.24% - still better than what you are paying now. During the 6 months you will be able to knock a good chuck out of the balance - even more so if you commit to getting a seasonal/temporary part time job.

I'm not sure how people with lower FICO scores than me are getting approved and I am not but my best guess is because I show too much debt. Unless I get removed from my parents account, I will always show more debt than my yearly income. Always. My parents are NEVER going to pay that debt down and god forbid something happen to them, I will be stuck with that debt since I am listed on the card.

I understand that my score will drop, but does it matter? People such as yourself with lower scores are getting better/more offers for BT than me because I have too much debt.

I have applied for 2 BT, both thru credit unions and been turned down for having too much debt. One of the credit unions, the same one I have my car thru, actually told me my debt income ratio was too high.

So am I just screwed no matter what I do? It seems like I can get my own actual debt down to 0 and still be turned down for too much debt because my report will always show $48K+ in cc debt due to my parents irresponsible behavior.

[kevinkev99]

I've only skimmed the thread, but I would talk to the major credit unions (PenFed, Nasa, Navy) and see if any of them would be willing to open an account for you and do a fixed rate balance transfer. I was in a similar situation to yours in 2007 and Nasa took care of me, getting over $30K to a fixed 3.99%. Once of the happiest days in recent memory when they opened that and my interest evaporated. I worked it hard, paid it off a couple of months ago.

Its worth having a talk with their loan officers.

[Jen23514]

Salem,

I think you are confusing DTI to Utilization.

Did you make a decision over the weekend?

[cfj503]

How exactly does BK work when you aren't late on anything and have income?

I'm not sure, but keep this on page 1, and someone who is more familiar with BK will help.

Actually, I think your scores will rebound a lot quicker. I remember reading that. If your scores are say 650 now, since you have paid everything on time, etc, then the BK could drop you down to 600 maybe? as with anything, YMMV. BUT I have heard that people who have had decent credit scores that file, don't get hit as hard.

If you filed, you'd be able to build your credit back up soon. It's not as long as some people think. My only thinking is that the $6500 that you are talking about paying, may have to be put somewhere else...unless you have it sitting in a shoebox at home.

ETA: I skipped page 3 and 4 so...let me go back and read those.

ETAA: ok, I just read those pages. Um, I'm not trying to be rude, but I'd kill to have your credit score. For real. You are just an authorized user on that card of your parents, right? Doesn't mean that you are responsible for the payments if you didn't co-sign. I was an AU on Dh's card to bump my score and I was able to dispute that off of my credit reports when we defaulted.

My opinion is that your score will drop if you go off your parents card.

I do think that others have good suggestions though about what to do with that BOA tradeline.

This post has been edited by cfj503: Nov 9 2009, 02:11 PM