where are the credit card experts?

[2056]

i'm trying to build my credit as much as i can and i have a few questions.

a couple of years ago my sister opened up a credit card with best buy. i wanted to buy a few electronics and i eventually asked her to put me under the account so that i could make my own payments and everything. she's the main account holder that initially opened up the account and so when they added me as an authorized user i believe they MAY have asked for my social security and i also have my own card.

today i have a few of my own credit cards and i manage them pretty well, while my sister pretty much has her best buy card maxed out and never makes a payment on time.

recently i got my credit score/information and the best buy account came up into that information.

i was wondering if it's going to hurt my credit score MORE if i have her remove me from the account while it is maxed out..or if i should stay on the account until she pays it off..which may possibly take YEARS at the rate we're at now.

can any of you credit experts offer some advice my way?

 

[rdowns]

The damage has already been done and can take years to fall off your credit reports. I'd still have her remove you.

 

[redwarrior]

You should definitely have her remove you from the account. It will remove that card from your credit bureau account almost immediately.

Edit: more info - it will not hurt, only help, to do this.

 

[Macky-Mac]

get off of hers now.......do you really think she's going to change her ways any time soon?

 

[2056]

get off of hers now.......do you really think she's going to change her ways any time soon?

probably not.
i'm going to remove myself eventually.
i just want to make sure that i make the right decision that will hurt my credit score the LEAST amount.

 

[Rodimus Prime]

probably not.
i'm going to remove myself eventually.
i just want to make sure that i make the right decision that will hurt my credit score the LEAST amount.

DO IT NOW. The longer your name stays on it the longer it will be able to hurt you.

Every miss payment will count against you.

Your first mistake was long ago getting your name put on a STORE credit card. I tend to avoid at all cost.

I have 2 current credit cards and I am going to get a 3rd. (Primary, Back up, and one that sits in a desk draw for just in case I lose my wallet.)

Really why do so few people not follow such a simple thing I listed above. My primary is an AMEX so I use my back up every few months.

 

[GoCubsGo]

The damage has already been done and can take years to fall off your credit reports. I'd still have her remove you.

This is quite accurate.

You should definitely have her remove you from the account. It will remove that card from your credit bureau account almost immediately.

Edit: more info - it will not hurt, only help, to do this.

I'm sorry but this is not quite correct. If the account is held under "joint" or shows as a "j" next to the OP's name there is no way to remove it unless you cry fraud (which clearly this is not). Even so, nothing is removed "immediately" from any credit report. These things take time, the cooperation from the lenders and credit bureaus. It is not easy, it is time consuming, and most likely if he was added he is a joint and therefore responsible for the debt as well.

 

[ntrigue]

Resolve this tomorrow morning...every minute counts.

Run away from that card. I believe they are still owned by HSBC, look for that on your credit report. Anyway, if she has been more than 30 days late it will be on your credit. Each time it is 30 days late or even god forbid 60 days your credit will worsen.

 

[NeoMayhem]

If you were just an 'Authorized User' on her account, you can get it removed completely from all your credit reports. That way you can keep the card if you want, but she is the only one with the reduced credit score.

As said above, if it was setup as a 'joint' account, then you can not do anything but remove your name from the account.

 

[OutThere]

If you were just an 'Authorized User' on her account, you can get it removed completely from all your credit reports. That way you can keep the card if you want, but she is the only one with the reduced credit score.

As said above, if it was setup as a 'joint' account, then you can not do anything but remove your name from the account.

This is accurate...you shouldn't have anything to worry about if you're just an authorized user (like when parents order an extra credit card on their account for their kid to use). Hopefully you didn't set it up as a joint account...

 

[silbeej]

If you are allowed to close your part of the account, go ahead and do it. Lots of companies won't let you close until you've paid it off.

Oh, one more thing, accounts almost NEVER leave your credit history. Even inquires stay on for over two years. So lets just hope it's not a joint account. But bottom line, it will be visible for a long time that you had that account.

 

[redwarrior]

You are entitled to a free credit report, I think, once a year. You should request a report and check it out yourself. If I were you, I would call the credit card company and request that you be removed as an authorized user, then wait a week and request a copy of your credit report. Then you'll know for sure.

 

[2056]

well, i had her remove me from the card.
i also made sure to have her ask if i was an authorized user or a joint account holder.
they said i was an authorized user, yet it still does show up in my credit report.
i guess in a few months i'll know for sure whether it's hurt me or not.